Mortgage

JLR collects 4 differents types of mortgage

Legal Mortgage (or Legal Hypothec) : a mortgage that arises from the law alone.

Legal Construction Mortgage: a legal mortgage used to protect claims against persons who were involved in the construction or renovation of a building.

Condominium Legal Mortgage: a mortgage arising from the law that affects the co-owner’s portion owing due to a failure to pay condo fees or contributions to the condo contingency fund for a period of over 30 days.

Legal Mortgage Resulting from a Judgment: mortgage resulting from a legal, judge’s or court decision that creates an obligation to pay a specified amount of money.