Which instrument represents a promise to repay a loan in real estate transactions?

In real estate transactions, the instrument that specifically represents a promise to repay a loan is the note. This is a legal document that outlines the borrower’s obligation to repay the borrowed amount, detailing the terms of the loan such as the interest rate, payment schedule, and the total amount to be repaid.

The note serves as evidence of the debt and reinforces the borrower's commitment to repay the lender. Unlike other instruments involved in real estate financing, such as mortgages or deeds of trust, which serve as security interests in the property itself, the note is focused solely on the borrower's agreement to repay the loan. Thus, it is fundamental to the lending process since it establishes the terms under which the loan is made and acts as the borrower's promise to fulfill that obligation.