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.
Promissory Note Template Georgia With Collateral Philippines
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How to fill out Georgia Installments Fixed Rate Promissory Note Secured By Residential Real Estate?
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However, a promissory note should contain at least the following parts:Title of the document.The statement For value received, to indicate the maker has received the amount borrowed.The name of the maker.The statement of an unconditional promise to pay.The name of the payee.The amount to be paid.More items...?
Detailed Information The note has all the required information including the name of the drawer and payee, date of maturity, terms of repayment, issue date, name of the drawee, name, and signature of the drawer, principal amount, and the rate of interest, etc.
A secured promissory note should clearly identify the collateral backing the loan. For example, if collateral is being secured by business vehicles, the note should provide their vehicle identification numbers. A small business that is extending credit should also verify collateral is worth enough to cover the debt.
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.
Secured Promissory NotesThe property that secures a note is called collateral, which can be either real estate or personal property. A promissory note secured by collateral will need a second document. If the collateral is real property, there will be either a mortgage or a deed of trust.