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What is mortgage?
Last update: 2007-12-20 05:31:54

What is mortgage?

“Mortgage” - A mortgage is created on the basis of a notary deed. Mortgages on real property, flats or non-residential premises are subject to registration with the localrecordation office. The mortgage notary deed has to be submitted for registration with the recordation office not later than 3 pm of the date of its execution by the parties before notary public. The process of recordation requires not more than 3 working days. The rank of the mortgage depends on the date and time of the application for registration with the recordation office. This rank cannot be altered by contractual agreement.

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