Edit Legal Pennsylvania Promissory Notes Forms For Free

Once a solid track record of repayment has been established, the borrower can refinance the promissory note with a traditional mortgage if desired and pay the seller off completely. This creates the opportunity for homeownership by people who otherwise would not qualify for a traditional mortgage.

A promissory note could become invalid if: It isn't signed by both parties. The note violates laws. One party tries to change the terms of the agreement without notifying the other party.

Although it's a legal document, writing a promissory note doesn't have to be difficult. There are even websites online that offer fill-in-the-blank templates, like eForms or .

No. Promissory notes do not need to be notarized. The borrower only needs to sign the document to make it legally enforceable. A witness may be helpful if one party contests the note, but a notary is not necessary.

If the borrower isn't meeting the original payment plan, the lender and borrow may need to rework the terms -- for example, lower payments, agree to interest-only payments, or lower the interest rate. This will allow you to modify your promissory note (IOU form).

Promissory notes may also be referred to as an IOU, a loan agreement, or just a note. It's a legal lending document that says the borrower promises to repay to the lender a certain amount of money in a certain time frame. This kind of document is legally enforceable and creates a legal obligation to repay the loan.