Finance
In Kansas, which document gives the lender the right to foreclose on a property if the borrower defaults?
AThe promissory note
BThe mortgage deed✓ Correct
CThe title insurance policy
DThe closing disclosure
Explanation
The mortgage deed gives the lender a security interest in the property and the right to foreclose if the borrower fails to repay the debt as agreed.
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Key Terms to Know
Promissory Note
A written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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