This is a form of Promissory Note for use where commercial property is security for the loan. A separate deed of trust or mortgage is also required.
Texas Installments Fixed Rate Promissory Note Secured by Commercial Real Estate
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Description How To Write A Promissory Note For A Loan
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Seller Financing Promissory Note FAQ
Texas promissory notes do not have to be notarized. However, to make them a legal document, they must be signed and dated by the borrower.
A buyer wanted to use a promissory note for consideration on the purchase of a property. Can he do this? Yes, this is acceptable as long as the seller agrees.
Secured or unsecured? Generally, promissory notes are unsecured which means it is more like a formal IOU. However, lenders can request some security for the loan. For personal secured promissory notes, a house or car is often used as collateral.
To secure a promissory note means that you identify some specific property and attach it to the note. Then, if the borrower defaults on the loan, you will be able to repossess the collateral as compensation for the loan.