A note, also known as a promissory note, is a written agreement in which a borrower promises to repay a specific loan amount, including any interest, by a particular date. In real estate, the note outlines terms for repaying a mortgage, detailing the loan’s principal, interest rate, repayment schedule, and penalties for non-payment. The note serves as a legal document binding the borrower to their commitment, and failure to honor the terms can result in property foreclosure or other legal consequences.