Which document typically allows a lender to initiate foreclosure on a property?

The document that typically allows a lender to initiate foreclosure on a property is the Deed of Trust. This instrument serves as a security agreement between the borrower, the lender, and a third party known as the trustee. When a borrower takes out a loan to purchase real estate, they often sign a Deed of Trust, which conveys legal title of the property to the trustee. The trustee holds this title as security for the note (the loan agreement) and has the authority to initiate foreclosure proceedings if the borrower defaults on the loan.

In contrast, the other options do not hold the same function. The Chain of Title is a historical record that traces the ownership of a property but does not give anyone the right to foreclose. Subsurface Rights Agreements and Surface Rights Deeds pertain to the ownership of specific aspects of the property, such as minerals below the surface or rights to the land itself, but they do not provide a mechanism for foreclosure. Thus, the Deed of Trust is key to allowing the lender to take action in case of default on the loan.