OCR Text |
Show Mortgage Plan Was Born in Seventeenth Century The mortgage is evolved from the Seventeenth century when a written writ-ten document first became obligatory ob-ligatory in a property transaction. Before that time all lands were believed rightfully to belong to the king, who gave them to the lords with certain incidental obligations. These lords, in turn, parceled out the land to the tenants for other obligations. ob-ligations. When a lord transferred property to another nobleman, much pomp and ceremony was connected with the transaction, but there was I no written document. Existing laws require no set pat- tern in a mortgage, but certain provisions pro-visions are demanded, notes the Philadelphia Inquirer. The document docu-ment must describe the parties with reasonable accuracy, and such parties par-ties must be qualified to make the contract. The premises must be described de-scribed with equal accuracy, and the nature and limits of the estate conveyed must be made clear. The debt must also be cited. |