Promisory Note
Im looking to buy a house and the seller wants $10k cash after the deal in her pocket, how can this be written up to protect her from me just walking away after the closing and not paying her. I have heard of a promisory note, is this a legal form ?
andybell777,
Glad to meet you.
How are you purchasing the property?
Then we can go from there.
John $Cash$ Locke
Thanks for your response John,
We are just doing a conventional sale, ie. creating a new mortgage with our lender and paying her off, then giving her $10k after or during closing...which would you suggest. I think she is trying to hide the purchase price from her siblings as this is part of an estate settlement.
Andrew.
Be careful if you knowingly do a deal that is defrauding someone out of a rightful inheritance you could be liable stay safe and stay legit........too risky for my liking....
Andrew,
No deal you ever do is worth sacrificing your personal integrity. In this situation you are looking at a person who is going to deraud another person or persons for their own personal greed.
If you ever where called into court by the people who were defrauded, if you do this deal, you would do so with "dirty hands" and this is a real hot spot with Judges. Not the kind of thing you will find is fun and will be with you for a long time.
I do not believe you are the type of person who would do this, please don't prove me wrong.
John $Cash$ Locke
You can obtain Notes at almost any Stationary store or Title Co.
I was guessing that this was what the seller was doing but the more I think about it the more obvoius it is. If it is not an ethical deal then I would not want to proceed.
Thanks for everyones input.