Simply complete the Mortgage Agreement form below then click on View Results to see your completed contract.
Lawdepot's Mortgage Agreement:
- Allows you to create a mortgage agreement (to borrow against a real estate property) in a matter of minutes.
- Can improve efficiency for financiers, law firms and independent buyers and sellers.
- Can be easily customized, with numerous options such as a Power of Sale Clause and Terms of Repayment.
The following states may use either our Mortgage Agreement or Deed of Trust: Colorado, Idaho, Illinois, Iowa, Maryland, Montana, Nebraska, Oklahoma, Oregon, Tennessee, Texas, Utah, Wyoming, Washington, and West Virginia.
The following states should instead use our Deed of Trust contract: Alaska, Arizona, California, District of Columbia, Georgia, Mississippi, Missouri, Nevada, North Carolina, and Virginia.
We regularly maintain this contract. Last Modified: September 2009
This software has the flexibility to let you quickly create the document you want. It does this by providing many options with appropriate defaults.
If you want to fill in a particular item after you have printed the document, you can enter underscore characters (ie. _____). If you are unsure about the name, make sure you have selected a descriptive name if you use a blank line in the place of a parties' name.
Governing Law
Please use our
Deed of Trust contract instead of the Mortgage Agreement for this state.
Please enter the parish that the property is located in. (e.g. Orange)
Please enter the county that the property is located in. (e.g. Orange)
Mortgagor's Information
The person who borrowed money and pledged his/her real property as security.
Mortgagor
| Name: |
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| Mortgagor's Address: |
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(e.g. Street, City, State, Zip Code, Country) |
Mortgagee's Information
The person who is lending the money.
Mortgagee
| Name: |
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| Mortgagee's Address: |
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(e.g. Street, City, State, Zip Code, Country) |
Guarantor's Information
Guarantor
| Name: |
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| Guarantor's Address: |
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(e.g. Street, City, State, Zip Code, Country) |
Property Information
| Property Address: |
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| Legal Description: |
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(e.g. Lot Number, Block Number, Additions, City, Parish, State)
(e.g. Lot Number, Block Number, Additions, City, County, State)
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Terms of Repayment
The Interest Adjustment Date is the date that the Mortgage term begins and interest starts being charged.
The date when the final payment of the balance owing on the Mortgage becomes due (e.g. March 25, 2007)
Allows the Mortgagor to prepay a percentage of the Principal of the Mortgage each year before the payment is due. This has its advantages and disadvantages. It is a significant benefit to the Mortgagor as it reduces the total interest paid over the term of the Mortgage. Unfortunately, the Mortgagee will need to reinvest that prepaid money to continue to earn the same or similar interest income.
Please enter the percentage that the Mortgagor is allowed to prepay on each anniversary date of the Interest Adjustment Date. (e.g. 10, 20, 30...)
You have the option to allow the Mortgagor to prepay the entire remaining Principal of the Mortgage before the payment is due. This has its advantages and disadvantages. It secures the Mortgagee a portion of the money he/she lent to the Mortgagor. However, the Mortgagee will lose out on interest payments that he/she would have received on that principal.
Usually this type of option is accompanied by a penalty and is only available after a set number of years have past on the mortgage. You will be given the opportunity to specify these restrictions.
List the penalty the Mortgagor must fulfill for the privilege of prepaying the entire Principal. (e.g. The Mortgagor must pay $7,000 to the Mortgagee.)
| Location of Repayment: |
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(e.g. Street Address, City, State, Zip Code, Country)
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Please enter the address where the Mortgagor is to make weekly payments to the Mortgagee.
Please enter the address where the Mortgagor is to make biweekly payments to the Mortgagee.
Please enter the address where the Mortgagor is to make monthly payments to the Mortgagee.
Power of Sale
Allows the Mortgagee to place the mortgaged property for sale, while observing the appropriate applicable law for notice and deadline requirements, if the mortgagor defaults on the mortgage.
The 'Statutory Power of Sale' may not be used to foreclose a mortgage deed granted by a trustee of a trust if at the time the mortgage deed is given the real estate is used exclusively for residential purposes, the real estate has 4 or fewer residential units and one of the units if the principal residence of the owner of at least half of the beneficial interest in the trust. If the mortgage contains a statement that at the time the mortgage is given the real estate encumbered by the mortgage is not used exclusively for residential purposes, the real estate has 4 or fewer residential units and one of the units if the principal residence of the owner of at least half of the beneficial interest in the trust, then the statement will conclusively establish these facts and the mortgage deed may be foreclosed by the power of sale.
Additional Clauses
Signing Details
| Date the Mortgage to be signed: |
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| Date of consent: |
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(e.g. July 4th, 2007) |