What is usually executed at the same time as a mortgage and creates the obligation to repay the loan in accordance with its terms?

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The promissory note is usually executed at the same time as a mortgage and creates the obligation to repay the loan in accordance with its terms. The recording acts pertain to how documents are recorded in public records, ownership interests refer to who has legal ownership of a property, and the method of payment refers to how the borrower will make payments on the loan.

What Is Usually Executed at the Same Time as a Mortgage