Promissory Note Secured By A Deed Of Trust for the United States

Promissory Note Secured By A Deed Of Trust Template for United States

A legal document combining a promissory note with a deed of trust, commonly used in United States real estate transactions. The promissory note establishes the borrower's obligation to repay a specific sum with interest, while the deed of trust secures the note by creating a security interest in real property. This arrangement provides the lender with a clear path to foreclosure in case of default, subject to state-specific requirements and procedures.

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What is a Promissory Note Secured By A Deed Of Trust?

The Promissory Note Secured By A Deed Of Trust is widely used in U.S. real estate financing when parties seek a secured lending arrangement. It provides greater security than an unsecured promissory note by tying the debt to specific real property, while offering more streamlined foreclosure processes than traditional mortgages in many states. This document is particularly common in California, Texas, and other states that primarily use deed of trust arrangements rather than conventional mortgages. It combines the borrower's promise to repay with immediate security in real property, creating a robust legal framework for both lender and borrower.

What sections should be included in a Promissory Note Secured By A Deed Of Trust?

1. Principal Amount and Promise to Pay: States the loan amount and unconditional promise to repay

2. Interest Rate: Specifies the interest rate and calculation method, ensuring compliance with state usury laws

3. Payment Terms: Details payment schedule, amounts, and methods of payment including due dates

4. Security: Description of property securing the note via deed of trust, including property details

5. Default Provisions: Defines events of default and consequences, including acceleration rights

6. Governing Law: Specifies applicable state law and jurisdiction

7. Notice Requirements: Specifies how and where notices must be delivered to all parties

What sections are optional to include in a Promissory Note Secured By A Deed Of Trust?

1. Late Payment Provisions: Details any penalties or fees for late payments and grace periods

2. Prepayment Provisions: Terms and conditions for early repayment of the loan, including any prepayment penalties

3. Insurance Requirements: Specifies required insurance coverage on the secured property

4. Transfer Rights: Terms regarding the right to transfer or assign the note to another party

5. Subordination: Provisions regarding the priority of this loan in relation to other liens

What schedules should be included in a Promissory Note Secured By A Deed Of Trust?

1. Schedule A - Property Description: Legal description of property securing the note, including address and parcel information

2. Schedule B - Payment Schedule: Detailed amortization schedule showing payment breakdowns and dates

3. Schedule C - Deed of Trust: Copy or reference to the associated deed of trust document

4. Schedule D - Truth in Lending Disclosure: Federal disclosure requirements including APR and finance charges

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

Cost

Free to use

Relevant legal definitions

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Relevant Industries

Real Estate
Banking
Construction
Mortgage Lending

Relevant Teams

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Finance
Real Estate
Risk Management
Compliance
Credit

Relevant Roles

Loan Officer
Real Estate Attorney
Mortgage Broker
Property Developer
Title Officer
Underwriter

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Truth in Lending Act (TILA): Federal law requiring disclosure of credit terms and standardized calculation of APR in lending transactions

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes and requiring specific disclosures for real estate transactions

Dodd-Frank Act: Federal legislation providing comprehensive financial regulations including mortgage lending standards and consumer protections

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions based on protected characteristics

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

State Usury Laws: State-specific regulations determining maximum allowable interest rates and related lending terms

State Recording Requirements: State-specific rules governing how and where security instruments must be recorded

State Foreclosure Laws: State-specific regulations governing the foreclosure process and borrower rights

State Deed of Trust Requirements: State-specific rules governing the formation and execution of deeds of trust

UCC Article 3: Uniform Commercial Code provisions governing negotiable instruments including promissory notes

UCC Article 9: Uniform Commercial Code provisions governing secured transactions and security interests

Local Recording Requirements: County-specific rules for recording real estate documents and security instruments

Interest Rate Compliance: Requirements for ensuring interest rates comply with both federal and state regulations

Default Provisions: Legal requirements for specifying conditions of default and consequences in the security instrument

Acceleration Clauses: Legal provisions allowing the lender to demand full payment under specified conditions

Security Interest Description: Legal requirements for properly describing and documenting the security interest in the property

Property Description Requirements: Legal standards for accurately describing the secured property in the document

Transfer Rights: Legal requirements regarding the transferability of the note and security instrument

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Promissory Note For Payment Of Debt

A U.S. legal document establishing a borrower's promise to repay a specific sum to a lender under defined terms.

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What is a Promissory Note Secured By A Deed Of Trust?

What sections should be included in a Promissory Note Secured By A Deed Of Trust?

What sections are optional to include in a Promissory Note Secured By A Deed Of Trust?

What schedules should be included in a Promissory Note Secured By A Deed Of Trust?

Authors

Alex Denne

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