Document background
A Promissory Note Secured By Real Property is commonly used in Ireland when a lender requires both a formal promise of repayment and security against real estate. This document type is particularly useful in private lending arrangements, property development financing, or restructuring of existing debt obligations. It must comply with Irish legislation, including the Land and Conveyancing Law Reform Act 2009 and the Registration of Title Act 1964. The document typically includes comprehensive details about the payment terms, property description, enforcement mechanisms, and the parties' rights and obligations. It's essential in scenarios where traditional mortgage financing isn't suitable or when parties prefer a more flexible secured lending arrangement. The document must be properly executed and registered to ensure enforceability of the security interest in the property.
