What elements does a mortgage consist of?

A mortgage is fundamentally a legal instrument that creates a security interest in real property, typically in the context of a loan for purchasing that property. The correct answer highlights the two primary components of a mortgage: a contract for debt and a conveyance of land.

The contract for debt refers to the borrower's obligation to repay the loan amount, which is secured by the property itself. This reflects the core purpose of a mortgage, where the lender provides funds to the borrower, and in exchange, the lender gains a security interest in the property until the debt is fully repaid.

The conveyance of land aspect indicates that the borrower grants the lender a right to the property as collateral for the loan. This means that if the borrower defaults, the lender has the legal right to foreclose on the property to recover the owed sum.

The other options do not accurately capture the essential elements of a mortgage. While they may mention related concepts, they fail to define the crucial components necessary for establishing a mortgage's legal standing and purpose within real estate finance.