When confronted with buying property, it is often necessary to obtain a loan in order to complete your purchase. Although your lender will present you with many documents to sign, the only ones truly having any lasting importance are:
1. The Promissory Note (or Note Secured by Deed of Trust). This spells out how much you are borrowing and the terms of how you will repay such loan; and
2. The Deed of Trust. This document generally spells out your obligations to maintain and insure the property, but more importantly sets forth the lender’s foreclosure rights should you fail to make payments.
Contact me for assistance in reviewing and helping you through all aspects of your purchase and loan transactions.
