What is a note?

What is note?

Note — A note, promissory note, mortgage note or trust deed note is a borrowers written promise to pay a sum of money in the future.

Promissory note is a legal instrument (more particularly, a financial instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms.

Mortgage — A mortgage or mortgage deed specifically pledges a borrower’s real estate as collateral against a note, promissory note or real estate note.

Trust Deed — A trust deed or deed of trust specifically pledges a borrower’s real estate as collateral against a note, promissory note or real estate note.

Land Contract — A land contract, contract for deed or real estate contract is a method of selling property with owner financing.

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