The terms, conditions and evidence of the assignment are in a deed of mortgage which is agreed by both borrower and lender.
Redemption means that all rights to the property are restored to the borrower.
This is the general principle behind mortgages, both domestic and commercial. Variations exist in both the rates and method of charging interest. There are also a number of different ways of raising the funds to repay the loan. Both the purchase of a property and a deed of mortgage are contracts and as such are governed by the general law of contract as set out in Section 2 of this Section.