Examlex
The Intervention Wheel model encompasses three levels of practice. The systems-level of practice involves:
First Mortgage
A primary mortgage on property that has precedence over all other voluntary liens or mortgages recorded against the property.
Registered
Officially listed or recorded by an authority to acknowledge legal status or compliance.
Equity of Redemption
Equity of redemption is the legal right of a mortgagor to reclaim their property after having paid off the full amount of the mortgage plus any interest and costs due.
Unregistered Mortgage
A mortgage that has not been formally registered with the relevant legal or governmental registry, potentially affecting its enforceability and priority.
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