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Promissory Note.

california8555 profile photo
  • Monday, August 25, 2003 @ 02:14 AM EDT
  • 7 Comments

Hello,

I'm reading now "Deals On Wheels" and the author says here about about having some buyers who "signed a note".

Because I'm very, very new at MHs (and REI) I want to know what a promissory note looks like. It has to be some legally typed paper, right? Or do I buy them somewhere and then just filled them out? (do not laugh at me if the questions seem to be too silly for you.. for me everything is a big question mark).

If anyone could provide me with an example of such notes, it would be very helpful.

Thank you.

BTW... this is a wonderful forum!!! (I think I've mentioned it somewhere here, but I just love it so much.. I'm officially an addict.. Any fre minute I read the posts and learn new things I never new existed).

Comments(7)

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    pmatheson122nd August, 2003

    You can buy a copy of a promissory note at most stationary stores. You should read up on them, try the library. You sound so new,you need to do a little bit of studying. I don't know where you are from, but California puts out a Real Estate Reference Book thats great. Perhaps your state does too1

  • no photo
    california855522nd August, 2003

    Thanks for the info. I'll check for that book in my state.

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    investorB23rd August, 2003

    Hey pmatheson1,

    Is that RE Reference book put out by your Secretary of State Office, or what?

    I'm wondering if one is available in MN. Never heard of such a thing up here, but maybe not looking in the right place.

    Thanks,
    Brian

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    pmatheson123rd August, 2003

    California Department of Real Estate.

    2003 Real Estate Law Book and CD #RE 2 - $25
    Contains the Real Estate Law and Subdivided Lands Law, the Regulations of the Real Estate Commissioner, the Administrative Procedure Act and pertinent excerpts from other California Codes related to the practice of real estate.

    Reference Book - A Real Estate Guide rev. 2000
    Covers real estate principles and practices, useful for licensing exam preparation.

    Reference book is real easy to read, gives you background & reasons why.

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    investorB25th August, 2003

    Thanks a bunch.

    Couldn't find anything so neat in MN.

    If anyone knows of such, please pass it on.

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    jchester25th August, 2003

    california8555 - If you've bought anything lately, then You've definitely heard/seen a promissary note. Often, referred to as a Federal Reserve Note. But, a PERSONAL CHECK could also be termed a promissory note...

    n : a promise to pay a specified amount on demand or at a certain time

    I would be very careful about drafting one that meets the laws of your state, just like any other Legal Instrument....
    [ Edited by jchester on Date 08/25/2003 ]

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    Chingona25th August, 2003

    I agree.. You can also search in google and you will find lots of examples... although make sure you look in you area.

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