Which of these is a key element that must be described in a mortgage agreement?

In a mortgage agreement, a key element that must be described is the property being financed. This description is crucial because it identifies the specific asset that secures the loan. It typically includes details such as the legal description of the property, its physical address, and any relevant characteristics that establish what exactly is being mortgaged.

Describing the property ensures that both the borrower and the lender have a clear understanding of the collateral involved in the transaction. This clarity protects the lender's interest in the event of default, as they need to know what property they can pursue to recover their investment. It also aids in preventing disputes over property boundaries or recalls regarding what property is under mortgage coverage.