Most real estate transactions involve these 3 legal documents, in addition to a ton of closing documents. The Deed is the legal document through which someone acquires ownership of property. A Promissory Note is a borrower promise to repay the loan they took to buy the house. The Mortgage is a real estate legal document that secures the buyers’ promise to repay the Promissory Note with the house. Therefore, if the buyer defaults on the Promissory Note, then the lender can foreclose on the house through the legal terms of the Mortgage.
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