Real estate promissory note

Real estate promissory note – this legal term details a promise made by a borrower to pay back the taken mortgage loan. He is called the maker of the note. The lender who benefits from the note is called “payee”.

But if the borrower fails to pay back the mortgage loan, then the lender who established a mortgage to secure the loan will have to sell the mortgaged property in order to receive satisfaction.

See also “Mortgage loan”

Real estate promissory / Legal Glossary

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