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When should one get a promissory note?
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.
How do you transfer real estate title without inheritance tax?
I think you can do this by placing the real estate in the name of a trust. I am not an attorney.
What if you owed money to a decedent but you are one of two heirs and the other heir is living in the decedent's house?
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.
Can you successfully navigate the real estate market without the help of a real estate agent?
Yes, it is possible to navigate the real estate market without a real estate agent, but it can be challenging and time-consuming. It requires thorough research, knowledge of the market, negotiation skills, and understanding of legal processes. Hiring a real estate agent can simplify the process and provide expertise and guidance.
How can I obtain a real estate license in order to sell my own home?
To obtain a real estate license to sell your own home, you need to complete the required pre-licensing courses, pass the licensing exam, and submit an application to your state's real estate licensing board.
Who is responsible for promissory note after your death?
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.
If you have a promissory note with someone and they die are you still responsible to pay the debt?
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.
What happens when a promissory note is signed by two people and one dies?
The deceased's estate acquires the power to enforce, or the responsibility to pay, the promissory note.
If a borrower dies with a promissory note are heirs responsible for payment?
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.
What if the person dies and you have a promissory note with them do you still have to pay?
Yes, their 'estate' is still owed the money.
Are promissory notes legally binding in an estate?
Yes, they are legal documents. They can be used to establish debts and assets.
Can the executor on an estate sell himself property owned by the estate with a demand promissory note?
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.
How do you become executor of an estate without a will?
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.
How do you collect on a promissory note from someone who died?
You must file a notice of lien with the Probate Court against the assets of the deceased's estate.
A personal promissory note was drawn between two individuals in the state of Texas and the lender since died. How long does the executor have to enforce the promissory note?
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.
When should one get a promissory note?
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.
What is needed to make a prommisory nte leagal in reeal estate in MI?
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.
