Where a mortgage has multiple mortgagees, and it is the parties’ intent that the mortgage vest in the remaining mortgagees in the event of the death of any one of them (a right of survivorship), the mortgage should express this. To indicate that a mortgage is to be held jointly select, “The mortgagees hold the mortgage jointly” in box 4 of the eMortgage. The district registrar will not assume that multiple mortgagees are joint tenants unless this is indicated.
Mortgagees cannot hold a mortgage as tenants in common of specified interests (i.e. each as to an undivided one-half interest).
See section 96(3), The Real Property Act
Where multiple mortgagees wish to, they can specify the amount of the mortgage monies contributed by each mortgagee and the amount of the proceeds from the mortgage each is entitled to, Box 4 of the eMortgage provides for this information to be entered in boxes captioned, “Share or fractional interest of the mortgage monies contributed,” and, “Details of any agreement for sharing the proceeds of the mortgage.”
See sections 96(3)(a)-(c), The Real Property Act