A form is where the Seller has agreed to accept a promissory note as payment of the earnest money.
Utah 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
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.
Banks often accept promissory notes from individuals, one of the most obvious examples being the promissory note that a new homeowner signs when taking out a mortgage.
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.
While there is no real "standard" amount of earnest money required, the amount submitted with an offer can have a strong affect on the offer's strength. In Park City Utah, it is typical to see the earnest money at about 1-2% of the purchase price for the property.
The lender can then take the promissory note to a financial institution (usually a bank, albeit this could also be a private person, or another company), that will exchange the promissory note for cash; usually, the promissory note is cashed in for the amount established in the promissory note, less a small discount.
As promissory notes are legal and enforceable, banks will often accept them as they know they can get their money back if you fail to repay the loan. For your promissory note to be legal, you can print off a promissory note template online, fill in your details and sign it.
The parties should sign only one original note, and the seller or escrow agent should keep that document. If you are the buyer, you will want to keep the note in the hands of an escrow agent or company.
Mortgage notes, or promissory notes, are financial instruments that define the terms of a loan used to purchase property. People who hold a mortgage note for a home, business or property can sell it for a cash lump sum to a buyer in the secondary mortgage note industry.
The use of an earnest money promissory note usually contemplates the existence of a purchase agreement for real property. The enclosed document assumes that a purchase agreement will be created and signed by the parties, but that agreement is not provided as part of this form.
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.
