Promissory Note With Co-maker

State:
Colorado
Control #:
CO-NOTESEC
Format:
Word; 
Rich Text
Instant download

Description

This is a form of Promissory Note for use where residential property is security for the loan. A promissory note is a written promise to pay a debt. An unconditional promise to pay on demand or at a fixed or determined future time a particular sum of money to or to the order of a specified person or to the bearer. A separate deed of trust or mortgage is also required.
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  • Preview Colorado Installments Fixed Rate Promissory Note Secured by Residential Real Estate
  • Preview Colorado Installments Fixed Rate Promissory Note Secured by Residential Real Estate
  • Preview Colorado Installments Fixed Rate Promissory Note Secured by Residential Real Estate

How to fill out Promissory Note With Co-maker?

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FAQ

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.

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.

The promissory note is commonly only signed by the maker since the holder is not making any commitment under the note. Even in the case of a loan, the transfer of funds is separate from the note itself. It's important to note that a promissory note is not a substitute for a formal contract.

How to Write a Promissory NoteDate.Name of the lender and borrower.Loan amount.Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral?Payment amount and frequency.Payment due date.Whether the loan has a cosigner, and if so, who.

A person who signs a promissory note along with the primary borrower. A co-maker's signature guarantees that the loan will be repaid, because the borrower and the co-maker are equally responsible for the repayment.

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More info

A promissory note is the contract between you and your lender that sets the terms of the loan you are taking. A person who signs a promissory note along with the primary borrower.If you've ever borrowed money from a lender, chances are you signed a promissory note. Borrower Information. When Should I Use a Promissory Note?

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Promissory Note With Co-maker