In its simplest terms, a promissory note is a written promise to pay back a loan at a specified interest rate within a certain amount of time. The promisor is the person who is making the payments and the promisee is the person who is authorized to receive the payments.
Some other information that is often found in a promissory note is a stipulation that the promisor will pay any attorney or collections fees if they should fall behind on payments as well as any penalty fees which might be added to the note if payments are late.
We can’t say it enough how important it is to your investment business that all these terms are written down, agreed upon, and notarized.
As always, our attorneys make us say it… these forms are for reference only and you should always pass any forms you use for your business by a competent attorney in your local area to make sure they jive with all state, federal, and local law.
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tHANKS WAITING FOR THE TEMPLET???????????