Private Money Notes ~ template, best practices, resources?

[Mike Costello]

Hey there BP community! 

So I just got into escrow for a parcel of raw land, and I'm financing the purchase via a Private Money Lender (friend, colleague). We have a fairly simple set of details to go into the Note, and don't need to make is super complicated.  

That being said... what's a good source for a template? Is it best to have this document drafted by an attorney (and why?)? OR - will the Escrow company (Chicago Title) draft the Note and Trust Deed on our behalf if we provide the key elements? 

I'm the borrower so my perspective is to keep it simple and not as "lender favorable" as a standard mortgage, but at the same time I don't want to skip details which expose my lender to excess risk. Thanks in advance, looking forward to your ideas, experience and perhaps referrals too. 

Cheers, 

Mike Costello 

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[John Warren]

@Mike Costello at least here in Chicago, I would just have my real estate attorney draft something like this for me. I would pay him the money to set it up so its done right. This is one area where I just wouldn't try to DIY.