A form is where the Seller has agreed to accept a promissory note as payment of the earnest money.
Massachusetts Earnest Money Promissory Note
State:
Multi-State
Control #:
US-00472D
Format:
Word;
Rich Text
Instant download
Description
How to fill out Earnest Money Promissory Note?
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FAQ
An earnest promissory note shows good faith commitment to purchase an asset and outlines the aspects of the purchase agreement between a buyer and seller.
For sophisticated or corporate investors, promissory notes can be a good investment. These instruments provide a reasonable reward for those who are willing to accept the risk. However, promissory notes that are marketed broadly to the general public often turn out to be scams.
If a homebuyer is taking advantage of a first-time homebuyer program that doesn't require as much cash on hand, the total deposit might be less than 5 percent. The deposits are held in escrow, usually by the listing agent's office or seller's attorney.
A promissory note is a written agreement between one party (you, the borrower) to pay back a loan given by another party (often a bank or other financial institution).
When to Use a Promissory Note? A promissory note is used for mortgages, student loans, car loans, business loans, and personal loans between family and friends. If you are lending a large amount of money to someone (or to a business), then you may want to create a promissory note from a promissory note template.
Deposit Promissory Note means a debt instrument issued by the Bank; upon maturity the Bank is obliged to pay to the Client the Amount Payable. Concurrently the Bank ensures the custody of such promissory note.
A promissory note is a legal and a financial instrument that is written between three financing parties: the maker, the lender, and the payee/the borrower.
For example, let's assume John wants to buy a home that is listed for $500,000. To show that he is serious and ready to close the deal quickly, he provides $10,000 in earnest money.
The owner must be aware that the earnest money deposit will be made in the form of a promissory note (i.e., not in cash) before it accepts the purchase offer. This fact must also be stated clearly in the purchase agreement itself.
Earnest money is always returned to the buyer if the seller terminates the deal. While the buyer and seller can negotiate the earnest money deposit, it often ranges between 1% and 2% of the home's purchase price, depending on the market.
