A Practice Note providing guidance on the fundamental concepts and issues in real estate secured lending transactions in the US. This Note discusses common forms of real estate ownership and real property financing and the priority and perfection of security interests in real property, including the use of title insurance and certain post-closing events that can upset priority. This Note also gives a general overview of the loan due diligence, loan closing, and the loan counsel's role in closing a corporate transaction partially secured by real property.