What accompanies a promissory note when a buyer finances property?

When a buyer finances property, a mortgage accompanies the promissory note. The promissory note outlines the terms of the loan, including the amount borrowed and the repayment schedule. The mortgage, on the other hand, serves as a security instrument that attaches to the property itself and provides the lender with a claim to the property if the buyer defaults on the loan. Essentially, the mortgage gives the lender the legal right to foreclose on the property if the borrower fails to meet the obligations set forth in the promissory note.

The deed is a document that transfers ownership of the property from the seller to the buyer, and while it is an important part of the real estate transaction, it is not directly tied to the financing aspect as the mortgage is. Title refers to the legal ownership of the property and is evidenced by the deed, but it does not accompany the financing structure in the same way a mortgage does. A lease pertains to rental agreements and does not apply to financing for purchasing property. Thus, the mortgage is the correct answer as it is specifically related to securing the loan associated with the purchase of real estate.