Deed Of Trust Records Without Promissory Note In Mecklenburg
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Example: When used in a real estate transaction, the promissory note covers the promise to repay the amount owed, interest, and maturity date — while the deed of trust or mortgage outlines the other responsibilities of the parties involved more precisely.
Unlike a deed of trust or mortgage, the promissory note is typically not recorded in the county land records (except in a few states like Florida). Instead, the lender holds on to this document until the amount borrowed is repaid.
In California, a deed of trust must come with security, typically a promissory note. To be valid, a deed of trust must be (1) in writing, (2) with a description of the property, and (3) signed by the trustor of the deed of trust.
Disadvantages of a Trust Deed For borrowers, if financial circumstances change, default on repayment can result in property foreclosure.
Unless the lender uses a different document or terminology for “promissory note,” there typically wouldn't be a mortgage in place without a promissory note. It is a crucial legal document to the mortgage process that holds both the borrower and the lender accountable to mutually agreed terms and conditions.
"A deed seeking to convey an interest in land "is void unless it contains a description of the land sufficient to identify it or refers to something extrinsic by which land may be identified with certainty." Overton v. Boyce, 289 N.C. 291, 293, 221 S.E.2d 347, 348 (1976).
In North Carolina, a deed of trust or mortgage acts as a conveyance of the real estate. Upon repayment of the debt or performance of the obligation, the conveyance becomes void.
Office this office keeps public records of real estate transactions. You can visit the countyMoreOffice this office keeps public records of real estate transactions. You can visit the county recorder's office in person provide the property address and the owner's name to request the document.
To look at a deed you can: Go to your Register of Deeds Office and look at the document there.
