HOME MORTGAGE FINANCE ACT, 2008 (ACT 770)
Requirement for mortgage
Section 4—Mortgage to be evidenced in writing
(1) A mortgage is not enforceable unless it is evidenced in writing and provides for the
(a) name and address of the mortgagor and mortgagee;
(b) full description of the mortgaged property;
(c) names of persons whose consent is required; if any
(d) date of creation of the mortgage;
(e) root of title of the mortgagor;
(f) nature of the mortgagor's interest in the mortgaged property;
(g) extent to which the mortgagor's interest is subject to the mortgage
(h) nature of the charge created, in case of a floating charge, the nature of the restriction on the power of the mortgagor to grant further charges that rank in priority or at the same level with the charge created;
(i) amount of the loan;
(j) acknowledgement of receipt of the loan by the mortgagor;
(k) right to redeem;
(1) insurance policy related to the property;
(m) interest on the principal amount;
(n) due date for payment;
(o) terms and conditions for renewal;
(p) covenants and conditions;
(q) events of default;
(r) signatures of the mortgagor and mortgagee; and
(s) signatures of witnesses .
(2) Despite subsection (1), a mortgage agreement is enforceable with regard to form and expression if it is in the form contained in the First Schedule or in similar form or uses expressions of a similar effect.
Subject : Mortgage
Procedure to Follow
Not Avaiable
Responsible Institution
Securities and Exchange Commission
No. 30, 3rd Circular Road, Cantonments, Accra.
- Email: info@sec.gov.gh
- Website: https://sec.gov.gh/
- GPS: GL-076-6028
- Telephone: 0302768970
Relevant Forms to Download
Online System
Fees/ charges
Not Avaiable
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