A form is where the Seller has agreed to accept a promissory note as payment of the earnest money.
Virginia 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
In Virginia, a promissory note must include specific elements to be enforceable. These elements include a clear statement of the amount borrowed, the signature of the borrower, and the terms of repayment. Furthermore, having the agreement in writing strengthens its legitimacy and provides clear evidence in case of a disagreement.
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.
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.
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.
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.
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.
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.
However, the VA does require that the funds belong to you. In other words, they cannot be a loan or gift. The VA lender will need to verify the source of the funds, just as they would if you were to put money down on the home.
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.
