What is EM of property?
As the name suggest, equitable mortgage is created by the borrower in favour of the lender by deposit of title deed of immovable property as security to a lender until the loan is fully repaid. This creates a charge on the property, though no legal procedure is involved.
What is EC in property documents?
An Encumbrance Certificate or (EC) is a certificate of assurance that the concerned property is free from any legal or financial liability such as a mortgage or pending loan. 1. It is a mandatory document used in property transactions as evidence of free title/ownership.
What is EM register in bank?
Get your Loan Against Property Approved in Minutes Equitable Mortgage Meaning: Equitable mortgage is a type of mortgage where the terms of the agreement are made solely between the mortgagor and the mortgagee. There is no third party or government agency involved.
How many types of property documents are there?
There are two kinds of documents to check for — primary and secondary documents of title.
What is EM in mortgage?
Equitable Mortgage Priority Equitable mortgages are mortgages that have to be honored, just like legal mortgages. However, there is one key difference: A legal document can jump ahead of an equitable one in priority.
How do I find out if a property is mortgaged?
Any individual can access the central registry’s database once its website gets launched. Details such as registration number or the address of the property will help you access information on its loan status. You will have to pay a fee of ₹ 50 electronically using your credit or debit card through a payment gateway.
Why EC is required?
An Encumbrance Certificate (EC) is a crucial document used as evidence of free title/possession of a property. The document is needed while purchasing or selling a property or when applying for a home loan or loan against property to confirm that the particular property is free of any economic or legal liabilities.
How do I get my EC report?
If the current owner has acquired the property through a Gift Deed, you can verify these details in EC. Encumbrance Certificate can be obtained from the sub-registrar’s office where the deed has been registered. (In some of the States an EC can be obtained online too.)
What is an equitable charge on property?
An equitable charge refers to a security placed against a property – it is like a mortgage and may be enforced by a court order for sale. It does not grant ownership or possession to a creditor but does give the right to the judicial process for recovery of the loan amount in case of non-payment.
What are all the property documents?
Here is an important checklist of property documents you need to have a look at!
- Sale Deed:
- RTC Extracts:
- Khata Certificate and Extracts:
- Mutation Register Extracts:
- Joint Development Agreement:
- General Power of Attorney:
- NOC:
- Ratification Deed:
What is proof of land ownership?
Karnataka land holding certificate is a proof of ownership of land. When a person is holding this document, he has the right to transfer the possession to other parties. Tahsildar issues this document to the owner of the registered land as proof of ownership with no mortgage on it.
How do I know if my mortgage is equitable or legal?
An equitable mortgage is usually created where either a transaction does not meet the formal requirements of a legal mortgage but is recognised in equity (for example, a mortgage over property which the mortgagor does not yet own – a legal mortgage can only be created over property which exists at the time); or where …
