I am a begining investor and wanted to know if anybody has an example of a promissory note that was used for a private money transaction? Is the promissory note a document that the escrow company can draw based on terms I would provide to them? or is this something I would need to see an attorney for to make sure both parties are protected? Thanks for your feedback an advance.
I am a begining investor and wanted to know if anybody has an example of a promissory note that was used for a private money transaction?
- See http://www.ilrg.com/forms/st_buyingandselling.html and http://www.ilrg.com/forms/st_leasesandrealestate.html - these documents were drawn up by lawyers and many are state specific; this may be of value
Is the promissory note a document that the escrow company can draw based on terms I would provide to them?
- That depends on the title company
or is this something I would need to see an attorney for to make sure both parties are protected?
- Yes (this is your best option for creating the promissory note, and also to get answers on your state-specific laws)