A promissory note is a kind of written contract. The statutues and conditions under which it can be enforced are determined by the laws of the state in which it is drafted.
A promissory note is an unconditional promise to pay a fixed amount at a fixed time accruing a fixed interest thereafter.Promissory notes differ from IOUs in that they contain a specific promise to pay, rather than simply acknowledging that a debt exists. In common speech, other terms, such as "loan," "loan agreement," and "loan contract" may be used interchangeably with "promissory note" but these terms do not have the same legal meaning.So the answer depends on whther this is a true promissory note or an instrument that was created to memorialize a transaction that wasn't completed.ClarificationThe answer is that if there is a fully executed promissory note then it can be enforced in court. A fully executed promissory note is absolute evidence that the borrower owes the lender. A defense that the borrower never received the money would be difficult to prove. If the funds were not transferred to the borrower there should not be a fully executed promissory note.First, the promissory note should only be signed by the borrower at the same time the funds are handed over. Second, if one was executed and the funds were not paid over to the borrower then the promissory note should not be signed by the borrower and if signed, it should be destroyed since the loan was not completed.
No, they are not the same.Promissory note: represents a loanA promissory note written document in which a borrower agrees (promises) to pay back money to a lender according to specified terms. It usually includes specific terms of repayment, such as when the note is payable on demand and whether payment is due by a stated time or through a series of payments. A promissory note is a legally binding written promise to repay a debt.Certificate of deposit: represents money deposited in a term accountA certificate of deposit (or CD) is similar to a savings account in that you are paid interest on money deposited in a financial institution. However, you earn higher interest in exchange for agreeing to leave the money on deposit for a set period of time. CDs are a safe investment as long as you understand how they work and especially the penalties for early withdrawal of the funds. CDs are issued by commercial banks and savings and loans (or other thrift institutions).
Yes. Both assume the obligation in the contract or note.
You need to check the practices in your area. In some areas promissory notes are accepted but must be paid the same day the offer is accepted. Most people want a cash deposit.You need to check the practices in your area. In some areas promissory notes are accepted but must be paid the same day the offer is accepted. Most people want a cash deposit.You need to check the practices in your area. In some areas promissory notes are accepted but must be paid the same day the offer is accepted. Most people want a cash deposit.You need to check the practices in your area. In some areas promissory notes are accepted but must be paid the same day the offer is accepted. Most people want a cash deposit.
When a home seller offers "owner financing", they are essentially offering to hold a mortgage note for the deed on the property. The mortgage note is the "contract". The contract pledges the deed to the buyer once they pay in full. Once the "contract" is paid off, then the deed is transferred to the buyer as the new owner.
Yes, and if properly executed and witnessed it could be considered a legally binding contract.
A promissory note is an unconditional promise to pay a fixed amount at a fixed time accruing a fixed interest thereafter.Promissory notes differ from IOUs in that they contain a specific promise to pay, rather than simply acknowledging that a debt exists. In common speech, other terms, such as "loan," "loan agreement," and "loan contract" may be used interchangeably with "promissory note" but these terms do not have the same legal meaning.So the answer depends on whther this is a true promissory note or an instrument that was created to memorialize a transaction that wasn't completed.ClarificationThe answer is that if there is a fully executed promissory note then it can be enforced in court. A fully executed promissory note is absolute evidence that the borrower owes the lender. A defense that the borrower never received the money would be difficult to prove. If the funds were not transferred to the borrower there should not be a fully executed promissory note.First, the promissory note should only be signed by the borrower at the same time the funds are handed over. Second, if one was executed and the funds were not paid over to the borrower then the promissory note should not be signed by the borrower and if signed, it should be destroyed since the loan was not completed.
If you are asking does it have the same thing as a "cooling off period" as for an installment purchse? No.
Generally one can write up a contract and have all parties sign it as well as a few witnesses to the signing. Or, if it's just a loan one can fill out a promissory note which is essentially the same thing but a bit less hassle.
They mean both. Neither references can share your address or addresses of each other.
No, they are not the same.Promissory note: represents a loanA promissory note written document in which a borrower agrees (promises) to pay back money to a lender according to specified terms. It usually includes specific terms of repayment, such as when the note is payable on demand and whether payment is due by a stated time or through a series of payments. A promissory note is a legally binding written promise to repay a debt.Certificate of deposit: represents money deposited in a term accountA certificate of deposit (or CD) is similar to a savings account in that you are paid interest on money deposited in a financial institution. However, you earn higher interest in exchange for agreeing to leave the money on deposit for a set period of time. CDs are a safe investment as long as you understand how they work and especially the penalties for early withdrawal of the funds. CDs are issued by commercial banks and savings and loans (or other thrift institutions).
Yes. Both assume the obligation in the contract or note.
You need to check the practices in your area. In some areas promissory notes are accepted but must be paid the same day the offer is accepted. Most people want a cash deposit.You need to check the practices in your area. In some areas promissory notes are accepted but must be paid the same day the offer is accepted. Most people want a cash deposit.You need to check the practices in your area. In some areas promissory notes are accepted but must be paid the same day the offer is accepted. Most people want a cash deposit.You need to check the practices in your area. In some areas promissory notes are accepted but must be paid the same day the offer is accepted. Most people want a cash deposit.
Premises as in Property (Commercial/Industrial) are classified as Non- Current Assets
When a home seller offers "owner financing", they are essentially offering to hold a mortgage note for the deed on the property. The mortgage note is the "contract". The contract pledges the deed to the buyer once they pay in full. Once the "contract" is paid off, then the deed is transferred to the buyer as the new owner.
When used in the context of a US real estate transaction a contract note can mean a few things that are largely a variation of the same thing. A note is created to pay for some of all of the property being purchased. The contract note can also imply or signify that there is seller financing rather than the buyer bringing cash to the deal with a traditional lender providing the loan. It is a loose way to refer to financing and the details should be checked for the specific transaction.
not all substances contract in the same