Installments Fixed Rate Promissory Note Secured by Residential Real Estate for Idaho - Idaho 2025

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The document is a Promissory Note outlining the borrower's promise to repay a specified loan amount with interest through monthly installment payments. It details the terms of payment, including interest rates, prepayment rights, late charges for overdue payments, and consequences of default. The note also includes provisions for notices, obligations of co-signers, waivers of certain rights, and mentions that it is secured by a mortgage or similar security instrument.

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What type of property is a promissory note?

Secured promissory notes are backed by collateral, which can be in the form of real estate, personal property, or other valuable assets. This means that if the borrower defaults on the loan, the lender has the right to seize the collateral and use it to satisfy the outstanding debt.

What are the disadvantages of a promissory note?

Cons of a promissory note Limited legal recourse: While a promissory note is a legal document, enforcing repayment can be challenging if the borrower defaults. Interest costs: If the promissory note includes interest terms, the borrower will incur additional costs.

Is a promissory note secured by land a mortgage note?

Promissory notes are different from mortgages. The note outlines the legal promise to pay while the mortgage creates a legal claim against the property being used as collateral for the loan.

Can a mortgage exist without a promissory note?

A borrower usually must sign a promissory note along with the mortgage. The promissory note gives legal protections to the lender if the borrower defaults on the debt and provides clarification to the borrower so that they understand their repayment obligations.

What is the purpose of a promissory note in a real estate mortgage agreement?

A promissory note is a key piece of a home loan application and mortgage agreement. It ensures that a borrower agrees to be indebted to a lender for loan repayment. Ultimately, it serves as a necessary piece of the legal puzzle that helps guarantee that sums are repaid in full and in a timely fashion.

Can a promissory note be secured by real property?

The property that secures a note is called collateral, which can be either real estate or personal property. A promissory note secured by collateral will need a second document. If the collateral is real property, there will be either a mortgage or a deed of trust.