Welcome back to another legal document overview. It’s always important to really understand exactly what you’re signing during your closing, so you don’t end up with surprises down the line.

This Mortgage document is used in virtually all residential lender transactions as a security instrument for the lender to protect their position and their asset (aka your property). It serves to cover the lender in the event that you don’t make good on your end of the deal.

Although you own the property (as shown in the Deed), the lender claims the property in agreement with you via a voluntary lien, and you release certain rights to them.

Mark covers the sections on Uniform Covenants, Preservation, Joint Liability and more, with special focus on the “Acceleration; Remedies” clause. This clause lays out the worse-case scenario of how the lender will proceed if they don’t receive payment.

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