Foreclosure
Law Definitions
Primary
Security Instruments
In
real estate, a primary security instrument can be either a
deed of trust or mortgage. The security instrument
is created by a legal agreement between a lender and
borrower and is held by the lender. The security
instrument ensures the borrower pays his or her loan and
gives the lender certain preferential rights in relation
to the property. The rights vary according to the type of
security instrument, but generally the main rights and
purpose of the security instrument is to allow the lender
to seize, and usually sell, the property to discharge the
debt that the security instrument secures.
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