Strict Standards: Static function AdminState::getID() should not be abstract in /home1/markad/public_html/privatemoneylending101.com/wp-content/plugins/jw-player-plugin-for-wordpress/admin/AdminState.php on line 108
Strict Standards: Static function WizardState::getTitle() should not be abstract in /home1/markad/public_html/privatemoneylending101.com/wp-content/plugins/jw-player-plugin-for-wordpress/admin/WizardState.php on line 50 Private Money Lending » Question on Promissory Note
The PROMISSORY NOTE is the key document in the PRIVATE MONEY REAL ESTATE INVESTING transaction. The lender (private money partner) keeps the original PROMISSORY NOTE containing the original signature of the Borrower. There should only be one original PROMISSORY NOTE with the original signature. The Borrower keeps a copy of the PROMISSORY NOTE. When the Borrower’s obligation under the terms of the PROMISSORY NOTE are satisfied (i.e the Note is paid off), the Lender should write “Cancelled”, “Satisfied in Full” or “Paid in Full” on the front face of the original PROMISSORY NOTE and then sign and date it. The original PROMISSORY NOTE should then be given back to the Borrower.
This is exactly the process that myself and my private money partners follow in every one of our transactions. Any questions please do not hesitate to contact me anytime. Aloha
Mark Douglass 808 292-5533