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Michigan Installments Fixed Rate Promissory Note Secured by...

Michigan Promissory Note Sample

Name: Michigan Installments Fixed Rate Promissory Note Secured by Residential Real Estate
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.55 (382 reviews)

Category:

Michigan Promissory Notes - Secured

State:

Michigan

Control #:

MI-NOTESEC

Format:

Instant download

Description

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.

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FAQ

Although a promissory note is usually written on a computer and printed out or a pre-made form is filled out, a handwritten promissory note signed by both parties is legal and will stand up in court.

Promissory notes are a valuable legal tool that any individual can use to legally bind another individual to an agreement for purchasing goods or borrowing money. A well-executed promissory note has the full effect of law behind it and is legally binding on both parties.

A promissory note basically includes the name of both parties (lender and borrower), date of the loan, the amount, the date the loan will be repaid in full, frequency of loan payments, the interest rate charged on the loan payments, and any security agreement.

Promissory notes are typically recorded as public documents and accessible shortly after the closing. The trustee maintains the original deed until the loan is satisfied. When the loan is paid off, the trustee automatically records a deed of reconveyance at the county recorder's office for safekeeping.

Although a promissory note is usually written on a computer and printed out or a pre-made form is filled out, a handwritten promissory note signed by both parties is legal and will stand up in court.

Promissory notes are one of the simplest ways to obtain financing for your company. They are often basic documents with few formalities.As such, a promissory note must contain the usual standard requirements for a contract, including consideration, meeting of the minds and capacity.

In order for a promissory note to be valid, both the lender and the borrower must sign the documentation. If you are a co-signer for the loan, you are required to sign the promissory note. Being a co-signer requires you to repay the loan amount in the instance that the borrower defaults on payment.

Write the date of the writing of the promissory note at the top of the page. Write the amount of the note. Describe the note terms. Write the interest rate. State if the note is secured or unsecured. Include the names of both the lender and the borrower on the note, indicating which person is which.

Writing the Promissory Note Terms 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.

Michigan Promissory Note Sample

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