Promissory Note Secured By Real Property

Get eSignatures done in a snap

Prepare, sign, send, and manage documents from a single cloud-based solution.

What is a Promissory Note Secured by Real Property?

A promissory note secured by real property is a legal document that outlines the terms of a loan agreement where the borrower promises to repay a specific amount of money to the lender. In this type of note, the borrower pledges real property, such as a house or land, as collateral to secure the loan.

What are the Types of Promissory Notes Secured by Real Property?

There are several types of promissory notes secured by real property, including: 1. Mortgage Notes: where the borrower pledges real estate as collateral 2. Deed of Trust Notes: where a third party trustee holds the property title until the loan is paid off 3. Land Contract Notes: where the seller finances the purchase of real estate and retains legal title until the loan is repaid

Mortgage Notes
Deed of Trust Notes
Land Contract Notes

How to Complete a Promissory Note Secured by Real Property

Completing a promissory note secured by real property involves the following steps: 1. Fill in the borrower and lender information 2. Specify the loan amount and terms of repayment 3. Describe the real property being used as collateral 4. Include any additional terms or conditions agreed upon 5. Sign and date the document to make it legally binding

01
Fill in borrower and lender information
02
Specify loan amount and repayment terms
03
Describe real property collateral
04
Include additional terms or conditions
05
Sign and date the document

pdfFiller empowers users to create, edit, and share documents online. Offering unlimited fillable templates and powerful editing tools, pdfFiller is the only PDF editor users need to get their documents done.

Video Tutorial How to Fill Out Promissory note secured by real property

Thousands of positive reviews can’t be wrong

Read more or give pdfFiller a try to experience the benefits for yourself
4.0
It's Great!
It's Great! I wish that you were able to adjust the font so that it may fit in certain lines better, but overall I love it.
Cierra Fuller
5.0
So far it is very easy to use.
So far it is very easy to use. It's great to be able to take a form and change it as required and or remove text just awesome.
Mike T.
4.0
Some instructions were rather confusing but customer support helped me to find m...
Some instructions were rather confusing but customer support helped me to find my forms and get them printed and deleted. Thank you for your assistance.
Marian
4.0
Some instructions were rather confusing but customer support helped me to find m...
Some instructions were rather confusing but customer support helped me to find my forms and get them printed and deleted. Thank you for your assistance.
Marian V.

Questions & answers

A home mortgage secures a promissory note with the title to the property as collateral. This is done in case the lender ever needs to foreclose and sell the property because the homeowner did not make loan payments. Your lender will keep the original promissory note until your loan is paid off.
A secured promissory note should clearly identify the collateral backing the loan. For example, if collateral is being secured by business vehicles, the note should provide their vehicle identification numbers. A small business that is extending credit should also verify collateral is worth enough to cover the debt.
So, what's the difference between secured and unsecured promissory notes? It's actually quite simple. A secured note is any debt collateralized with real property like a first deed of trust or car title. Conversely, an unsecured note is any debt not secured by collateral (or uncollateralized).
A promissory note can be secured with a pledge of collateral, which is something of value that can be seized if a borrower defaults.
Promissory notes can be secured using a financing statement, deed of trust, or a mortgage. If a promissory note includes these terms, then it is a secured promissory note. So, the inclusion of collateral is the only real difference between secured promissory notes and unsecured promissory notes.
A home mortgage secures a promissory note with the title to the property as collateral. This is done in case the lender ever needs to foreclose and sell the property because the homeowner did not make loan payments. Your lender will keep the original promissory note until your loan is paid off.