Priority of mortgages – Property in Singapore for sale
A single property may be mortgaged to more than one financial institute/bank. Priority of mortgages refers to which financial institute/bank has the priority to get back its loan especially when the sale of the property is insufficient to repay all the outstanding loans. The priorities of mortgages are as follows: Property in Singapore for sale.
- A legal mortgage has priority over an equitable mortgage.
- A mortgagee who registers his legal mortgage first has priority over subsequent mortgagees.
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