Legal Templates
Promissory Note And Deed Of Trust

Promissory Note And Deed Of Trust for the United States

Promissory Note And Deed Of Trust Template for United States

A Promissory Note and Deed of Trust is a combined legal instrument used in the United States that consists of two parts: a promise to repay a specific sum of money under defined terms, and a security instrument that pledges real property as collateral for the loan. This document creates a three-party security arrangement where a trustee holds legal title to the property until the borrower repays the loan to the lender. It is commonly used in several US states as an alternative to mortgages.

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What is a Promissory Note And Deed Of Trust?

The Promissory Note and Deed of Trust is essential in US real estate financing where traditional mortgages are not the preferred security instrument. This document serves dual purposes: the promissory note establishes the debt obligation and repayment terms, while the deed of trust creates a security interest in the property. It's particularly common in states like California, Texas, and Washington, offering lenders a more streamlined foreclosure process compared to traditional mortgages. The document includes specific terms for repayment, interest rates, property description, and default remedies.

What sections should be included in a Promissory Note And Deed Of Trust?

1. Identification of Parties: Names and details of lender, borrower, and trustee

2. Property Description: Legal description of the property securing the note

3. Promise to Pay: Principal amount, interest rate, and payment terms

4. Security Interest: Declaration of the deed of trust as security for the note

5. Payment Terms: Detailed terms of payment including due dates, amounts, and method of payment

6. Default Provisions: Conditions constituting default and remedies available to the lender

7. Rights and Obligations: Specific rights and obligations of all parties involved

8. Power of Sale: Provisions regarding the lender's right to sell the property in case of default

What sections are optional to include in a Promissory Note And Deed Of Trust?

1. Late Payment Provisions: Terms and conditions for late payments and associated fees

2. Prepayment Provisions: Terms and conditions for early payoff of the loan

3. Insurance Requirements: Specific insurance requirements for the property

4. Assignment Rights: Terms governing the right to assign or transfer the note

5. Due-on-Sale Clause: Provisions requiring full payment of the loan upon sale of the property

6. Escrow Requirements: Terms for establishing and maintaining escrow accounts

What schedules should be included in a Promissory Note And Deed Of Trust?

1. Schedule A - Property Description: Detailed legal description of the property securing the note

2. Schedule B - Payment Schedule: Detailed amortization schedule showing payment breakdown

3. Schedule C - Required Insurance: Detailed insurance requirements and minimum coverage amounts

4. Schedule D - State-Specific Disclosures: Required disclosures and notices as per state law

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Jurisdiction

United States

Publisher

Genie AI

Document Type

Trust Deed

Sector

Real Estate

Cost

Free to use
Industries

Truth in Lending Act (TILA): Federal law requiring disclosure of credit terms and standardizing how costs associated with borrowing are calculated and disclosed

Real Estate Settlement Procedures Act (RESPA): Federal law requiring lenders to provide borrowers with disclosures about real estate settlement costs and prohibiting kickbacks

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions based on race, color, religion, sex, nationality, disability, or familial status

Equal Credit Opportunity Act: Federal law ensuring equal access to credit and prohibiting discrimination in lending practices

Consumer Credit Protection Act: Federal law governing consumer credit transactions and providing various consumer protections

State Property Laws: State-specific laws governing real property rights, transfers, and obligations

State Recording Requirements: State-specific rules for recording real estate documents and securing priority of interests

State Foreclosure Laws: State-specific procedures and requirements for foreclosure proceedings

State Usury Laws: State-specific limitations on maximum interest rates and related charges

State Deed of Trust Requirements: State-specific formal requirements for creating and executing valid deeds of trust

Uniform Commercial Code Article 3: Laws governing negotiable instruments, including promissory notes

State Security Interest Laws: State-specific rules governing creation and enforcement of security interests in property

Local Recording Requirements: County or municipal-specific requirements for recording real estate documents

State Notice Requirements: State-specific rules for providing notice to parties in real estate transactions

Homestead Laws: State-specific protections for primary residences against creditors

Bankruptcy Laws: Federal laws affecting secured transactions in bankruptcy proceedings

Principal Amount Requirements: Legal requirements for clearly stating the borrowed amount in the promissory note

Interest Rate Provisions: Legal requirements for stating interest rates and compliance with usury laws

Payment Terms Requirements: Legal requirements for specifying payment schedules, amounts, and methods

Default Provisions: Legal requirements for specifying consequences of default and remedies

Property Description Requirements: Legal requirements for accurately describing the secured property

Power of Sale Provisions: Legal requirements for including and exercising power of sale clauses

Assignment Rights: Legal requirements regarding the right to assign or transfer the note or deed of trust

Acceleration Clauses: Legal requirements for including and exercising acceleration of debt provisions

Due-on-Sale Clauses: Legal requirements for including and enforcing due-on-sale provisions

Teams

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