Legal Question in Real Estate Law in India
transfer of property Act
What is difference between mortgage and charge?
Asked on 9/04/08, 5:54 am
3 Answers from Attorneys
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
Re: transfer of property Act
The mortgagee has a right of foreclosure and becomes owner of the property after limitation for redemption expires;
In charge, you only have a 'lien' over the property but you do not enjoy rights akin to 'foreclosure' and cannot claim ownership of the property; the only rights are to recover the 'charged' amount from the property.
Answered on 9/06/08, 10:05 am
muhamed mustaque
mk associates
Re: transfer of property Act
there is no transfer of interest in charge whereas in mortgage there is a transfer.charge is created by operation of law or by contract mortgage is created by contract alone.
Answered on 9/04/08, 6:03 am
Shrichand Nahar
S.V.Nahar, Advocate
Re: transfer of property Act
There no scope or time for academic discussions in this Forum.
Answered on 9/05/08, 2:06 am
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