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3 result(s) displayed (1 - 3):

January 06, 2012

Promissory Notes

Promissory notes are needed to document details about financial transactions. They are used to provide lenders with legal records that can be used as evidence in court if borrowers default on loan terms.

Promissory notes are used with most kinds of loans, including personal, business, auto, and real estate. They can be used by family members, friends, business partners, mortgage lenders, auto financing companies, credit card companies, or any other person or entity that extends credit.

People can create their own document by making use of preformatted promissory note templates or using online services such as those offered at LegalZoom. Of course, it's always a good idea to have a lawyer review forms to make certain they are legally binding in the event of loan default.

Real Estate Investing article on "Promissory Notes "

January 14, 2011

IOU Note

An IOU note is commonly used to record the promise to pay a debt. This document can be used amongst family and friends and when borrowing money from a bank or credit union. When banks issue IOU notes, the document is referred to as a promissory note.

The IOU note records pertinent information about the loan. It should include the names and contract information for the borrower and lender, total amount of funds borrowed, installment amounts and dates, interest rate, and maturity date. Financial institutions usually include a default clause which states what action will be taken if borrowers default on the loan agreement

Real Estate Investing article on "IOU Note "

December 21, 2010

IOU Note

An IOU note is one of the most common agreements used between lenders and borrowers. Whether a person is borrowing money from family, friends, or a financial institution it is always wise to place payment terms in writing.

In order for an IOU note be legally-binding, a contract must be executed between all parties involved. The proper term for this contract is a promissory note. This document records the loan amount, interest rate, amount of each payment, due date of each payment, and a default clause that outlines what action will be taken if borrowers default on the contract.

Real Estate Investing article on "IOU Note "