If a house, plot of land or a condominium is financed externally, collateral is required from the financing institution. The land charge is a popular method of insuring against payment defaults. As a result, the bank is entitled to take the house or property by foreclosure (seizure) in the event of the borrower’s insolvency. The sales proceeds should then settle the accrued debt. The land charge is entered in the land register. Legal term Grundschuld declared at Rechtssbegriffe.de © 2022.
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