Mortgage Parties in United States

Practical Information

Note: Some of this information was last updated in 1982

Note: Read the entry about mortgages. The parties to a conventional mortgage are the mortgagor and the mortgagee (see more). The parties to a conventional mortgage are the mortgagor, who is the debtor or borrower, and the mortgagee, who is the lender. The mortgagor owns the property that is being mortgaged and gives a mortgage to the mortgagee, usually in return for a loan; he or she is frequently referred to in the instrument as the “party of the first part.” The mortgagee is frequently referred to as the “party of the second part.”

The parties to a deed of trust (in U.S. law) are the mortgagor, party of the first part, and the trustee, party of the second part. Some states, Colorado for example, have designated officials, known as public trustees, to whom the estate is conveyed under a deed of trust.

Designation of the parties

The name of the mortgagor should appear exactly as it appears in the legal instrument (see more). Extreme care should be exercised to see that the name of the mortgagor appears exactly as it appears in the instrument under which he or she claims title to the land; otherwise, the mortgagee’s title might be defective if it becomes necessary to foreclose. The mortgagor’s name should be exactly the same in the body of the mortgage, in the signature, and in the acknowledgment. If the mortgage is a purchase money mortgage, parties should be given precisely as they appear in the deed from the mortgagee to the mortgagor.

The requirements relative to the grantor (in U.S. law) and the grantee (in U.S. law) in adeed (in U.S. law)apply generally to the mortgagor and mortgagee.

(Revised by Ann De Vries)

What is Mortgage Parties?

For a meaning of it, read Mortgage Parties in the Legal Dictionary here. Browse and search more U.S. and international free legal definitions and legal terms related to Mortgage Parties.