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Promissory Note for Commercial Loan Secured by Real Property

Tarrant Texas Promissory Note for Commercial Loan Secured by Real Property

Name: Tarrant Texas Promissory Note for Commercial Loan Secured by Real Property
Brand: US Legal Forms
Rating: 4.82 (265 reviews)

Category:

Promissory Notes - Secured

State:

Multi-State

County:

Tarrant

Control #:

US-1166BG

Format:

Instant download

Description

A promissory note is a written promise to pay a debt. It is an unconditional promise to pay on demand or at a fixed or determined future time a particular sum of money to or to the order of a specified person or to the bearer.

AID AND ABET / 18 U.S.C. Sec. 2(a)

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FAQ

Secured Promissory Notes By assuring that the property attached to the note is of sufficient value to cover the amount of the loan, the payee thus has a guarantee of being repaid. The property that secures a note is called collateral, which can be either real estate or personal property.

A mortgage is a loan secured by property that is used as collateral, which the lender can seize if the borrower defaults on the loan. The promissory note is exactly what it sounds like the borrower's written, signed promise to repay the loan.

A promissory note can be used for different types of loans such as a mortgage, student loan, car loan, business loan or personal loan. When lenders loan out money especially when it's a large sum it formalizes the loan by creating a promissory note.

If you have a mortgage or an automobile loan, you are the borrower in a secured note. In the case of a mortgage, you hold a secured note with your home pledged as collateral. A mortgage loan is a loan secured by real property through the use of a mortgage note which serves as evidence that the loan exists.

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.

Secured and Unsecured Promissory Notes Promissory notes can be unsecured or secured by collateral, which is normally the asset that is purchased using the loaned money.

A promissory note can be secured with a pledge of collateral, which is something of value that can be seized if a borrower defaults.

Whenever you borrow money and pledge your home or other real property as collateral, you have received a real estate secured loan. You sign a promissory note evidencing your promise to repay the loan, but you also offer security in the form of real estate to "encourage" an approval.

The main difference between a promissory note and a mortgage is that a promissory note is the written agreement containing the details of the mortgage loan, whereas a mortgage is a loan that is secured by real property.

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App.—Beaumont 2010, pet.

Tarrant Texas Promissory Note for Commercial Loan Secured by Real Property

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What is a promissory note secured by?

Is a loan or promissory note that is secured by the real estate?

What type of loan is a promissory note?

What is a note secured by real property?

Can a promissory note be secured by real property?

Can a promissory note be used as collateral?

Can a promissory note be secured?

How do you secure a loan with real property?

Is a promissory note considered real property?

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