Promissory Note With Balloon Payment Template In Washington
Category:
State:
Multi-State
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Promissory Note with Balloon Payment template in Washington is a legal document outlining an agreement for a borrower to repay a specified amount to a lender, including a balloon payment due after a series of smaller monthly installments. This form includes critical elements such as the names and addresses of both the lender and borrower, the total loan amount, interest rate, monthly payment details, and the balloon payment due date. Users must carefully fill in the specific amounts, dates, and personal information as prescribed in the template. Legal professionals like attorneys, partners, and paralegals will appreciate the clarity it offers in structuring loans that involve larger final payments, making it ideal for real estate transactions or large personal loans. Additionally, the document includes clauses on default consequences, prepayment penalties, and provisions for communication, ensuring comprehensive legal coverage. This form serves as an essential tool for those looking to formalize lending arrangements in compliance with state laws, while being straightforward enough for those with limited legal experience.
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