Posted by Jim Kennedy - Houston, TX on December 22, 2000 at 16:20:12:
A deed of trust is the security instrument that allows the property to be sold in order to satisfy the debt if the buyer defaults on his promise to pay. It would be extremely unusual for a seller to accept a promissory note without requiring a deed of trust as security. In the event of the buyer’s default, the seller would be an unsecured creditor and would have to pursue any legal remedies through the courts, whereas with a deed of trust the seller would simply foreclose through a non-judicial trustee sale.
A seller MIGHT be willing to accept an unsecured promissory note if it were for a very small amount.
Hope this helps.
Best of Success!!