Earnest Money Promissory Note: This is an official Colorado Real Estate Commission form that complies with all applicable Colorado codes and statutes. USLF amends and updates all Colorado forms as is required by Colorado statutes and laws.
Earnest Money Promissory Note Form With Two Points
State:
Colorado
Control #:
CO-RE-EMP
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PDF
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How to fill out Earnest Money Promissory Note Form With Two Points?
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FAQ
The Negotiable Instruments Act, 1881 recognizes three kinds of negotiable instruments. Promissory notes are one of them. Under these notes, one person basically promises to pay a sum of money to another.
A simple promissory note might be for a lump sum repayment on a certain date. For example, you lend your friend $1,000 and he agrees to repay you by December 1. The full amount is due on that date, and there is no payment schedule involved.
If you're signing a promissory note, make sure it includes these details:Date. The promissory note should include the date it was created at the top of the page.Amount.Loan terms.Interest rate.Collateral.Lender and borrower information.Signatures.
At its most basic, a promissory note should include the following things:Date.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 banknote is frequently referred to as a promissory note, as it is made by a bank and payable to bearer on demand. Mortgage notes are another prominent example. If the promissory note is unconditional and readily saleable, it is called a negotiable instrument.
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To complete the transaction. Each point is equal to 1 percent of the loan amount (e.g.Promissory notes are letters of intent, stating that the buyer has strong interest in completing the sale of the property in question. Escrow holds the funds for safekeeping until each party has completed their steps in the process. What is the listing broker's responsibility for an Earnest Money Promissory Note? Hold the note, and notify the seller if it is not redeemed in time. Examination Site Locations . Any feasible order, as long as they are all completed prior to loan closing.