What is the primary right of a lender in a mortgage agreement?

In a mortgage agreement, the primary right of a lender is to discharge the mortgage upon payment. This means that once the borrower fulfills their obligation by paying off the loan, the lender is required to release the lien that was placed on the property as security for the loan. Discharge of the mortgage effectively clears the borrower’s title, allowing them full ownership rights without any encumbrance from the lender.

The mortgage serves as a legal tool that ensures the lender’s financial interest is protected while the borrower retains possession of the property. This is a fundamental aspect of mortgage agreements, which aims to balance the interests of both the lender and the borrower.

Occupying the property, approving it for sale, or managing it are not rights normally associated with lenders in a mortgage arrangement. These actions are primarily the rights and responsibilities of the borrower, who retains control over the property as long as they meet the terms of the mortgage.