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An equitable mortgage is also called as English mortgage which can be done by deposit of original title deeds of a person who intends to obtain loan from anybody, as security for the said advances. The said document in the custody of the person handing over the loan would be entitled to enforce the same as it would create a charge on the immovable property and could e enforced in accordance with the provisions of Transfer of Property Act pertaining to mortgages.
The person creating the mortgage is called as the Mortgagor and the person receiving the documents the Mortgagee.
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Why do banks prefer legal mortgage to equitable mortgage?
Equitable mortgages are legal.
Which centers in UP are notified for equitable mortgage?
notified centres in up for equitable mortgage
What is the validity period of equitable mortgage?
12 Years
What is the stamp duty on equitable mortgage in UP?
0.50% K U Khan Aligarh
To deduct mortgage interest do you need to be on the loan or the title?
Certainly on the loan, for property you occupy. An interest deduction is generally not allowed if the taxpayer's liability is not primary and direct.. There is an exception to this general rule that allows a taxpayer to deduct interest he pays on a mortgage if he is the legal or equitable owner of the property, even though he is not directly or personally liable on the bond or note secured by the mortgage. The effect of this exception is to permit the deduction of interest in situations when the taxpayer-borrower is not personally liable on a mortgage of property that is used as security for a loan made to the taxpayer. The Tenth Circuit has stated that the concept of equitable title to realty for this purpose is generally limited to two situations: when legal title to property is held by a trustee, in which case equitable title is said to be in the beneficiary; and when real estate has been sold under a contract for deed with legal title retained by the seller until the purchase price is totally paid, in which case its purchaser is said to be the equitable owner during the payoff period.
Why do banks prefer legal mortgage to equitable mortgage?
Equitable mortgages are legal.
Which centers in UP are notified for equitable mortgage?
notified centres in up for equitable mortgage
Can registered mortgage convert into an equitable mortgage?
No.No.No.No.
Can we enhance registered mortgage by creating equitable mortgage?
no
What is the stamp duty of equitable mortgage in kerala?
NIL
What is the validity period of equitable mortgage?
12 Years
What is meant by the term equitable mortgage?
The term equitable mortgage means that two parties have made an agreement (whether verbal or written) that the loaner will lend money to the owner of a mortgage using the mortgage as collateral and in the event that the borrower does not return the money he loaned the mortgage is then in the possession of the lender.
What is the stamp duty on equitable mortgage in UP?
0.50% K U Khan Aligarh
What is the meaning of equitable?
Possessing or exhibiting equity; according to natural right or natural justice; marked by a due consideration for what is fair, unbiased, or impartial; just; as an equitable decision; an equitable distribution of an estate; equitable men., That can be sustained or made available or effective in a court of equity, or upon principles of equity jurisprudence; as, an equitable estate; equitable assets, assignment, mortgage, etc.
Which are the notified areas for creation of equitable mortgage in west Bengal?
Property at nager bazar ,24 pgs north Kolkata can be mortgaged atadhyamgram or not
What are the differences between Legal and Equitable Rights?
Legal RightLegal rights are recognized by the courts of common law.A registered mortgage is a legal mortgage.These are certain rights.Where these two rights conflict, legal rights prevail.Equitable RightEquitable rights are recognized by the courts of chancery.A mortgage of property by simply keeping the title deeds with the creditor is an equitable mortgage.These are uncertain rights.When these two rights conflict with each other, equitable rights become weaker than legal rights.
To deduct mortgage interest do you need to be on the loan or the title?
Certainly on the loan, for property you occupy. An interest deduction is generally not allowed if the taxpayer's liability is not primary and direct.. There is an exception to this general rule that allows a taxpayer to deduct interest he pays on a mortgage if he is the legal or equitable owner of the property, even though he is not directly or personally liable on the bond or note secured by the mortgage. The effect of this exception is to permit the deduction of interest in situations when the taxpayer-borrower is not personally liable on a mortgage of property that is used as security for a loan made to the taxpayer. The Tenth Circuit has stated that the concept of equitable title to realty for this purpose is generally limited to two situations: when legal title to property is held by a trustee, in which case equitable title is said to be in the beneficiary; and when real estate has been sold under a contract for deed with legal title retained by the seller until the purchase price is totally paid, in which case its purchaser is said to be the equitable owner during the payoff period.
