OnlyTheBestChoice – Mortgage is one of the instruments of debt where the guarantee is in the form of property. Mortgages are usually related to home ownership. This loan can help someone to buy a house even if they don’t have enough money. To get to know what a mortgage is, here’s the full description.
What is a Mortgage?
Mortgage or in English also called a mortgage is an instrument of debt that is done by giving property dependent rights from the borrower to the lender as collateral for debt repayment obligations. In mortgages, borrowers can still use or utilize the property. Later, if the debt or obligation has been paid in full then the dependents on the property will be killed.
Mortgages are usually used by a person or business person to buy a property when they don’t have enough money. The purchase value of the property does not need to be paid in full in advance. Instead, borrowers must pay off the debt for a certain period that is usually years plus loan interest. If the debt is paid off, then the borrower will be free and the property can be taken back the entire entitlement.
Because the mortgage is also included as a right or claim on the property, then when borrowing money, the borrower will use the property as collateral. That is, if the borrower fails to pay his debt or stops paying the mortgage, then the lender can confiscate the property that is used as collateral.
Here are some of the objects of the mortgage, including:
- Immovable objects and all their transferable equipment
- The right to use an object and all its completeness
- The right to ride the reef and the right of business
- Land interest paid with money or paid by land proceeds
- Flowers as before
- Market recognized by the government and the original rights attached to it
Properties of Mortgages
Mortgages have several properties. Here are some of the properties of the mortgage:
- Absolute nature. This means that in a mortgage there is a right that can be defended against anyone’s demands.
- Properties of droit de suite or zaaksgevolg. This means that there is a right that always follows the difference in the hands of any party.
- Properties of droit de preference. This means that a party has the right to be cared for in the fulfillment of its receivables among other debtors.
Characteristics of a Mortgage
Mortgages also have some hallmarks. Here are some of the hallmarks of a mortgage:
The meaning is that the mortgage is an additional agreement that depends on the principal agreement on receivables.
The point is that mortgages can’t be divided. This is because the mortgage is located for the entire object that is the object of the mortgage. Although some debts have been paid, some mortgage rights cannot be abolished.
The point is that on the mortgage there is only the right to repayment of debts only. In mortgages there is no right to have an object in it. However, the debtor can sell the object as collateral for his own power if it is stipulated in the agreement.
Ways to Mortgage
By law, a mortgage can only be held if there is an otektik deed. That is, if a person wants to put up a mortgage then the agreement must be made in the form of a formal deed. This official deed must be made by the local Land Deed Official (PPAT). The parties that can become PPAT are:
- Notary appointed by the Minister of Home Affairs to become PPAT
- A person who is not a notary but has been appointed by the Minister of Home Affairs to be a PPAT
- Camat that has been appointed to become PPAT ex officio
Principles in Mortgages
The principles in mortgages are important and should be considered in making a mortgage. These principles include:
- Publiciteit Principles
In this principle it means the mortgage must be registered in the general register. That is, there must be a third party who knows about this mortgage. While the official deed of mortgage must be registered to the Land Registration Section.
- Principle of Specialiteit
In this principle it means that mortgages can only be made for certain objects only. The objects in question must be bound as dependents. For example, objects that have a form, clearly located, and also clearly large and boundaries.
- Ondeelbaarheid Principle
In this principle it means that the mortgage cannot be divided. The point is that the mortgage costs all the objects that are mortgaged. Even if the debt is partially paid, it still cannot reduce the mortgage dependents.
Agreements in Mortgages
Mortgages are official and important. To ensure the credibility and interests of the debtor, there are certain promises that must be included. This promise is contained in the mortgage deed, including:
- Promise to sell mortgage objects on their own power
- Promises regarding mortgage object rental
- Promise not to be cleaned
- Promises about mortgage object insurance
Rights and Obligations in a Mortgage
In a mortgage agreement, both parties have their own rights and obligations. These rights and obligations have been regulated under the laws of Indonesia. Here are some of the rights that mortgage lenders or borrowers have:
- Can still control the object of the original mortgage does not harm the debtor
- May continue to use or utilize hypothetical objects
- Entitled to receive loan money from lenders
While the following are some obligations charged to mortgage lenders or borrowers:
- Pay the principal of the debt and the interest on the loan
- Pay the fine if you make a delay in paying the principal and interest on the loan
Procedure for Removing Mortgage Agreements
Mortgage agreements can be abolished in the event of a particular event. Here are some things that could remove a mortgage agreement:
- The agreement may expire if the debt has been repaid
- The agreement may terminate if the debtor voluntarily releases the debt expressly and clearly
- The agreement may terminate based on a decision by a judge
Now that’s what is meant by a mortgage equipped with things related to it. Hopefully in this way, the understanding of the mortgage will be better. Greetings. [red/*]