Final answer:
A promissory note signed by a buyer when financing property is usually accompanied by a mortgage, which acts as collateral to secure the loan. The lender is provided a lien on the property which allows for foreclosure in case of default.
Step-by-step explanation:
When a buyer finances property and signs a promissory note in favor of the lender, it is typically accompanied by a mortgage or a deed of trust. This legal document serves as collateral for the loan, providing the lender with security by giving them a lien on the property. If the borrower defaults on the loan, the lender has the right to foreclose on the property to recover the outstanding debt. Moreover, securing a mortgage often involves various requirements such as a credit check, income verification, and possibly requiring a down payment or a cosigner.