What else is a promissory note called?

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.

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California Installments Fixed Rate Promissory Note Secured by...

Modesto California Installments Fixed Rate Promissory Note Secured by Commercial Real Estate

Name: Modesto California Installments Fixed Rate Promissory Note Secured by Commercial Real Estate
Brand: US Legal Forms
Rating: 4.86 (372 reviews)

Category:

California Promissory Notes - Secured

State:

California

City:

Modesto

Control #:

CA-NOTESEC3

Format:

Instant download

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Description

This is a form of Promissory Note for use where commercial property is security for the loan. A separate deed of trust or mortgage is also required.

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FAQ

Promissory notes, also known as mortgage notes, are written agreements in which one party promises to pay another party a certain amount of money at a later date in time. Banks and borrowers typically agree to these notes during the mortgage process.

A promissory note and deed of trust have one simple function to secure the repayment of a loan by placing a lien on the property as collateral. If the loan is not paid, then the lender has the right to sell the property. Both documents are used to make sure the seller secures the repayment of the loan.

Secured Promissory Notes The property that secures a note is called collateral, which can be either real estate or personal property. A promissory note secured by collateral will need a second document. If the collateral is real property, there will be either a mortgage or a deed of trust.

The maker signs the note, but the payee doesn't have to do so. A negotiable promissory note is one where the payee can negotiate (i.e., transfer) it to another party who becomes its holder. If a payee negotiates the note, its new holder is entitled to be paid.

California Promissory Note Requirements A promissory note, although the name suggests is a promise, has the same legal consequences as a legally binding contract. In other words, a ?promissory note? is a type of contract.

A promissory note can become invalid if it excludes A) the total sum of money the borrower owes the lender (aka the amount of the note) or B) the number of payments due and the date each increment is due.

As part of the home loan mortgage process, you can expect to execute both a legally binding mortgage and mortgage promissory note, which work toward complementary purposes.

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.

In California, loans can be secured by real property through a deed of trust. Accordingly, a deed of trust is a security instrument that functions like a mortgage.

Modesto California Installments Fixed Rate Promissory Note Secured by Commercial Real Estate

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FAQ

What is a promissory note secured by a mortgage?

How do you secure a promissory note with a deed of trust?

Can a promissory note be secured by real property?

Who creates the promissory note in real estate?

What is another name for promissory note in real estate?

Are promissory notes legally binding in California?

What makes a promissory note invalid?

Can a promissory note be executed in connection with a real estate loan?

What else is a promissory note called?

How do you secure a loan with real property?

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