Primary features Real estate mortgage
As a right of realization of value , the mortgage is designed to allow the creditor financial compensation mortgage against the debtor does not comply. To this end, Art. 12 of the Mortgage Act requires that to become the mortgage shall state the amount of the secured obligation and their interest, to a maximum of five years, and the value that has been appraised for auction the property or rights pledged in .
It is also a right accessory , the mortgage, in general, is based on the prior existence of a right is above and to ensure the fulfillment of an obligation, affecting a particular property so special and priority to the fulfillment of that obligation. The primary obligation and the collateral, or accessory, are inextricably linked so that if the principal obligation is extinguished, it can not continue living the consultant, and the guarantee is void. However, Law 41/2007 of December 7, which amended the Mortgage Law of 1946 in the sense of emergency, the dogma of the incidental nature of the mortgage , with the new art. 153-bis of the Mortgage Law, the text provides a certificate of naturalization to the so-called omnibus mortgage for certain subjects, and only in its highest form of mortgage that can be valid regardless of the insured obligations with it. Also, the incidental nature of citadodogma has broken with the modification of art. 4 of Act 2 / 1994 of March 30, in paragraph 3 of which creates the llamadahipoteca recharge. As right indivisible, until it is canceled the mortgage, remains in full affect each and every one of the parts of the mortgaged and ensuring all the credit, and each of its parts, so long as there is yet a part credit, the mortgage will be full, but the secured obligation is divided, or is terminated in part, the mortgage shall remain in full until the secured debt is fully paid.
The indivisibility does not stop with the express consent of the mortgagee, and only in this way, the mortgage is divided if, after or simultaneously, has split the thing mortgaged.
As right formal , so that there is need to cover the formal requirements for its establishment, namely: formalizing public endocumento registration in the Land Registry. Lack of registration requirement invalidates the mortgage even among the contractors. It is also a right to housing .