Which type of documentation outlines the liabilities and responsibilities of a borrower in a mortgage agreement?

The correct answer is the promissory note, as this document serves as a written promise by the borrower to repay a specified amount of money, reflecting the terms and conditions of the loan. It details the borrower’s obligations, including the amount to be borrowed, the interest rate, repayment schedule, and the consequences of defaulting on the loan. This legal document is fundamental to a mortgage agreement because it explicitly outlines the liabilities that the borrower accepts when obtaining the loan.

In contrast, a lease agreement pertains to rental arrangements between landlords and tenants, outlining their rights and obligations during the rental period. A loan application is simply the initial request for borrowing funds and does not define the subsequent responsibilities of the borrower. Lastly, a title search report is used to verify property ownership and to ensure there are no liens or claims against it, which is unrelated to the borrower's personal obligations under a mortgage.