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Updated almost 8 years ago on . Most recent reply

Cassidy Burns's profile image
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Cassidy Burns
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Cassidy Burns
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Cassidy Burns
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Rehabbing & House Flipping

Drafting a Promissory Note

Cassidy Burns
  • Investor
  • Washington, DC
Posted

Hi BP,

I am struggling with the process of drafting a promissory note.  Do I have to have an attorney do this?  I have a few examples of notes that co-workers have sent me but it has all of their information on it.  Any blank templates out there that will suffice for a very simple transaction?

Thanks!

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Jeff B.
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  • from Redlands, California
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Jeff B.
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Jeff B.
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Jeff B.
  • Buy & Hold Owner
  • Redlands, CA
Replied

just fyi:

A TD is the Mortgage on a specific property, Secured by a Note and is filed in the County.

The NOTE is a commercial paper that has a specific rate and period associated with it, can be created, bought and sold independently of the TD;  Universal Commercial Code.

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