Who is referred to as the mortgagor in a mortgage agreement?

In a mortgage agreement, the mortgagor is the party receiving the loan, which means this individual or entity borrows money from a lender (the mortgagee) to purchase or refinance real estate. By receiving the loan, the mortgagor pledges the property as collateral for the debt, thereby granting the lender a security interest in the property until the loan is paid off. This definition is crucial for understanding the roles within a mortgage transaction, as it establishes the mortgagor's obligations and rights regarding the property in question.

The other roles mentioned, such as the lender, property inspector, and real estate agent, play different functions in the mortgage process but do not hold the designation of mortgagor. The lender, also known as the mortgagee, provides the funds and retains the right to foreclose if the mortgagor defaults. Meanwhile, the property inspector's role is to assess the property’s condition, and the real estate agent facilitates the sale of the property.