This is a Promissory Note for your state. The promissory note is secured, with a fixed interest rate, and contains a provision for installment payments.
Virginia Promissory Note Contract For Rental
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How to fill out Virginia Secured Promissory Note?
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FAQ
You can use a template or create a promissory note online. But before you begin, you'll need to gather some information and make decisions about the way the loan will be structured. First, you'll need the names and addresses of both the lender (or "payee") and the borrower.
There is no legal requirement for most promissory notes to be witnessed or notarized in Virginia (promissory notes related to real estate must be notarized). Still, the parties may decide to have the document certified by a notary public for protection in the event of a lawsuit.
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 promissory note must include the date of the loan, the dollar amount, the names of both parties, the rate of interest, any collateral involved, and the timeline for repayment. When this document is signed by the borrower, it becomes a legally binding contract.