Cleveland, Akron area real estate lawyer explains the most common real estate law terms, including Deeds, Promissory Notes and Mortgages

Deeds, Promissory Notes and Mortgages are each separate real estate legal documents that a real estate lawyer can draft for you. Check out our main real estate lawyer page for more information.

Most real estate transactions involve these 3 legal documents, in addition to a ton of closing documents. The Deed is the legal document through which someone acquires ownership of property. A Promissory Note is a borrowers promise to repay the loan they took to buy the house. The Mortgage is a real estate legal document that secures the buyers’ promise to repay the Promissory Note with the house. Therefore, if the buyer defaults on the Promissory Note, then the lender can foreclose on the house through the legal terms of the Mortgage.

Real Estate Deed Lawyer:

Deeds are the document through which someone acquires ownership interest in real estate. There are many varieties of deeds, each with a separate purpose and warranty. A Quit Claim Deed contains no warranty. General Warranty Deeds provide a total warranty for passing good title. Limited Warranty Deeds offer a limited warranty as to passing clean title. This is usually limited to promising that the seller had good title, but not that the prior owners had good title.

Promissory Note Lawyer:

A Promissory Notes is a borrower’s promise to repay the loan to the lender. In most cases a Promissory Note is secured by a Mortgage. Promissory Notes should be reviewed by a real estate attorney. There are different types of Promissory Notes, including a Cognovit Note. A Cognovit Note is a Promissory Note where the borrower waives its right to contest any foreclosure action for non-payment.

Real Estate Mortgage Lawyer:

A Mortgage is a document through which a lender can foreclose on a home if a borrower defaults on the Promissory Note. The Mortgage form is a technical legal document. The Mortgage should be recorded with the County Recorder’s Office because all real property ownership documents should be recorded.

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