Real Estate Mortgage Flashcards
What are the objects ata mortgage?
Article 2124. Only the following property may be the ‘ object of a contract of mortgage:
● (1) Immovables;
● (2) Alienable real rights in accordance with the laws, imposed upon immovables.
Nevertheless, movables may be the object of a chattel mortgage.
What are the Characteristics of REM
● It is a real right. - A mortgage binds a purchases ‘ who knows of its existence or if
the mortgage was registered.
● It is an accessory contract.
● It is indivisible.
● It is inseparable. - The mortgage adheres to the property, regardless of who its owner may subsequently be.
What are the Characteristics of REM
● It is a real right. - A mortgage binds a purchases ‘ who knows of its existence or if
the mortgage was registered.
● It is an accessory contract.
● It is indivisible.
● It is inseparable. - The mortgage adheres to the property, regardless of who its owner may subsequently be.
True or false… A stipulation forbidding the owner from alienating the immovable mortgaged shall be valid.
False.it is void
What are the effects of mortgage?
a. Creates a real right.
- A mortgage creates what is called a real right which is enforceable against the whole world. It follows the property wherever it goes.
Therefore, if the mortgagor sells the mortgaged property, the property remains subject to the fulfillment of the obligations secured by it. But the mortgage must be registered or if not, the buyer must know of its existence.
