A mortgage loan contract is used as the official evidence between the Mortgagor i.e the person who is borrowing money against his property as security and the money lender. This type of contract includes the details of the mortgagor and the mortgagee, specifications of the mortgaged property and commitment clauses.
Sample mortgage loan contract:
Mortgage Loan Contract Number: 65/ MC
This mortgage loan contract is entered between Mr. Kevin Black, hereinafter known as the mortgagee, AND, Mr. Peter Brown, hereinafter referred as the Mortgagor.
Permanent address details of the parties:
- The Mortgagor
Address: #122, Mira Mesa Blvd, CA, USA
Phone: 5404 495 4739
- The Mortagagee
Address: #67, St. Peterson Street, CA, USA
Working Phone: 5634 760 432
This contract is commencing on December 9th, 2011 and is ending on December 9th, 2014.
- Details of the Property Mortgaged:
Address: House no. 122, Mira Mesa Blvd, CA, USA
Hereby, to obey the mortgage loan contract, following mentioned are the conditions:
Mortgagor has received an amount of $ 25,000 from the mortgagee as loan, with an interest rate of 10% per year.
- Obligations & Responsibilities:
The mortgagee will receive $1000 per month as the monthly instalment as loan repayment, whereas Mortgagor has to pay and clear out all real estate taxes and charges assessed on the property. Mortgagor will have to pay these instalments until the principal amount and applied interest are fully paid back.
Hence, Both the parties are requested to validate the contract:
Signature of the Mortgagor:
Singed by the Mortgagee:
Signature of the Witness: