What is the term for a conditional conveyance of an estate as a pledge of security for a debt?

The term that refers to a conditional conveyance of an estate as a pledge of security for a debt is a mortgage. In the context of real estate, a mortgage is a legal agreement whereby the borrower provides the lender with a security interest in the property as collateral for the loan. This means that the lender has the right to take possession of the property if the borrower fails to repay the loan as agreed.

Mortgages typically involve two parties: the borrower, who obtains the loan to purchase or refinance property, and the lender, who provides the funds. The mortgage creates a lien against the property, ensuring the lender's investment is protected. This is essential because it establishes the lender's rights and provides them with a means of recourse should the borrower default on the loan.

In this context, a deed of trust is similar but involves a third party (the trustee) who holds the title until the loan is paid off; while an easement pertains to the right to use someone else’s property for a specific purpose, and a covenant is a promise in a deed or lease requiring a party to do or not do something. Thus, these other terms do not accurately describe the specific conditional aspect of pledging an estate as security for a debt that a mortgage