A hypotheekakte, also known as a mortgage deed, is a legal document that establishes a mortgage on a property. It is a written agreement between a borrower and a lender, which outlines the terms of the mortgage, including the amount of the loan, the interest rate, and the repayment schedule.
The hypotheekakte is typically signed when a borrower takes out a mortgage to purchase a property. The document serves as evidence of the lender's security interest in the property, which gives the lender the right to foreclose on the property if the borrower fails to make the required payments.
The hypotheekakte is an important document in the mortgage process, as it protects the lender's interest in the property and provides a legal framework for the borrower to repay the loan. It is typically filed with the local government and becomes a public record.
If a borrower wants to sell the property or refinance the mortgage, the hypotheekakte must be satisfied, meaning that the mortgage must be paid off or transferred to a new lender.
A mortgage advisor can help you read the 'small print' in the mortgage deed. Make an appointment with a mortgage advisor right away.