What is a mortgage?

A mortgage is best described as a conditional conveyance of an estate as a pledge of security for a debt. In this context, it refers to an agreement where a borrower conveys an interest in their property to a lender as collateral for a loan, typically used to purchase the property. The borrower retains possession of the property while making payments on the loan, and if they fail to meet the payment obligations, the lender has the right to take possession through foreclosure.

This definition captures the essential element of a mortgage as both a financial instrument and a legal arrangement, where the property is used as security for the debt incurred to finance its purchase. This means that while the borrower retains ownership rights, those rights are conditioned upon the fulfillment of the loan agreement's terms.

The other options provided do not encompass the complete concept of a mortgage. A promissory note is indeed part of the mortgage process, but it is only a written promise to repay the loan and does not represent the full legal terms and implications of the mortgage. A request for payment of a note is simply an action related to repayment, and the transfer of title pertains to legal ownership, which is part of the procedure but distinct from the mortgage itself. Thus, the second option is the most accurate and