Real Estate Lien Note/Promissory Note: The note is enforceable against the borrower! Review of each section for content, purpose, rights of all parties and scope of language.
Mortgage & Deed of Trust: The mortgage or deed of trust is enforceable against the real property interest taken as collateral. Review of each section for content, purpose, rights of all parties, representations and warrantees, plus enforceability.
Title Commitment and Title Policy: The title policy protects the lender by assuring an acceptable lien position. Knowing what to expect and what to look for is essential to underwriting and closing real estate loans.
Guarantees: A guarantor of a real estate loan may have limited recourse and/or may execute a special environmental guaranty. Bankers need to understand the types of guarantees specific to real estate loans