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Video instructions and help with filling out and completing ORIGINAL PROMISSORY NOTE SECURED BY DEED OF TRUST Form
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People also ask
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Who keeps the original promissory note?
The lender keeps the original promissory note until you have fulfilled all obligations, i.e., paid off, your mortgage. A promissory note will generally contain the following information: The total amount of money borrowed; Your interest rate (either fixed or adjustable);
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Is a promissory note real property?
A promissory note is a document between the lender and the borrower in which the borrower promises to pay back the lender, it is a separate contract from the mortgage. The mortgage is a legal document that ties or "secures" a piece of real estate to an obligation to repay money.
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Can promissory notes be backed by collateral?
Secured promissory notes The property that secures a note is called collateral, which can be either real estate or personal property. A promissory note secured by collateral will need a second document. If the collateral is real property, there will be either a mortgage or a deed of trust.
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How do you secure a promissory note with real property?
Securing a promissory note with real estate involves outlining the property as collateral in the document. This process includes detailing the property's description and ensuring all legal requirements are met to enforce the security interest.
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What is a promissory note secured by the deed of trust?
Once the promissory note is signed and the loan is enacted, the deed of trust is held by the third party trustee until the loan is entirely paid off. Once the loan is satisfied, the deed of trust is transferred to the borrower. The promissory note, meanwhile, is held by the lender until the loan is satisfied.
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Can a promissory note be secured by real property?
Almost every traditional mortgage comes with a secured promissory note, which means your house serves as collateral for the lender. If you need clarity on the terms in your promissory note, it may help to speak with your lender today.
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What is a note with deed of trust?
With a deed of trust, the lender gives the borrower the funds to make the home purchase. In exchange, the borrower provides the lender with a promissory note. The promissory note outlines the terms of the loan and the borrower's promise (hence the name) to pay.
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What makes a promissory note invalid in real estate?
In addition, if the promissory note contains unclear or ambiguous clauses, or unfair terms, the note might be deemed invalid. An unfair term might be if the note includes an interest rate of 25% but your state only allows for a 15% interest rate.
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