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If the word mortgage is written on the memo line of a personal check is that a binding mortgage on property?In: Property Law |
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Answer
The person who owns the property has a recorded deed that states he/she is the owner. Other parties can place a lien on the property for money owed (such as repairs, or home owner association fees), but that has to be recorded at the courthouse. The memo line is usually used for a reminder to the writer as to the purpose of the check.
Additional information:
NO. There needs to be granting language in a mortgage document. It needs to describe the property it covers and it needs to be recorded with the land records. It needs to meet the same requirements as a deed because a mortgage is a conveyance of sorts.
First answer by Simplemary. Last edit by Kluss. Contributor trust: 69 [recommend contributor]. Question popularity: 34 [recommend question]
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