Who is responsible for maintaining the condition of the property in a mortgage agreement?

In a mortgage agreement, the borrower is responsible for maintaining the condition of the property. This is an important aspect of the borrower's obligations, as it ensures the property remains in good shape and retains its value, which is essential for the lender's security interest in the property. The lender, while having a vested interest in the property due to their financial stake, typically does not have direct involvement in the property’s upkeep. The responsibility for maintenance usually includes duties such as making repairs, paying property taxes, and ensuring compliance with local regulations.

While the lender has a right to establish certain requirements regarding property condition—such as needing the property to be insured or kept in good shape—they are not active participants in the property's day-to-day maintenance tasks. Local authorities may impose regulations on property maintenance, but these do not shift the responsibility from the borrower to maintain their property under the terms of the mortgage agreement.