Hi,
I just sold a property and offered a $200,000.00 short-term note (6 months) at 2 Points and 15%, interest only.
Does anyone have a Sample Payoff letter that they could send to me?
I know what numbers to put in…I just really need the wording and the format.
The purchaser is going to pay the loan off on the 15th of September.
Thanks for any help on this matter.
Chip
INSTALLMENT NOTE
$ ___________________ City , State
Date , (yr.)
FOR VALUE RECEIVED, the undersigned (Borrower) promises to pay to the order of _____________________________ , the principal sum of ________________________ dollars, with
interest on the unpaid principal balance from the date of this Note, until paid, at the rate of _____________________________ percent per annum. Principal and interest shall be payable at __________________________ , or such other place as the Note holder may designate, in consecutive monthly installments of ___________________ dollars ($ ___________) on the __________ day of each month beginning _____________________ , (yr.) ________ . Such monthly installments shall continue until entire indebtedness evidenced by this Note is fully paid, except that any remaining indebtedness, if not sooner paid, shall be due and payable on ____________________ .
If any monthly installment under this Note is not paid when due and remains unpaid after a date specified by a notice to Borrower, the entire principal amount outstanding and accrued interest thereon shall at once become due and payable at the option of the Note holder. The date specified shall not be less than thirty (30) days from the date such notice is mailed. The Note holder may exercise this option to accelerate during any default by borrower regardless of any prior forbearance. If suit is brought to collect this Note, the Note holder shall be entitled to collect all reasonable costs and expenses of suit, including, but not limited to, reasonable attorney fees.
Borrower shall pay to the Note holder a late charge of five percent (5%) of any monthly installment not received by the Note holder within ten (10) days after the installment is due.
Borrower may prepay the principal amount outstanding, in whole or in part, at any time, and without penalty.
Presentment, notice of dishonor, and protest are hereby waived by all makers, sureties, guarantors, and endorsers hereof. This Note shall be the joint and several obligation of all makers, sureties, guarantors, and endorsers, and shall be binding upon them and their successors and assigns.
Any notice to Borrower provided for in this Note shall be given by mailing such notice by certified mail addressed to Borrower or to such other address as Borrower may designate by notice to the Note holder. Any notice to the Note holder shall be given by mailing such notice by certified mail, return receipt requested, to the Note holder at the address stated in the first paragraph of this Note, or at such other address as may have been designated by notice to Borrower.
This indebtedness evidenced by this Note is secured by a Deed of Trust or Mortgage dated _______________________ , and reference is made to the Deed of Trust or Mortgage for rights as to acceleration of the indebtedness evidenced by this Note.
Signature of Borrower
Address
Hope this is what you are looking for.
Perfect, Thanks!!
Play it safe, get it notorized…