Document background
The Private Mortgage Contract is a fundamental legal document used in Irish residential property transactions when a borrower requires financing to purchase a property. This contract type is essential for creating a legally enforceable security interest in real property under Irish law, protecting both the lender's security interest and the borrower's rights. It must comply with various Irish regulatory requirements, including the Consumer Credit Act 1995, the Land and Conveyancing Law Reform Act 2009, and Central Bank regulations. The document typically includes comprehensive details about the loan terms, property security, borrower obligations, lender rights, default provisions, and insurance requirements. It's particularly important in Ireland's property market where mortgage lending is strictly regulated and requires specific consumer protection measures.
