The Official Mortgage

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The official mortgage is an agreement where the financial institution obtains a residential or commercial property committed to the fulfillment of his/her debt in kind, where he or she might use to regular financial institutions and the following creditors in order to acquire the right of the rate of that residential or commercial property in any hand.


The mortgage is an agreement concluded in between the mortgagor and the mortgagee lender which grants the mortgagee right in rapid eye movement in the residential or commercial property, with all benefits and genuine security over the mortgage item. Additionally, the mortgagor can follow the mortgaged residential or commercial property if it is transferred to a 3rd party. The mortgagor keeps ownership and ownership of the mortgaged residential or commercial property however is restricted in their disposal rights to make sure the mortgagee's interests are secured.


The difference in between the main home mortgage and the possessory home mortgage


The official mortgage is produced through a main contract, that must be notarized in a notary public workplace.


While the right of possessory mortgage is produced through informal agreement. Whereas the ownership and ownership of the mortgaged residential or commercial property in the official mortgage right remains in the hand of the owner (debtor), and the ownership in the possessory home loan is moved to the lender.


The official mortgage is restricted to property, while the possessory home loan can cover both properties and movable residential or commercial properties.


The responsibilities of the mortgagor and the mortgagee financial institution in the official home mortgage


The Egyptian Civil Law No. 131 of 1948 and its amendments manage the commitments of the mortgagor and mortgagee in Chapter Two as follows:


The Mortgager's commitments:


The mortgagor is obliged to provide the mortgaged residential or commercial property to the creditor or to a designated representative selected by both Parties in the contract.


The legal requirement for a seller to deliver a sold product will be applied to the mortgagor's duty to deliver the home loan item to the mortgagee.
If the mortgaged residential or commercial property is returned to the mortgager's possession, the home loan will be ended, unless the mortgagee shows that the residential or commercial property has been returned for a reason not meant to end the home loan.


The mortgagor guarantees the stability and enforceability of the mortgage, and the mortgagor will not take any action that diminishes the worth of the home loan or restrains the creditor's workout of his rights under the agreement. In case of seriousness, the mortgagee financial institution might take all required steps at the mortgager's expenditure, to preserve the home mortgage item. The mortgagor will be responsible for the loss or damage of the home mortgage product if such loss or damage is because of his fault or arises from force majeure act.


The provisions of Articles No. 1048 and No. 1049 concerning the loss or damage of the mortgaged residential or commercial property under an official home mortgage, and the transfer of the lender's right from the home loan product to any replaced rights will apply to the possessory mortgage.


The Mortgagee's responsibility:


Upon getting the mortgaged residential or commercial property, the mortgagee is bound to exercise the same level of care and upkeep in its preservation as would a prudent individual. and he is responsible for the loss or damage of the home loan product unless it is shown that such loss or damage was triggered by an external element beyond his control.


The mortgagee is not allowed to obtain any take advantage of the mortgage product without payment, he should invest it totally unless otherwise concurred Any net revenue or benefit derived by the creditor from using the mortgage product will be subtracted from the quantity protected by the home mortgage, even if the due date has not yet come, supplied that the reduction will be made from the expense of preserving and repairing the residential or commercial property and its repair work, then from expenditures and interest, and after that from the principal of the financial obligation.


If the home mortgage product produces earnings and the parties concur that all or part of the income will be utilized to balance out the interest, in, this agreement shall stand within the optimum limitations of legally acceptable legal interest.


The mortgagee shall presume the management of the mortgaged residential or commercial property, and he should work out in that the care of a sensible individual. The mortgagee can not modify the home mortgage item's use without the mortgager's approval. He should promptly inform the mortgagor of any matter needing his intervention.


If the mortgagee abuses this right, mis-manages the residential or commercial property, or devotes gross carelessness, the mortgagor has the right to request that the product be positioned under custody or to reclaim it upon payment of the arrearage. if the quantity protected by the mortgage does not bear interest and has not yet ended up being due, the mortgagee is entitled just to staying quantity after deducting the value of interest calculated at the legal rate for the duration in between the day of payment and the due date of the debt.


The mortgagee shall return the mortgaged product to the mortgagor after the mortgagor has actually totally discharged their obligation consisting of all expenditures and payment associated to the right.


Effects of the main home mortgage in the Egyptian law


The impact of the home mortgage between the contracting parties:


Firstly: The mortgager:


The mortgagor might get rid of the mortgaged residential or commercial property as long as such do not hinder the mortgagee's right.


The mortgagor maintains the right to handle the mortgaged residential or commercial property and to gather its returns and leases granted by the mortgagor are not enforceable versus the mortgagee unless it was notarized before the registration of the expropriation notification.


However, if the lease was not notarized in this way, or it was concluded after notarizing the notification and the rent was not paid in advance, so it will not be effective unless it can be considered part of the great management work. If the lease term prior to notarizing the mortgage notification exceeds 9 years, it will not work against the mortgagee financial institution other than for a period of 9 years only unless it was registered before the home mortgage was signed up.


The mortgagor is accountable for guaranteeing the security of the home mortgage residential or commercial property. The mortgagee creditor deserves to challenge any actions or neglect by the mortgagor that could considerably lessen the worth or security of the residential or commercial property, and in immediate cases the mortgagee may take necessary protective measures and seek compensation from the mortgagor, from any costs sustained.


If the mortgagor negligently triggers the destruction or damage of the mortgaged residential or commercial property, the mortgagee financial institution has the choice to require adequate insurance to cover the loss or to immediately collect the complete exceptional financial obligation.


When the destruction or damage to the mortgaged residential or commercial property is triggered by an external aspect and the mortgagee contradicts the financial obligation without insurance coverage, the mortgagor has the option to supply appropriate insurance or settle the financial obligation immediately before the due date. If the financial obligation has no interest, the mortgagee is just entitled to the principal quantity without legal interest for the period between the actual payment date and the initial due date.


Secondly: The mortgagee financial institution:


A third-party mortgagor's individual properties are exempt from seizure for the debtor's debt. The mortgagor can not replace payments for the debtor unless concurred upon.


Upon informing the debtor of the outstanding financial obligation, the mortgagee can foreclose on the mortgaged residential or commercial property and demands its sale in accordance with the treatments and timelines stated in code of Civil Procedures. If the mortgagor is a 3rd celebration aside from the debtor, he can avoid any foreclosure procedures by voluntarily giving up the mortgaged residential or commercial property according to the treatments and guidelines governing residential or commercial property surrender.


Any contract that approves the mortgagee the right to take ownership of the mortgaged residential or commercial property at a fixed cost upon financial obligation default or to sell it without following the legally mandated treatments is void, even if participated in after the mortgage agreement. However, after the financial obligation or a portion of it has actually matured, the debtor and mortgagee can agree that the debtor will move the mortgaged residential or commercial property to the mortgagee in fulfillment of his financial obligation.


The official mortgage and its impact to the 3rd celebration:


A main mortgage is only enforceable against third celebrations if the mortgage contract or judgment establishing the mortgage is signed up before the 3rd celebration obtains a right in rem in the residential or commercial property. This is without bias to the provisions of bankruptcy laws.


Additionally, third parties can not assert claims based upon an unregistered guaranteed right, the substitution of one financial institution for another in this right, or the task of registration top priority to another creditor unless such actions are noted in the margin of the initial registration.


The procedures for registration, renewal, cancellation, and cancellation a main mortgage, along with the effects thereof, are governed by the arrangements of the Real Estate Registration Law. The expenses of registration, renewal, and cancellation of an official mortgage are borne by the mortgagor unless otherwise agreed upon.


The termination of the official home loan:
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An official home mortgage terminates upon the fulfillment of the protected debt or the nullification of the underlying cause for the debt. However, any bona fide rights acquired by third celebrations throughout the period in between the mortgage's expiration and its prospective reinstatement remain untouched.


If foreclosure procedures are finished, the main mortgage is definitively extinguished, even if the residential or commercial property ownership modifications hands. When the mortgaged residential or commercial property is offered through a forced auction, the mortgage rights expire upon the deposit of the auction proceeds or their payment to eligible authorized creditors.

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