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.
A South Carolina Promissory Note — With Acknowledgment is a legal document that outlines a promise made by one party to repay a specific amount of money to another party, along with the agreed-upon interest, within a certain time frame. This type of promissory note is often used in financial transactions, including personal loans, business agreements, or real estate transactions in the state of South Carolina. The acknowledgment portion of the document refers to the formal recognition of the signer's identity and the understanding of the terms and obligations mentioned in the note. This acknowledgment is crucial as it helps to prevent any future disputes regarding the validity of the promissory note. Here are some relevant keywords and types of South Carolina Promissory Note — With Acknowledgment: 1. Simple Promissory Note: A basic agreement outlining the terms of repayment and interest for a loan between two parties in South Carolina. 2. Secured Promissory Note: This type of promissory note includes collateral, such as real estate or personal property, which the lender can seize in case of default by the borrower. 3. Unsecured Promissory Note: Unlike a secured note, an unsecured promissory note does not include collateral. However, it still legally binds the borrower to repay the loan in accordance with the agreed-upon terms. 4. Demand Promissory Note: This type of note allows the lender to demand repayment of the loan at any time, with or without cause. 5. Installment Promissory Note: A promissory note in which the borrower repays the loan amount in scheduled installments over a designated period, often with accrued interest. 6. Balloon Promissory Note: In this type of note, the borrower makes regular payments for a specific period, while the final payment consists of the remaining principal balance plus any accrued interest. 7. Renewable Promissory Note: This note permits the lender and borrower to agree on extending the loan term and terms of repayment at the end of the note's initial term. It is important to note that creating a promissory note with acknowledgment requires adherence to the specific legal guidelines and provisions laid out by the state of South Carolina. It is advised to consult with an experienced attorney to ensure compliance and protect the rights and interests of all parties involved.
