Skip to content

+43 50 626-8989
office@strauss-pm.at

Term

Mortgage

The lien on a property is called a mortgage. This serves as security for a claim by the mortgaging contractual party against the property owner. The mortgage is entered into the land register in the page of charges to the property concerned. Furthermore, in addition to the main claim, extra claims (interest, default and compound interest, legal fees, enforcement fees, etc.) can be secured by security for extra fees. A special form of mortgage is the maximum sum mortgage. Here, only a maximum sum is specified, under which interest and extra fees must be covered. Within the scope of the maximum sum, all kinds of granted credit, and credit to be granted can be secured, minus any advances. In this situation, the lien can be entered for the same claim, undivided over two or several objects (contributions) in the land register. In this regard, a contribution is denoted as a main contribution, while the rest are described as extra contributions. Regardless of this, each property is liable for the entire claim of the creditor (concurrent mortgage).