The acknowledgement is the section at the end of a document where a notary public verifies that the signer of the document states he/she actually signed it. Typical language is: "State of ______, County of ______ (signed and sealed) On ____, 20__, before me, a notary public for said state, personally appeared _______, personally known to me, or proved to be said person by proper proof, and acknowledged that he executed the above Deed." Then the notary signs the acknowledgment and puts on his/her seal, which is usually a rubber stamp, although some still use a metal seal. The person acknowledging that he/she signed must be prepared to verify their identity with a driver's license or other accepted form of identification, and must sign the notary's journal. The acknowledgment is required for many official forms and vital for any document which must be recorded by the County Recorder or Recorder of Deeds, including deeds, deeds of trust, mortgages, powers of attorney that may involve real estate, some leases and various other papers.
Acknowledgments may also be drafted to affirm a variety of matters, acting in effect as a written confirmation of an act such as receipt of goods, services, or payment.
A Promissory Note — With Acknowledgment is a legal document that establishes a binding agreement between a lender and a borrower in the state of Iowa. This note outlines the terms and conditions of a loan, including the amount borrowed, interest rate, repayment schedule, and any additional provisions or guarantees. In Iowa, there are several types of Promissory Notes — With Acknowledgment that serve specific purposes and cater to different loan scenarios. These types include: 1. Fixed Term Promissory Note: This type of promissory note outlines a specific repayment period for the loan. The borrower agrees to repay the principal and interest in equal installments over a set period, usually stated in months or years. This note helps establish a clear timeline for loan repayment. 2. Demand Promissory Note: This promissory note allows the lender to demand full repayment of the loan at their discretion. The borrower must repay the outstanding balance within a certain period after receiving a demand notice from the lender. This type provides flexibility to the lender in case of unforeseen circumstances. 3. Installment Promissory Note: With this type of note, the borrower agrees to repay the loan in equal periodic installments, including principal and interest. The repayment schedule is set in advance, specifying the payment amount and frequency. This note is commonly used for long-term loans. 4. Balloon Promissory Note: A balloon promissory note sets fixed installment payments for a set period, typically shorter than the repayment term. However, a substantial final payment, known as the "balloon payment," is due at the end. This type is suitable for borrowers who anticipate significant financial inflows in the future or plan to refinance before the balloon payment becomes due. 5. Secured Promissory Note: This type of note includes provisions to secure the loan with collateral, such as property or other valuable assets. If the borrower defaults on the loan, the lender has the right to seize the collateral to repay the outstanding balance. Secured notes provide additional protection for lenders. An Iowa Promissory Note — With Acknowledgment also contains an acknowledgment section, where both the lender and borrower officially recognize and accept the terms and conditions of the loan. This section includes signatures and dates, ensuring that all parties enter the agreement willingly and knowingly. Overall, an Iowa Promissory Note — With Acknowledgment is a crucial legal document that protects the interests of both lenders and borrowers. It sets clear expectations for loan repayment and helps maintain a transparent and fair lending process in the state of Iowa.
