Posts
And the WORD for Today is:
Note—refers to a piece of paper which both acknowledges a debt and includes a promise to repay. A promissory note. A note is a written promise to pay a specified sum of money to a designated person or upon their instructions to the holder of the note, at a fixed time or upon demand.
A unilateral agreement which includes an express and absolute promise from the signer of the document to pay the person named a defined sum of money at a specified time or on demand. The holder of a note may assign their right to receive payment to another party, sell or otherwise transfer the note to another party without changing the obligations of the party who gave and signed the note. A note usually includes provisions for the payment of interest. For real estate purposes the note is secured by a mortgage or deed of trust.
“Note”- [in reference to the mortgage document] means the promissory note which is signed and dated by the Borrower. The “note” details the amount owed to the lender and includes the Borrower promise to make periodic payments.
Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.
You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)
Note—refers to a piece of paper which both acknowledges a debt and includes a promise to repay. A promissory note. A note is a written promise to pay a specified sum of money to a designated person or upon their instructions to the holder of the note, at a fixed time or upon demand.
A unilateral agreement which includes an express and absolute promise from the signer of the document to pay the person named a defined sum of money at a specified time or on demand. The holder of a note may assign their right to receive payment to another party, sell or otherwise transfer the note to another party without changing the obligations of the party who gave and signed the note. A note usually includes provisions for the payment of interest. For real estate purposes the note is secured by a mortgage or deed of trust.
“Note”- [in reference to the mortgage document] means the promissory note which is signed and dated by the Borrower. The “note” details the amount owed to the lender and includes the Borrower promise to make periodic payments.
Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.
You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)
No comments:
Post a Comment