Miami-Dade Florida Promissory Note - Forgivable Loan

Category:

Promissory Notes - Loans and Lending

State:

Multi-State

County:

Miami-Dade

Control #:

US-01476BG

Format:

Instant download

Description

It is not uncommon for employers to make loans to their new executives. The purpose of such a loan may be to assist the executive in the purchase of a home or other relocation expenses. Frequently, the loan is forgivable over a period of time provided the executive remains employed. The loan also may be forgivable if the executive's employment terminates for specified reasons (e.g., death, disability or termination by the employer without cause).

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FAQ

In order for a promissory note to be legally binding, it must include the signature of the borrower. You generally are not required by law to have the signatures witnessed or notarized.

Legally binding Florida promissory notes must identify all parties, include the promise to pay, state the amount owed, and be signed by all parties.

A promissory note refers to a written document stating that a certain amount of money will be paid to someone by a specified date. Generally, it is not necessary for the note to be recorded officially. The borrower is required to sign the note, but the lender may choose not to sign it.

So whoever is a borrower on the Note is personally liable for paying back the debt to the lender. The Note is not recorded in the Courthouse, so the original Note is returned to the lender upon closing.

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.

A promissory note must include the date of the loan, the dollar amount, the names of both parties, the rate of interest, any collateral involved, and the timeline for repayment. When this document is signed by the borrower, it becomes a legally binding contract.

Florida promissory notes establish a clear, legally enforceable record of a loan and obligation to repay.

Dated Signature: In Florida, both unsecured and secured promissory notes must be signed and dated by the borrower, any co-signer, and two witnesses; the lender need not sign.

Promissory notes are a valuable legal tool that any individual can use to legally bind another individual to an agreement for purchasing goods or borrowing money. A well-executed promissory note has the full effect of law behind it and is legally binding on both parties.

Miami-Dade Florida Promissory Note - Forgivable Loan

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