Difference Wiki

Mortgage vs. Charge

The main difference between Mortgage and Charge is that the Mortgage is on the immovable property while a Charge is on movable property.

Key Differences

The mortgage is for a specified term. Unlike charge, which continues forever.
Harlon Moss
Jun 20, 2019
The mortgage is made out of the act of the parties concerned, while the charge is made either by the operation of law or by the act of the charger holder and charge creator.
The term mortgage refers to a form of charge, in which the ownership interest in a particular immovable property transferred. On the other side, Charge is used to mean the creation of right over the assets in favor of the lender, for securing the repayment of the loan.
A mortgage carries personal liability, except when an express contract specifically excludes it. As against this, no personal liability created. Nevertheless, when the charge comes into executing due to a contract, then personal liability may be created.
Harlon Moss
Jun 20, 2019
A mortgage needs compulsory registration under the Transfer of Property Act, 1882. Conversely, when the charge made as a result of the act of the parties concerned, registration is must, but when the charge made by operation of law, no such registration is needed at all.

Comparison Chart

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A mortgage involves the transfer of ownership interest in a particular immovable asset.
The charge relates to the security for securing the debt, by way of pledge, collateral, and mortgage.
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Term

Fixed
Infinite

Creation

A mortgage is the result of the act of parties.
A charge is created either by the operation of law or by the act of the parties concerned.

Personal Liability

Generally, mortgage carries personal liability, except when excluded by an express contract.
No personal liability created; however, when it comes into effect due to a contract, then personal liability may be created.
Samantha Walker
Jun 20, 2019

Registration

Need to be registered under the Transfer of Property Act, 1882.
When the charge is an outcome of the act of parties, registration is mandatory otherwise not.
Harlon Moss
Jun 20, 2019

Mortgage and Charge Definitions

Mortgage

A loan for the purchase of real property, secured by a lien on the property.

Charge

To impose a duty, responsibility, or obligation on
Charged him with the task of watching the young swimmers.
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Mortgage

The document specifying the terms and conditions of the repayment of such a loan.

Charge

To instruct or urge authoritatively; command
Charged her not to reveal the source of information.

Mortgage

The repayment obligation associated with such a loan
A family who cannot afford their mortgage.

Charge

(Law) To instruct (a jury) about the law, its application, and the weighing of evidence.

Mortgage

The right to payment associated with such a loan
A bank that buys mortgages from originators.

Charge

To set or ask (a given amount) as a price
Charges ten dollars for a haircut.
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Mortgage

The lien on the property associated with such a loan.

Charge

To hold financially liable; demand payment from
Charged her for the balance due.

Mortgage

To pledge (real property) as the security for a loan.

Charge

To purchase on credit
Paid cash for the stockings but charged the new coat.

Mortgage

To make subject to a claim or risk; pledge against a doubtful outcome
Mortgaged their political careers by taking an unpopular stand.

Charge

To load to capacity; fill
Charge a furnace with coal.

Mortgage

(legal) A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property, such as a house or piece of farm land. The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered.
We're renting a property in the city centre because we can't afford to get a mortgage yet.

Charge

To load (a gun or other firearm) with a quantity of explosive
Charged the musket with powder.

Mortgage

(obsolete) State of being pledged.
Lands given in mortgage

Charge

To pervade or fill, as with a feeling or quality
The atmosphere was charged with tension.

Mortgage

To borrow against a property, to obtain a loan for another purpose by giving away the right of seizure to the lender over a fixed property such as a house or piece of land; to pledge a property in order to get a loan.
To mortgage a property, an estate, or a shop
We mortgaged our house in order to start a company.

Charge

To make a claim of wrongdoing against; accuse or blame
The prosecutors charged him with car theft. Critics charged the writer with a lack of originality.

Mortgage

To pledge and make liable; to make subject to obligation; to achieve an immediate result by paying for it in the long term.

Charge

To put the blame for; attribute or impute
Charged the accident to the driver's inexperience.

Mortgage

A conveyance of property, upon condition, as security for the payment of a debt or the preformance of a duty, and to become void upon payment or performance according to the stipulated terms; also, the written instrument by which the conveyance is made.

Charge

To rush against in an attack
The troops charged the enemy line.

Mortgage

State of being pledged; as, lands given in mortgage.

Charge

(Basketball) To bump or run into (a defender) illegally while in possession of the ball or having just made a pass or shot.

Mortgage

To grant or convey, as property, for the security of a debt, or other engagement, upon a condition that if the debt or engagement shall be discharged according to the contract, the conveyance shall be void, otherwise to become absolute, subject, however, to the right of redemption.

Charge

(Sports) To bump (an opponent) so as to knock off balance or gain control of the ball, as in soccer.

Mortgage

Hence: To pledge, either literally or figuratively; to make subject to a claim or obligation.
Mortgaging their lives to covetise.
I myself an mortgaged to thy will.

Charge

(Sports) To body-check (an opponent) illegally, from behind or after taking more than two strides, especially in ice hockey.

Mortgage

A conditional conveyance of property as security for the repayment of a loan

Charge

To cause formation of a net electric charge on or in (a conductor, for example).

Mortgage

Put up as security or collateral

Charge

To energize (a storage battery) by passing current through it in the direction opposite to discharge.

Charge

To excite; rouse
A speaker who knows how to charge up a crowd.

Charge

To direct or put (a weapon) into position for use; level or direct.

Charge

(Heraldry) To place a charge on (an escutcheon).

Charge

To rush forward in an attack
The dog charged at the intruder.

Charge

To rush forward; run
Children charging around the house.

Charge

To demand or ask payment
Did not charge for the second cup of coffee.

Charge

To make a purchase or purchases on credit.

Charge

(Accounting) To consider or record as a loss. Often used with off.

Charge

To become energized
The battery is still charging.

Charge

Expense; cost
Added to the bill a charge for replacing the thermostat.

Charge

The price asked for something
What's the charge for a new tire?.

Charge

A debt or an entry in an account recording a debt
Are you paying cash or is this a charge?.

Charge

A financial burden, such as a tax or lien.

Charge

A weight or burden; a load
A freighter relieved of its charge of cargo.

Charge

The quantity that a container or apparatus can hold.

Charge

A quantity of explosive to be set off at one time.

Charge

An assigned duty or task; a responsibility
The commission's charge was to determine the facts.

Charge

Care; custody
A child put in my charge.

Charge

Supervision; management
The scientist who had overall charge of the research project.

Charge

One that is entrusted to another's care or management
The baby sitter's three young charges.

Charge

An order, command, or injunction.

Charge

Instruction given by a judge to a jury about the law, its application, and the weighing of evidence.

Charge

A claim of wrongdoing; an accusation
A charge of murder.
Pleaded not guilty to the charges.

Charge

A rushing, forceful attack
Repelled the charge of enemy troops.
The charge of a herd of elephants.

Charge

The command to attack
The bugler sounded the charge.

Charge

The intrinsic property of matter responsible for all electric phenomena, in particular for the electromagnetic force, occurring in two forms arbitrarily designated negative and positive.

Charge

The net measure of this property possessed by a body or contained in a bounded region of space, measured in coulombs, ampere-hours, or units of elementary charge. Also called electric charge.

Charge

See magnetic charge.

Charge

See color charge.

Charge

(Informal) A feeling of pleasant excitement; a thrill
Got a real charge out of the movie.

Charge

(Heraldry) A figure or device represented on the field of an escutcheon.

Charge

The amount of money levied for a service.
There will be a charge of five dollars.

Charge

(military) A ground attack against a prepared enemy.

Charge

A forceful forward movement.

Charge

An accusation.

Charge

An official description (by the police or a court) of a crime that somebody may be guilty of.
Two charges of manslaughter

Charge

An accusation by a person or organization.
That's a slanderous charge of abuse of trust.

Charge

An electric charge.

Charge

The scope of someone's responsibility.
The child was in the nanny's charge.

Charge

Someone or something entrusted to one's care, such as a child to a babysitter or a student to a teacher.
The child was a charge of the nanny.

Charge

A load or burden; cargo.
The ship had a charge of colonists and their belongings.

Charge

An instruction.
I gave him the charge to get the deal closed by the end of the month.

Charge

(basketball) An offensive foul in which the player with the ball moves into a stationary defender.

Charge

(firearms) A measured amount of powder and/or shot in a cartridge.

Charge

(by extension) A measured amount of explosive.

Charge

(heraldry) An image displayed on an escutcheon.

Charge

(weaponry) A position (of a weapon) fitted for attack.
To bring a weapon to the charge

Charge

(farriery) A sort of plaster or ointment.

Charge

(obsolete) Weight; import; value.

Charge

A measure of thirty-six pigs of lead, each pig weighing about seventy pounds; a charre.

Charge

(ecclesiastical) An address given at a church service concluding a visitation.

Charge

To assign a duty or responsibility to.

Charge

(transitive) To assign (a debit) to an account.
Let's charge this to marketing.

Charge

(transitive) To pay on account, as by using a credit card.
Can I charge my purchase to my credit card?
Can I charge this purchase?

Charge

(ambitransitive) To require payment (of) (a price or fee, for goods, services, etc.).
To charge high for goods
I won't charge you for the wheat.

Charge

(dated) To sell at a given price.
To charge coal at $5 per unit

Charge

(law) To formally accuse (a person) of a crime.
I'm charging you with assault and battery.

Charge

To impute or ascribe.

Charge

To call to account; to challenge.

Charge

(transitive) To place a burden, load or responsibility on or in.

Charge

To ornament with or cause to bear.
To charge an architectural member with a moulding

Charge

(heraldry) To assume as a bearing.
He charges three roses.

Charge

(heraldry) To add to or represent on.
He charges his shield with three roses or.

Charge

(transitive) To load equipment with material required for its use, as a firearm with powder, a fire hose with water, a chemical reactor with raw materials.
Charge your weapons; we're moving up.

Charge

(transitive) To cause to take on an electric charge.
Rubbing amber with wool will charge it quickly.

Charge

(transitive) To replenish energy to (a battery, or a device containing a battery) by use of an electrical device plugged into a power outlet.
He charged the battery overnight.
Don't forget to charge the drill.
I charge my phone every night.

Charge

To replenish energy.
The battery is still charging: I can't use it yet.
His cell phone charges very quickly, whereas mine takes forever.

Charge

(intransitive) To move forward quickly and forcefully, particularly in combat and/or on horseback.

Charge

To attack by moving forward quickly in a group.
The impetuous corps charged the enemy lines.

Charge

(basketball) To commit a charging foul.

Charge

To take a few steps down the pitch towards the bowler as they deliver the ball, either to disrupt the length of the delivery, or to get into a better position to hit the ball.

Charge

To lie on the belly and be still. A command given by a hunter to a dog

Charge

To lay on or impose, as a load, tax, or burden; to load; to fill.
A carte that charged was with hay.
The charging of children's memories with rules.

Charge

To lay on or impose, as a task, duty, or trust; to command, instruct, or exhort with authority; to enjoin; to urge earnestly; as, to charge a jury; to charge the clergy of a diocese; to charge an agent.
Moses . . . charged you to love the Lord your God.
Cromwell, I charge thee, fling away ambition.

Charge

To lay on, impose, or make subject to or liable for.
When land shall be charged by any lien.

Charge

To fix or demand as a price; as, he charges two dollars a barrel for apples.

Charge

To place something to the account of as a debt; to debit, as, to charge one with goods. Also, to enter upon the debit side of an account; as, to charge a sum to one.

Charge

To impute or ascribe; to lay to one's charge.
No more accuse thy pen, but charge the crimeOn native sloth and negligence of time.

Charge

To accuse; to make a charge or assertion against (a person or thing); to lay the responsibility (for something said or done) at the door of.
If he did that wrong you charge him with.

Charge

To place within or upon any firearm, piece of apparatus or machinery, the quantity it is intended and fitted to hold or bear; to load; to fill; as, to charge a gun; to charge an electrical machine, etc.
Their battering cannon charged to the mouths.

Charge

To ornament with or cause to bear; as, to charge an architectural member with a molding.

Charge

To assume as a bearing; as, he charges three roses or; to add to or represent on; as, he charges his shield with three roses or.

Charge

To call to account; to challenge.
To charge me to an answer.

Charge

To bear down upon; to rush upon; to attack.
Charged our main battle's front.

Charge

To make an onset or rush; as, to charge with fixed bayonets.
Like your heroes of antiquity, he charges in iron.
"Charge for the guns!" he said.

Charge

To demand a price; as, to charge high for goods.

Charge

To debit on an account; as, to charge for purchases.

Charge

To squat on its belly and be still; - a command given by a sportsman to a dog.

Charge

A load or burder laid upon a person or thing.

Charge

A person or thing commited or intrusted to the care, custody, or management of another; a trust.

Charge

Custody or care of any person, thing, or place; office; responsibility; oversight; obigation; duty.
'Tis a great charge to come under one body's hand.

Charge

Heed; care; anxiety; trouble.

Charge

Harm.

Charge

An order; a mandate or command; an injunction.
The king gave cherge concerning Absalom.

Charge

An address (esp. an earnest or impressive address) containing instruction or exhortation; as, the charge of a judge to a jury; the charge of a bishop to his clergy.

Charge

An accusation of a wrong of offense; allegation; indictment; specification of something alleged.
The charge of confounding very different classes of phenomena.

Charge

Whatever constitutes a burden on property, as rents, taxes, lines, etc.; costs; expense incurred; - usually in the plural.

Charge

The price demanded for a thing or service.

Charge

An entry or a account of that which is due from one party to another; that which is debited in a business transaction; as, a charge in an account book.

Charge

That quantity, as of ammunition, electricity, ore, fuel, etc., which any apparatus, as a gun, battery, furnace, machine, etc., is intended to receive and fitted to hold, or which is actually in it at one time

Charge

The act of rushing upon, or towards, an enemy; a sudden onset or attack, as of troops, esp. cavalry; hence, the signal for attack; as, to sound the charge.
Never, in any other war afore, gave the Romans a hotter charge upon the enemies.
The charge of the light brigade.

Charge

A position (of a weapon) fitted for attack; as, to bring a weapon to the charge.

Charge

A sort of plaster or ointment.

Charge

Thirty-six pigs of lead, each pig weighing about seventy pounds; - called also charre.

Charge

Weight; import; value.
Many suchlike "as's" of great charge.

Charge

(criminal law) a pleading describing some wrong or offense;
He was arrested on a charge of larceny

Charge

The price charged for some article or service;
The admission charge

Charge

An assertion that someone is guilty of a fault or offence;
The newspaper published charges that Jones was guilty of drunken driving

Charge

Request for payment of a debt;
They submitted their charges at the end of each month

Charge

A impetuous rush toward someone or something;
The wrestler's charge carried him past his adversary
The battle began with a cavalry charge

Charge

The quantity of unbalanced electricity in a body (either positive or negative) and construed as an excess or deficiency of electrons;
The battery needed a fresh charge

Charge

Financial liabilities (such as a tax);
The charges against the estate

Charge

A person committed to your care;
The teacher led her charges across the street

Charge

Attention and management implying responsibility for safety;
He is in the care of a bodyguard

Charge

A special assignment that is given to a person or group;
A confidential mission to London
His charge was deliver a message

Charge

A formal statement of a command or injunction to do something;
The judge's charge to the jury

Charge

A quantity of explosive to be set off at one time;
This cartridge has a powder charge of 50 grains

Charge

The swift release of a store of affective force;
They got a great bang out of it
What a boot!
He got a quick rush from injecting heroin
He does it for kicks

Charge

(psychoanalysis) the libidinal energy invested in some idea or person or object;
Freud thought of cathexis as a psychic analog of an electrical charge

Charge

Heraldry consisting of a design or image depicted on a shield

Charge

To make a rush at or sudden attack upon, as in battle;
He saw Jess charging at him with a pitchfork

Charge

Blame for, make a claim of wrongdoing or misbehavior against;
He charged me director with indifference

Charge

Demand payment;
Will I get charged for this service?
We were billed for 4 nights in the hotel, although we stayed only 3 nights

Charge

Move quickly and violently;
The car tore down the street
He came charging into my office

Charge

Assign a duty, responsibility or obligation to;
He was appointed deputy manager
She was charged with supervising the creation of a concordance

Charge

File a formal charge against;
The suspect was charged with murdering his wife

Charge

Make an accusatory claim;
The defense attorney charged that the jurors were biased

Charge

Fill or load to capacity;
Charge the wagon with hay

Charge

Enter a certain amount as a charge;
He charged me $15

Charge

Cause to be admitted; of persons to an institution;
After the second episode, she had to be committed
He was committed to prison

Charge

Give over to another for care or safekeeping;
Consign your baggage

Charge

Pay with a credit card; pay with plastic money; postpone payment by recording a purchase as a debt;
Will you pay cash or charge the purchase?

Charge

Lie down on command, of hunting dogs

Charge

Cause to be agitated, excited, or roused;
The speaker charged up the crowd with his inflammatory remarks

Charge

Place a heraldic bearing on;
Charge all weapons, shields, and banners

Charge

Provide with munition;
He loaded his gun carefully

Charge

Direct into a position for use;
Point a gun
He charged his weapon at me

Charge

Impose a task upon, assign a responsibility to;
He charged her with cleaning up all the files over the weekend

Charge

Instruct (a jury) about the law, its application, and the weighing of evidence

Charge

Instruct or command with authority;
The teacher charged the children to memorize the poem

Charge

Attribute responsibility to;
We blamed the accident on her
The tragedy was charged to her inexperience

Charge

Set or ask for a certain price;
How much do you charge for lunch?
This fellow charges $100 for a massage

Charge

Cause formation of a net electrical charge in or on;
Charge a conductor

Charge

Energize a battery by passing a current through it in the direction opposite to discharge;
I need to charge my car battery

Charge

Saturate;
The room was charged with tension and anxiety

Mortgage vs. Charge

A mortgage created by acts of the parties whereas a charge may be created through the act of parties or by operation of Law. A mortgage requires registration under the transfer of property Act, 1882, and a charge created by operation of law does not need registration, but a charge created by an act of parties needs registration. A mortgage is for a fixed term, whereas a charge may be in perpetuity. A mortgage is a transmit of an interest in a specific immovable property, whereas a charge only gives a right to receive payment out of a particular property. A simple mortgage holds personal liability unless excluded by express contract. In the case of a charge, no personal liability created. But where a charge is the result of a contract, there may be a personal remedy.

What is Mortgage?

A mortgage is a debt facility or instrument, secured by the guarantee of specified real estate property, that the borrower is forced to pay back with a predetermined set of payments. Mortgages are utilized by people and businesses to make large real estate purchases without paying the entire purchase price up front. Mortgages are also called “liens against property” or else “claims on property.” If the recipient or borrower stops paying the mortgage, the lender can foreclose. In a residential mortgage, a home buyer pledges his or her house to the bank. The bank has a require or claim on the house should the home buyer default on paying the mortgage. In the term of a foreclosure, the bank may evict the home’s tenants and sell the house, using the income from the sale to clear the mortgage debt. Mortgages come in many forms. With a fixed-rate mortgage, the borrower pays the same interest rate for the life of the loan. The monthly principal and interest payment do not change from the first mortgage payment to the last. Most fixed-rate mortgages have a 15- or 30-year term. A fixed-rate mortgage is also known as a “traditional” mortgage.

What is Charge?

Charge obstructs the title of a property when there is a charge on the worth or asset; the asset cannot be sold or transferred. The charge is sustained on the asset by the lender to the borrower’s movable asset. In charge, the moneylender doesn’t get right to sell the property. There are two kinds of charges; fixed charges and floating charges. A fixed charge relates to a loan or mortgage of some kind that uses a fixed asset as collateral to secure loan repayment. Fixed assets that used as collateral in a fixed charge include land, machinery, buildings, shares, and intellectual property (patents, trademarks, copyrights, etc.). If the borrower defaults on his loan, the bank can sell the fixed asset and recover their losses. The borrower/debtor cannot dispose of the asset, and the borrower must hold the asset until the total loan repayment made. A floating charge relates to a loan or mortgage on an asset that has a value that changes periodically to secure loan repayment. In such a case, assets that do not have a constant value, or not fixed assets such as stock inventory used. In a floating charge, the lender has the freedom to dispose of the asset (for example, sell stock) in the course of normal business activities. If the lender defaults on their loan, the floating charge freezes and becomes a fixed charge, and the inventory left over from the time of default cannot be disposed and used as a fixed charge to recover the outstanding debt.

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