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Real Estate Finance

Financing a piece of real estate is usually the biggest financial decision people make in their lives. There are two essential documents needed to finance a piece of real estate in Massachusetts.

1. Promissory Note - This document is a written promise that one person or party will repay another person or party for the borrowing of money. It typically lays out the terms of repayment. You can find many example promissory notes online.

2. Mortgage - Document that secures the repayment of the debt, specifically on real estate. Acknowledges the loan on real estate.

It is important to be aware of usury when financing a piece of real estate. Usury is when a lender lends money at a rate that is higher than the maximum rate set by law. If this happens, the lender will be required to cure the damage by either repaying the amount which was overpayed, or by applying the difference to the principal of the loan. The choice of which action to take is up to the discretion of the lender.

Disclaimer: The information found on this site is not, and should not be considered, professional legal advice.
Always consult a professional before taking any sort of legal action.