Real Estate Test Prep Webinar - Mortgage vs Trust Deed
PrepAgent・2 minutes read
Joe and Amber review promissory notes and mortgages, emphasizing simplicity and comprehension, with examples of IOUs and property liens. They also discuss trustee relationships, agency types, and real estate concepts like value elements and depreciation.
Insights
- A promissory note is essentially an IOU, serving as evidence of a debt owed with detailed loan terms.
- Mortgages create liens on properties, indicating money owed and the risk of property seizure if not paid, with distinctions between voluntary and involuntary liens, and the due on sales clause requiring loan payoff before property sale.
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Recent questions
What is a promissory note?
A promissory note is a document evidencing a debt owed, typically signed before receiving a loan, outlining the loan terms.
What does a mortgage signify?
A mortgage is a document creating a lien on property, indicating money owed and the potential for property seizure if not paid.
What is the due on sales clause?
The due on sales clause requires the loan to be paid off before the property is sold, ensuring the lender is repaid.
Who are the parties in a mortgage?
The mortgagor (borrower) pledges property, while the mortgagee (lender) receives the pledge, with the property as collateral.
What is the O-R-E-E rule in real estate?
The O-R-E-E rule denotes actions and recipients in real estate terms, aiding in understanding complex real estate concepts.
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