A mortgagor has the right to sell the property, but will not be released from liability unless the debt is paid or a novation takes place.

Question

A mortgagor has the right to sell the property, but will not be released from liability unless the debt is paid or a novation takes place. ​

Quizplus · Accepted Answer

The mortgagor (borrower) retains the right to sell the mortgaged property, but remains liable for the debt unless it is fully repaid or a novation occurs, where the lender agrees to release the original borrower from liability and substitute a new borrower in their place.

A Mortgagor Has the Right to Sell the Property, but Will