In a mortgage agreement, who is referred to as the mortgagee?

In a mortgage agreement, the term "mortgagee" specifically refers to the lender who provides the funds for the mortgage loan. This is the financial institution or individual who holds the mortgage and has a legal interest in the property until the borrower repays the loan in full. The mortgagee has the right to enforce the mortgage terms, and if the borrower defaults, they can take possession of the property.

Understanding this terminology is crucial when discussing mortgage agreements, as it helps clarify the roles of the parties involved. The property owner is typically the borrower, also known as the mortgagor, while the real estate agent's role is to facilitate the property transaction rather than being a party to the mortgage agreement itself. Recognizing these definitions ensures clarity in understanding rights and responsibilities in mortgage transactions.