By law, mortgages can only be held if there is an automatic deed. That is, if someone wants to put up a mortgage then the agreement must be made in the form of an official deed. This official deed must be made by the local Land Deed Maker Officer. Aside from that, if you require a tool to help you calculate your PMI carefully, we recommend you to use the pmi payoff calculator.
As for the parties who could become Land Deed Making Officials, they include:
A notary who was appointed by the Minister of the Interior to become the Acting Maker of the Land Deed.
Someone who is not a notary but has been appointed by the Minister. Internal Affairs to become the Acting Maker of Land Deed.
The Camat has been appointed to be an Ex officio Forming Officer.
Principle in Mortgages
The principles of a mortgage are important principles and must be considered in making a mortgage. These principles include:
1. Publicite Principle
In this principle, the mortgage must be registered in the general register. That is, there must be a third party who knows about this mortgage. Whereas the official deed of the mortgage must be registered with the Land Registration Section.
2. Principle of Specialism
In this principle, it means that a mortgage can only be made for certain objects. The objects in question are to be bound as dependents. For example, objects that have a form, clearly located, and also clearly large and its boundaries.
3. The Ondeelbaarheid Principle
This principle means that a mortgage cannot be divided. The point is that the mortgage burdens all objects that are mortgaged. Even though the debt has been partially paid, it still cannot reduce mortgage dependencies.
Agreement in Mortgages
Mortgages are official and important. To guarantee the credibility and interests of the creditor, certain promises must be stated. These promises are contained in the mortgage deed, including:
1. Promise to sell the mortgage object on your own power
2. Promises regarding rental of mortgage objects
3. Promise not to clean
4. Promises about mortgage object insurance