A Mortgage agreement is defined as a contract whereby a person, called the mortgagor, assigns a property to another person, called the mortgagee, as security for the performance of an obligation, without delivering the property to the mortgagee. It is a transfer of an interest over land or other real property from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. Upon the fulfillment of the conditions of the mortgage agreement, interest over the property is reverted back to the owner and any interest held by the mortgagee is terminated.  In Thailand, mortgages are used to secure debts made by foreign property owners when purchasing real property in the country. Although some local financing institutions have recently begun to provide funding services for foreigners, most have yet to follow suit. According to the Civil and Commercial Code of Thailand, a mortgage agreement must conform to the following requirements in order to be valid: first, a contract of mortgage must specify the property mortgaged; second, the contract must contain, in Thai currency, either the sum certain or a maximum amount for which the mortgaged property is assigned as security; and last, a contract of mortgage must be made in writing and registered by the competent official. In order to enforce the provisions of the mortgage contract the mortgagee must notify the debtor on writing to perform his obligation within a reasonable time to be fixed in the notice. If the debtor fails to comply with such notice, the mortgagee may enter an action in court for a judgment ordering the mortgaged property to be seized and sold by public auction. In addition to this remedy, the mortgagee is entitled to claim foreclosure of the mortgage subject however to certain conditions. The provisions of the Civil and Commercial Code also provides for the various rights and duties of the parties to such an agreement. Also, the Code provides for the various methods of ending this kind of agreement.