Who is required to sign both the note and the mortgage in a loan agreement?

In a loan agreement, the mortgagor is the individual or entity that borrows money to buy real estate and uses the property as collateral for the loan. The promissor refers to the party that promises to repay the loan, which in this case is typically the same as the mortgagor. Both the note and the mortgage are legal documents: the note outlines the terms of the loan, including repayment details, while the mortgage secures the loan by placing a lien on the property.

The requirement for the mortgagor to sign both the note and the mortgage ensures that they are legally bound to the repayment and recognizes the lender’s right to the property should default occur. This signing process is crucial because it protects the lender's interests and clearly establishes the responsibilities of the borrower regarding the mortgage agreement. Having the same party sign both documents simplifies the relationship and accountability between the borrower and lender.