OfflinePROMISSORY NOTE
$______________ Dated_____________
Principal Amount State of: Orem, Utah
In installments as herein stated, for value receive, we jointly and severally, promise to pay ________________________________________________, Husband and wife, or order, at ____________________________________________, the sum of ________________________, with interest from _______________________________
on unpaid principal at the rate of __________%( ) per cent per annum, interest payable in installments of __________________ or more on the _____ day of each ____________ , beginning on the ______ day of ________________ and continuing until ___________________ at which time all principal and accrued interest shall be due and payable in full.
This note may be prepaid in whole or in part at any time without penalty.
In the event of sale, alienation or conveyance of all or any portion of the property described in the mortgage securing this note, whether voluntary or involuntary and irrespective of the maturity dates expressed herein, and indebtedness or obligation hereunder, at the option of the holder, shall immediately become due and payable.
Should the holder of the note, for reason, wish to take payment in full or in part of this note, in advance of the maturity date, they may do so with forty-five days advance notice to the parties, herein, without payment or penalty.
Should default be made in payment of any installment of principal or interest when due the whole sum of principal and interest shall, at the option of the holder of this note, become immediately due. Principal and interest payable in lawful money of the United States. If action be instituted on this note we promise to pay such sum as the Court may fix as attorney fee. This note is secured by a Promise to Pay and will be amended and secured by a property, to be determined within (90) days.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
it always helps to keep the info out there
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Thanks for the example Nathan. I love how you can find pretty much anything RE related on this site. By the way, I got my EDGE kit the other day and you gave a lot of good info in your segment.
Much appreciated
MY DG REI JOURNAL - http://tinyurl.com/m2o5jh
What exactly is a promissory note used for?
Success and Nothing Less!
I guess it's used for a lot of different transactions, but what I'm personally learning how to use them for is bird-dogging (which you can learn all about in Anita's thread http://www.deangraziosi.com/node/11192).
But to answer your question in more detail, when bird-dogging for an investor, the way to make the process more official and guarantee that you'll get paid is by making the investor sign both a non-disclosure form and a promissory note up front. The non-disclosure form basically says that the investor isn't allowed to share any information you give them with anyone else and the promissory note basically lists the fee you'll be paid and under what terms.
You can find more specifics regarding these forms searching on this site or on google.
MY DG REI JOURNAL - http://tinyurl.com/m2o5jh
thanks for the example
impossible is nothing!
Promissory notes are used as a promise to pay someone or some company. I can promise to pay you $100 dollars in September. This would be an example of a promissory note.
Most of what we are familiar with are promissory notes attached to mortgages. The mortgage is the security to the property, so, if the note is not paid the mortgage is the security that allows the foreclosure to happen. The promissory note is the terms of payment: the interest, number of payments, payment amount, amount of loan and so on.
Promissory notes do not need to be made with banks. The promissory notes can be made with private people (seller financing). There is a whole business of buying and selling private notes.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Thank you for the example and the information. I often believe it would be great to find private money lenders to do even more deals and the promissory note may be a useful tool for future deals. Believe and Achieve!
- Joe
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