CHAPTER 2. COMPARATIVE ANALYSIS OF THE MORTGAGE SYSTEM IN THE REPUBLIC OF AZERBAIJAN AND EUROPEAN COUNTRIES
2.1. Mortgage contract as a vital element in the mortgage system
When it comes to mortgages, it is considered to be a guarantee for a debt or for a future debt. In this sense, the mortgage means that an immovable property can be collateralized and pledged against a debt. For the loan to be taken from a bank or from different institutions and organizations, a real estate is required to be guaranteed.
In such cases, the mortgage contract can be executed by the creditor. Similarly, it is possible to mortgage an immovable property due to a commercial activity. In the same case, the creditor knows that an unpaid debt is a mortgage on an immovable property. In order to make this transaction, there must be a debit and credit status.
In the event of a debt, debtor and creditors, mortgage transactions can be made. The mortgage transaction takes place in the land registry. In order to make a mortgage, it is necessary to have an acquisition cost, the parties agreed and the deed officer to make a formal contract. A registration procedure in this regard means that it constitutes a presumption.With the termination of the loan, the mortgage agreement will be eliminated. In the absence of a receivable, the mortgage will have no legal meaning. However, an application must be made to remove them from the records. After collecting the debt of the creditors must remove the mortgage. If this transaction is not done, the debtor may request the removal of the mortgage by showing that he has paid his debt.
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