Example Of A Promissory Note For A Personal Loan
The promissory note should include a description of the property including whether it s commercial or residential its value and the address.
Example of a promissory note for a personal loan. There are 2 types of promissory notes secured and unsecured. Sample promissory note for loans to family friends. If the property is not worth the amount due on the loan the lender may file a lawsuit asking a judgement for the remaining balance.
In most cases the promissory note letter will be prepared by a loan officer at a bank or lender but it can also be prepared by a lawyer. Printable promissory note forms. Promissory note for personal loan as the name suggests a promissory note is a written promise or a written agreement like an iou which is drafted at the time of borrowing money from someone.
Check out our promissory note forms promissory note basics. Sample promissory note for loans to family friends if you re lending to a relative or friend you ll want to craft a written agreement. For example perhaps the borrower is putting up a piece of property as collateral.
This sample promissory note also available in microsoft word. If the loan is secured by collateral the promissory note should detail what the collateral is and its value. One can use blank promissory note form word to make the note for loan or credit.
These documents may also be known as a loan note or a loan agreement and is sometimes called an i o u. Unfortunately memories fade and disagreements do arise. If the promissory note was secured by some type of personal or real property defaulting on a promissory note is likely to result in the lender foreclosing on that property.
A promissory note letter is a promise to pay a debt that is put in writing. Protect yourself by creating and signing a document called a promissory note in order to detail and record the terms of the loan agreement. A promissory note is a written promise basically an iou to pay money to someone.
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