Which two primary documents deal with the payment of a loan?

The two primary documents that deal with the payment of a loan are the promissory note and the mortgage or deed of trust.

The promissory note is a legal document in which the borrower agrees to repay the loan amount under the terms specified, including interest rates, repayment schedule, and other critical conditions. It serves as a written promise to pay and outlines the obligations of the borrower.

The mortgage or deed of trust, on the other hand, secures the loan by providing the lender with a claim against the property should the borrower default on the loan. A mortgage creates a lien on the property, while a deed of trust transfers the legal title to a third party (the trustee) until the debt is repaid. This linkage between the promissory note and the security instrument is fundamental in real estate financing, ensuring that lenders have recourse to the property itself if the borrower fails to meet their repayment obligations.

In contrast, other provided options do not directly pertain to loan repayment. For instance, lease agreements and purchase contracts manage rental agreements and the sale of property, respectively, rather than loan terms. Sales agreements and listing agreements focus on property transactions and sales representation instead of financing. Title deeds and warranty deeds relate to the ownership