What is a unilateral note in relation to a deed?

A unilateral note, in the context of a deed, is defined as a promise to pay a specified sum to a named person. This type of note typically involves only one party making a commitment to pay a certain amount, which is distinct from a bilateral contract where both parties are bound to perform obligations.

In a unilateral note, the obligation to pay rests solely with the maker of the note, and it serves as a legal instrument acknowledging the debt owed. This is particularly important in real estate transactions, where such notes can be a part of financing arrangements when a buyer borrows money to purchase property. Understanding this concept is essential for those involved in title insurance and real estate, as it represents a key component of financing and security interests associated with deeds.

The other options presented, like binding all parties to pay, enforcing state regulations, or being a written agreement between multiple parties, do not accurately capture the essence of a unilateral note. Each of those options describes different legal arrangements or documents that would not fit the specific definition and purpose of a unilateral note.