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.
Utah Promissory Note With Chattel Mortgage
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How to fill out Utah Installments Fixed Rate Promissory Note Secured By Residential Real Estate?
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FAQ
There is no legal requirement to have a Utah promissory note notarized. To execute the note, the borrower and any co-signer to the loan must sign and date the agreement.
The main difference between a promissory note and a mortgage is that a promissory note is the written agreement containing the details of the mortgage loan, whereas a mortgage is a loan that is secured by real property.
The requirements of how a promissory note must be signed are governed by state law and vary from state to state. Some states require that a promissory note by witnessed, others require that it be notarized and some do not require witnessing or a notary.
Signatures. Generally, promissory notes do not need to be notarized. Typically, legally enforceable promissory notes must be signed by individuals and contain unconditional promises to pay specific amounts of money. Generally, they also state due dates for payment and an agreed-upon interest rate.
Secured Promissory Notes The 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.