Real Estate Documents

There are 3 documents we want to talk about today: deed, mortgage and note

A deed is a document that transfers ownership from one person or entity to another. It is signed by the current owner only and conveys that owner’s ownership interest to a new owner. The deed will include the name of the seller or sellers, the name of the buyer or buyers and a legal description of the property. The legal description is more than the property address and is typically in a form called metes and bounds.

A mortgage is a financing arrangement in which the person buying property (or one who already owns property) receives a loan, and the property is pledged as security to guarantee repayment of the loan. The mortgage itself is a document that gives the lender the right to have the property sold to repay the loan if the borrower defaults. If the borrower defaults, the lender may reach the land to satisfy the debt by proceeding with judicial foreclosure. This is a lawsuit in which the borrower is evicted and the property is sold under the supervision of the sheriff.

A note is the buyer’s personal promise to make the repayments. If there is a foreclosure against the property and the foreclosure sale does not yield enough to cover the outstanding mortgage debt, the note serves as the basis for a deficiency judgment against the borrower for the balance still due.

So there are three important documents that are all recorded at the Recorder of Deeds and identify you as the owner and the nature of your ownership.

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