In a real estate transaction, who is referred to as the mortgagor?

In a real estate transaction, the mortgagor is the party who borrows money from a lender to purchase property and provides a mortgage as security for the loan. This person is typically the buyer of the property. By taking out a mortgage, the buyer agrees to pay back the loan over time while using the property as collateral. Should the buyer fail to make their mortgage payments, the lender has the right to foreclose on the property.

Understanding this terminology is essential in the context of real estate transactions, as it clarifies the roles and responsibilities of each party involved. The buyer, by taking on the mortgage, commits to the financial obligations associated with the property purchase.