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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