What type of mortgages do subsequent mortgagees receive?

Subsequent mortgagees receive an equitable interest in the property. This means that they have a right to the property based on their investment, even though the legal title remains with the mortgagor (the borrower). In the context of real estate and mortgages, when a property is mortgaged, the first mortgage creates a legal claim to the property, but any subsequent mortgages or liens placed afterward give the mortgagees an equitable interest.

This equitable interest allows subsequent mortgagees to assert certain rights, such as the right to repay their loan and claim the property in case of default, but it does not grant them full legal title to the property. Legal title is typically held by the original mortgagor until a foreclosure occurs, or the property is sold.

In contrast, the other options do not accurately describe the nature of the interest that subsequent mortgagees have. A legal estate in land would constitute full ownership rights, which subsequent mortgagees do not possess. A full conveyance of property would imply a complete transfer of legal rights, which again is not the case for subsequent mortgagees. An exclusive contract for lease would relate to rental agreements, not to the rights associated with mortgages or ownership of real property.