Which document outlines the terms of a loan, including repayment amounts and schedule?

The note is a crucial financial document in real estate transactions, specifically pertaining to loans. It serves as a written promise from the borrower to repay a specified sum of money to the lender under agreed-upon terms. This document explicitly outlines key aspects of the loan, including the principal amount, interest rate, repayment schedule, and any other conditions associated with the loan.

The note is legally binding, meaning that its terms must be adhered to by the borrower, and it provides the lender with a legal recourse should the borrower default on the loan. In contrast, other documents like the mortgage or deed of trust relate more to the security interests in the property securing the loan rather than detailing the loan's repayment specifics. A title, on the other hand, represents legal ownership of the property, rather than the financial obligations associated with a loan. Thus, the note is the primary document that defines the loan's terms and the borrower's repayment responsibilities.