Phil Querin Q&A: Use of the MHCO Retail Installment Contract for the Sale of Pre-Owned Homes
Phil Querin Questions & Answers
Answer: That is a good question. First, to be clear for our readers, a "security agreement" is any agreement that serves as "security" on the property. For example, a trust deed is recorded on real property, and secures the promissory note. If the note is not paid, the holder can turn to the security, and sell it to satisfy the unpaid indebtedness.