When a buyer signs a promissory note for financing property, what document accompanies the note?

When a buyer signs a promissory note for financing property, the accompanying document is the mortgage. The promissory note serves as the buyer’s promise to repay the borrowed funds under specified terms, while the mortgage secures that note by providing the lender a claim against the property in case of default. Essentially, the mortgage links the debt obligation represented by the note to the specific property being financed.

The mortgage document outlines the rights and responsibilities of both the borrower and the lender, including repayment terms and what happens if the borrower fails to make payments. This relationship between the note and the mortgage is essential because it enables the lender to have a legal interest in the property as collateral for the loan.

Other documents, such as a deed, lease agreement, or purchase agreement, do not serve this specific purpose of securing the debt. A deed is used to transfer ownership of the property, a lease agreement pertains to rental terms for a property, and a purchase agreement outlines the terms of sale between the buyer and the seller but does not relate specifically to financing. Thus, the mortgage is the correct document that accompanies the promissory note in this context.