Not at an institution regulated by the government, as Regulation B and Z cover the requirement of a loan application.
A promissory note is to provide and record details of a loan. One should receive one if a personal loan, business loan or real estate transaction has taken place. A promissory note is legally binding and can be used in a court of law if the borrower does not pay. It is a more complicated version of an IOU.
I think you can do this by placing the real estate in the name of a trust. I am not an attorney.
If the debt is evidenced by a promissory note or some other proof of how much you owe the decedent then the debt is owed to the estate. The two heirs generally share equally in the estate. You two should negotiate an arrangement that takes into consideration the money owed and the benefit of living in the inherited premises. You should consult with the attorney who is handling the estate for help in executing a written agreement regarding the property. In order for title to real estate to pass to the heirs legally, the estate must be probated.
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If your father owned any property at the time of his death then his estate must be probated. If he died without a will then his estate is an intestate estate. (See related question link.) You should contact an attorney who specializes in probate if there is considerable property that includes real estate. For very small estates without real estate most probate courts have an expedited process. If that is the case you should inquire at the probate court in your jurisdiction.
The estate is responsible for the descendant's debts, including promissory notes. It is the primary reasons to open an estate is to resolve such debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
No. Without both signatures, the promissory note is not legal. As the other party is deceased, there is no way to collect that signature to make the note valid.
The deceased's estate acquires the power to enforce, or the responsibility to pay, the promissory note.
They are not personally liable, except in the sense that the assets in the estate must be used to pay the promissory note. Thus there will that much less in the estate for them to inherit. If there are insufficient asset to pay the debt, then the holder of the note loses out on the amount that cannot be paid out of the estate.
Yes, their 'estate' is still owed the money.
Yes, they are legal documents. They can be used to establish debts and assets.
They must pay a fair market price for the property. The demand note will have to be resolved before the court will close the estate.
You would not be an executor. You would be an administrator. You file an application with the probate court in your jurisdiction to be appointed the administrator of the estate.
You must file a notice of lien with the Probate Court against the assets of the deceased's estate.
A personal promissory note ceases to be valid after the person has died. The law differs from state to state so it is best to check with the probate court or an estate attorney for details.
A promissory note is to provide and record details of a loan. One should receive one if a personal loan, business loan or real estate transaction has taken place. A promissory note is legally binding and can be used in a court of law if the borrower does not pay. It is a more complicated version of an IOU.
You should seek advice from an attorney who specializes in real estate law in your area. You could execute a promissory note secured by real estate or a deed of trust that constitutes a mortgage. You should be aware of the differences under your state law. You may not have right of foreclosure on a promissory note if the debt isn't paid. You can find forms at websites such as the one in the link provided below.