Real Estate Contract for Sale of Home with Promissory Note

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Real Estate Contract for Sale of Home with Promissory Note

$20.00 Add to Cart

Contract for purchase of home between family members. With the attached promissory note as well.

A promissory note is a financial instrument that contains a written promise by one party (the note’s issuer or maker) to pay another party (the note’s payee) a definite sum of money, either on demand or at a specified future date. … In effect, anyone becomes a lender when he issues a promissory note.

A promissory note (if properly written) is a legally binding document. It can either be secured (i.e; Deed of Trust encumbering real property) or unsecured. If the promissory note is unsecured, it may be harder to get paid in the event of default.

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