Assignment: Three Forks Owners
Henri and Lila, owners of the Three Forks Restaurant, have been doing fairly well at their new restaurant. Now they want to purchase a home, but know nothing regarding real estate as they have always rented. But before they start the process, they encounter you at the town picnic and ask you to explain the different parts of a mortgage and the differences between a deed and a mortgage versus a promissory note.
Explain to them the differences between these three documents in a version you think they will understand following the checklist items below.
Checklist: Explain the following in a manner understandable to Henri and Lila:
- Describe the different parts of the mortgage or deed
- Explain the difference between the mortgage, deed, and promissory note