Deed of Trust and Promissory Note

Asked almost 4 years ago - Seattle, WA

I'm carrying back a second on a property I am selling.

What is the difference between a Deed of Trust and a Promissory Note?

Do you have to have both or is just one enough?

Attorney answers (1)

  1. Thomas H Gimer

    Contributor Level 13

    Answered . The Promissory Note represents the payment obligation (amount due, payment schedule, late fees, etc.) The Deed of Trust gets recorded among the land records, alerting the world about the security interest you have in the property.

    You need BOTH if you want the best odds of getting paid.

    NOTE: The response given does not form an attorney-client relationship and it is provided solely as the opinion of the author. It is for informational purposes only under the AVVO terms and conditions. If a legal opinion or representation is desired, please seek independent legal counsel.

    REQUEST: Please give this answer a "thumbs up" if you find it valuable.

    Tom Gimer, Esq. -- helping clients in DC and MD -- 202.556.4LAW (4529)

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