Agreeing to use the property as collateral for the debt, Other Subject

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Agreeing to use the property as collateral for the debt

Question: A prospective borrower meets with a lender to learn about financing options. The borrower promises to repay the lender $200,000 plus interest, agreeing to use the property as collateral for the debt. The borrower and lender sign a two-party instrument that allows the lender to place a lien on the property. This is an example of a: deed of trust. land contract. mortgage. promissory note.

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Other Subject: Agreeing to use the property as collateral for the debt

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