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What does "to exhibit the rental unit to prospective mortgagees" mean?

San Diego, CA |

Received a notice at my apartment

Attorney Answers 3

Posted

A mortgagee is someone who loans money to a mortgagor. The mortgagor takes a security interest in real property that secures the loan. The security instrument used to be a "mortgage" but nowadays, the deed of trust is the security instrument of choice in California. Lenders inspect real property using their agents, and appraisers.

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Anthony Allen Roach

Anthony Allen Roach

Posted

That second sentence has a typo. The mortgagor is the borrower, who "gives" a mortgage to the mortgagee.

Posted

This means your landlord is either trying to refinance his loan or selling the property and the bank which is lending or refinancing is requiring an inspection of the units for the purpose of the loan.

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Posted

They want you to make the residence available for inspection.

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