Note And Deed Of Trust California. The Note is. Although it often goes hand-in-hand with a deed of trust the promissory note is a separate document.
The deed of trust documents the terms of the debt secured by the property. With this type of a Note there are other conditions required under California laws. For example if Betty Borrower purchases a house in San Jose and puts down 100k and borrows 400k from Wells Fargo Bank that 400k is memorialized with a Promissory Note debt instrument and then the house becomes collateral under the Deed of Trust security instrument.
_____Space Above This Line For Recording Data _____ SHORT FORM DEED OF TRUST.
It is the deed that shows that the lender has an interest in the property while the landowner is paying the mortgage. This arrangement serves as leverage while the borrower pays off the loan to the lender. Note shall be secured by a deed of trust to real property commonly known as 357 Oak Ave Elk Grove CA 95822 owned by Bob and Betty Borrower as Joint Tenants executed on January 13 2012 at Sacramento CA and recorded on in the records of Sacramento County California. Supreme Court decision in Carpenter v.