Unit 1 Assignment Mortgage, Deed and Promissory Note Differences

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timer Asked: Feb 5th, 2019
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Question Description

Henri and Lila, owners of the Three Forks Restaurant, have been doing fairly well at their new restaurant. Now they want to purchase a home, but know nothing regarding real estate as they have always rented. But before they start the process, they encounter you at the town picnic and ask you to explain the different parts of a mortgage and the differences between a deed and a mortgage versus a promissory note.

Explain to them the differences between these three documents in a version you think they will understand following the checklist items below.

Checklist: Explain the following in a manner understandable to Henri and Lila:

  • Describe the different parts of the mortgage or deed
  • Explain the difference between the mortgage, deed, and promissory note

Submit your response to the Dropbox in a Microsoft Word® document with a minimum length of 2 pages, in APA format, double-spaced, and in 12 point Times New Roman font.

Tutor Answer

CristinaP
School: Duke University

Attached.

Running head: MORTGAGE, DEED, AND PROMISSORY NOTE

Mortgage, Deed, and Promissory Note
Student’s name
Institution
Date

1

MORTGAGE, DEED, AND PROMISSORY NOTE

2

Introduction
For a property to be transferred from one owner to the other, deeds form an integral part
of the transaction as they signify the legality of the transfer. It is therefore important for those
involved in the land transaction to understand the different elements of a deed and the role it
plays in any property transaction. According to Floyd and Allen (2015), the goal of writing a
deed is to limit the opportunities for fraudulent transactions. Thus, when title to real estate is to
be transferred from the current owner to a new owner, a written document called a deed must be
given by the grantor to the new owner, the grantee. Once the deed is written, title to real property
is transferred by delivery of ...

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Review

Anonymous
awesome work thanks

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