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Definitions and Requirements for Florida Mortgages
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Definitions and Requirements for Florida Mortgages

November 20, 2020 FAQs

Reading Time: 1 minute


Q: What is the Florida definition of a mortgage and debt?

A: The word “mortgage” shall mean any written instrument securing the payment of money or advances and includes liens to secure payment of assessments arising under Florida Statutes Chapters 718 and 719 and liens created pursuant to the recorded covenants of a homeowners’ association as defined in Fla. Stat. § 712.01. The word “debt” shall include promissory notes, bonds, and all other written obligations given for the payment of money. Fla. Stat.§702.09.

Q: What are the basic requirements for a valid mortgage?

A: A mortgage should identify the real property encumbered, reference the debt, be executed by the mortgagor, be delivered and accepted and be acknowledged by the mortgagor (borrower) before a notary public if it is recorded.

Q: Who is the mortgagor and who is the mortgagee?

A: In a real estate transaction, the mortgagee (lender) advances the mortgagor (borrower) with the necessary funds to acquire a property.

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