A form is where the Seller has agreed to accept a promissory note as payment of the earnest money.
Wake North Carolina Earnest Money Promissory Note
State:
Multi-State
County:
Wake
Control #:
US-00472D
Format:
Word;
Rich Text
Instant download
Description
How to fill out Earnest Money Promissory Note?
If you are searching for a reliable legal document provider to acquire the Wake Earnest Money Promissory Note, stop your search at US Legal Forms. Regardless of whether you intend to launch your LLC enterprise or oversee the distribution of your assets, we are here to assist you. There's no requirement for you to possess legal expertise to discover and download the suitable form.
You can easily choose to search for or navigate to the Wake Earnest Money Promissory Note, either via a keyword or based on the state/county for which the form is designed.
After finding the needed form, you can Log In and download it or save it in the My documents section.
Don’t have an account? It's simple to get started! Just locate the Wake Earnest Money Promissory Note template and view the form's preview and brief introductory details (if available). If you’re certain about the terminology of the template, proceed to click Buy now. Create an account and select a subscription plan. The template will be instantly available for download as soon as the payment is confirmed. Now you can complete the form.
Managing your legal issues doesn’t have to be expensive or time-consuming. US Legal Forms is here to demonstrate that. Our vast array of legal forms makes these tasks less costly and more affordable. Establish your first company, plan your advance healthcare, draft a real estate contract, or complete the Wake Earnest Money Promissory Note - all from the comfort of your couch. Sign up for US Legal Forms today!
- You can explore over 85,000 forms categorized by state/county and case.
- The user-friendly interface, diverse learning materials, and committed support team simplify the process of finding and completing various documents.
- US Legal Forms has been a reliable service delivering legal forms to millions since 1997.
Form popularity
FAQ
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.
A promissory note, negotiable in form, is not necessarily the equivalent of cash. Such an instrument may have been issued by a maker of doubtful solvency or for other reasons such paper might be denied a ready acceptance in the marketplace.
The issuer / lender of the funds is normally the one who will hold the Promissory Note. When the loan amount has been disbursed or repaid fully, the Promissory Note must be cancelled and marked as Paid in Full, after which it can be returned to the borrower / payee.
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.
If the Buyer defaults, only the party that is named Payee in the Note can bring a lawsuit to collect the money. If a broker is the Payee (and not the seller), only that broker can bring the lawsuit.
"A promissory note is enforceable through an ordinary breach of contract claim." In other words, it's not required that the loan be secured; an unsecured loan is still enforceable as long as the promissory note is fully completed. Lender and borrower information.
Promissory notes and titles can be sold. The person who owns the promissory note may sell it. Lenders typically sell promissory notes when they no longer want to be responsible for the loan or they need a lump sum of cash.
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.
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.
