Draft a clean, legally accurate Simple Mortgage Deed under Section 58(b) of the Transfer of Property Act, 1882 — creating a non-possessory security interest backed by the mortgagor’s personal undertaking to repay and the mortgagee’s right to seek court-ordered sale on default.
Use our Simple Mortgage Deed generator to create an editable draft structured around Section 58(b) of Transfer of Property Act, 1882. Suitability depends on your facts and applicable law; have the draft reviewed by a qualified professional before signing or filing.
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Statutory & Practice Overview
Draft a clean, legally accurate Simple Mortgage Deed under Section 58(b) of the Transfer of Property Act, 1882 — creating a non-possessory security interest backed by the mortgagor’s personal undertaking to repay and the mortgagee’s right to seek court-ordered sale on default.
| Compliance Parameter | Statutory Position / Standard Requirement |
|---|---|
| Governing Provision | Sections 58(b), 59, 67 & 68 of the Transfer of Property Act, 1882 |
| Possession Status | NO delivery of possession — Mortgagor retains full physical possession and enjoyment of the property |
| Two Mandatory Elements | 1. Personal covenant binding the Mortgagor to repay the mortgage money -> 2. Express/implied agreement giving Mortgagee right to cause property to be sold by court decree on default |
| Registration & Witnesses | Mandatory Sub-Registrar registration u/s 59 TPA & s.17 Registration Act (>= Rs. 100) + attestation by at least 2 witnesses |
| Corporate Borrower Charge | Companies/LLPs must additionally file MCA Form CHG-1 / LLP Form 8 within 30 days |
Review the legal purpose of each operative clause before signing, certifying, or filing with the Registrar of Companies or Sub-Registrar.
Binds the Mortgagor personally to repay principal and quarterly/periodic interest — distinguishing Simple Mortgage from Usufructuary or Conditional Sale mortgages.
Confirms possession stays exclusively with the Mortgagor during the currency of the loan.
Confers the mortgagee’s right u/s 58(b) and s.67 to obtain a court decree for sale of the scheduled property (strictly avoiding unilateral private seizure without decree).
Meets Section 59 TPA and Registration Act particulars required for Sub-Registrar presentation.
Practical guidance on Indian statutory rules, format requirements, Word/PDF exports, and filing compliance for Simple Mortgage Deed.