Cluster Legal Manager Interview Questions and Answers for Freshers

There are two types of mortgages as per the Transfer of Property Act.

• The two types of mortgages are simple mortgage and mortgage by conditional sale.

• In a simple mortgage, the mortgagor (borrower) promises to repay the loan and transfers the property to the mortgagee (lender) as security.

• In a mortgage by conditional sale, the mortgagor sells the property to the mortgagee on the condition that the sale will be void if the mortgagor repays the loan within a certain period.

• In bot...read more

The stamp duty for a registered mortgage and equitable mortgage varies as per the Stamp Act.

• The stamp duty for a registered mortgage is typically a percentage of the loan amount or the market value of the property.

• The stamp duty for an equitable mortgage is usually lower than that of a registered mortgage.

• The exact stamp duty rates for both types of mortgages can vary depending on the state or jurisdiction.

• Stamp duty rates may also differ based on the purpose of the mortgage,...read more

No, we cannot proceed for the terms of Equitable mortgage if the customer has only ROR.

• Equitable mortgage requires the transfer of possession of the property to the lender as security for the loan.

• If the customer only has a Right of Redemption (ROR), it means they have the right to reclaim the property after defaulting on the loan.

• Without the transfer of possession, the terms of Equitable mortgage cannot be fulfilled.

• Alternative options should be explored, such as seeking add...read more

The preliminary documents required for an equitable mortgage include a memorandum of deposit of title deeds, a loan agreement, and a power of attorney.

• Memorandum of deposit of title deeds

• Loan agreement

• Power of attorney