Which term refers to a property owner's agreement to mortgage their property?

The term that specifically refers to a property owner's agreement to mortgage their property is "deed of trust." A deed of trust is a legal document that secures a loan with real property. In this arrangement, the borrower (the property owner) conveys the title of the property to a trustee, who holds it for the benefit of the lender (mortgagee) until the borrower repays the loan.

When the loan is fully paid, the trustee transfers the title back to the borrower. If the borrower defaults on the loan, the trustee has the authority to sell the property to satisfy the debt, without going through a court process, which is known as non-judicial foreclosure.

The other terms do not specifically refer to an agreement to mortgage property. "Power of sale" relates to a clause in a deed of trust that allows the trustee to sell the property upon default, but it is not an agreement itself. "Encumbrance" refers to any claim or liability on a property, such as a lien or mortgage, but does not denote the agreement process. A "lease agreement" is a contract between a property owner and a tenant, allowing the tenant to use the property for a specified period, but it does not involve mortgaging