Which of the following is false with regard to the nature of mortgages?
◦ A second mortgage is referred to as an equitable mortgage because it is the equity of redemption that is transferred to the mortgagee as security.
◦ In the case of default, the property cannot be sold by a second mortgagee until the end of the redemption period.
◦ In the event of default, the first mortgagee must wait until the end of the redemption period to ask the court to make the foreclosure absolute if payment has not been made.
◦ The land titles system of land registration provides that the mortgagee does not show up as the registered owner on the state of title certificate but merely as the holder of a charge against the property.
◦ Unlike an agreement for sale, under which an owner retains title to his property until the purchaser makes all payments, a mortgage is a document by which the owner conveys title to a lender.
McGill University's Gault Nature Reserve on Mont-Saint-Hilaire, Quebec.
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