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.
An Ohio Promissory Note — With Acknowledgment is a legally binding document that outlines the terms and conditions of a loan agreement in the state of Ohio. It serves as a written evidence of a borrower's promise to repay a certain amount of money to a lender within a specified timeframe. This type of promissory note is commonly used in various lending scenarios, including personal loans, business loans, real estate transactions, and more. It includes important details such as the principal amount borrowed, the interest rate, the repayment schedule, and any additional fees or penalties. The "With Acknowledgment" aspect refers to the inclusion of an acknowledgment section in the promissory note. This section typically requires both the lender and the borrower to sign and date the document, confirming their understanding and agreement to its terms. It adds an extra layer of validity and enforceability to the promissory note. While the Ohio Promissory Note — With Acknowledgment is a general term, there can be different types or variations of this legal document based on specific requirements or circumstances. Some common types include: 1. Secured Promissory Note: This type of promissory note includes a collateral clause, which means that the borrower pledges an asset (such as real estate or a vehicle) as security for the loan. If the borrower defaults on payments, the lender has the right to seize the collateral. 2. Unsecured Promissory Note: In contrast to a secured promissory note, an unsecured promissory note does not require collateral. It is solely based on the borrower's creditworthiness and promise to repay, making it a riskier option for the lender. 3. Demand Promissory Note: This type of promissory note allows the lender to demand repayment of the loan at any time, without specifying a fixed maturity date. It provides greater flexibility to the lender in terms of when they can request repayment. 4. Installment Promissory Note: An installment promissory note requires the borrower to make regular payments of both principal and interest over a specified period. This type of note is commonly used for long-term loans, such as mortgage agreements. It is important to note that while a promissory note is a legal document, it is still advisable to consult with a lawyer or legal professional when drafting or entering into any financial agreements.
