I want to loan some monies to a relative who is offering a property as collateral. We had an advocate draft a MOU which expressly states that the relative is depositing title deeds (Sale Deeds) as security towards the loan. Another advocate suggested that I register the Mortgage Deed but that involves stamp duty. Question: Is the MOU along with the title deeds in my possesion sufficient to recover from the collateral property in the event of a default?
