Loaning money to someone? Selling a business or property on payment terms? Make sure you get paid - get the borrower or buyer to sign one of these Promissory Note Forms.
A promissory note is a promise by the borrower to pay back the money at the agreed rate of interest by a specified date. Once it is signed, it is a legally binding contract. Some jurisdictions require a promissory note to be executed in front of a notary.
Polonius said 'Neither a borrower nor a lender be. For oft loan loses both itself and friend.' Good advice! However, if you do plan to lend money to anyone (including family and friends), then put it all in writing and signed before you hand over a penny. Otherwise you run a very significant risk of never seeing your money again.
Because a balloon mortgage does not amortize over its term, the borrower has to pay a balance at the end of the loan term. Use this Promissory Note template to set out the conditions covering repayment of the mortgage loan.
The borrower agrees to make monthly payments against the balance, until the date of the final payment.
The final payment will be a balloon payment which will pay the full amount of principal and interest outstanding at that date.
The Note is secured by a mortgage on the borrower's property.
This is a generic legal template which is not specific to any country, state or province.
Purchase and download the Balloon Mortgage Promissory Note form, use it as often as you need to.
Do you hold a promissory note for a loan you made to someone else?
When the debtor pays off the loan, provide them with this Acknowledgment of Payment in Full of Debt, which acknowledges that the debt has been paid in full.
You can click the Download button to download the file, or copy the following text and paste it into a new Word document.
ACKNOWLEDGMENT OF PAYMENT IN FULL OF DEBT
TO: [NAME OF DEBTOR] (the â€œDebtorâ€)
__________________________ [street address of debtor]
__________________________ [city, province, postal code]
DATE: __________ [insert date]
FROM: [CREDITOR] (the â€œCreditorâ€)
The undersigned hereby acknowledges payment in full of that promissory note dated __________ [insert date of promissory note] made by the Debtor to the favour of the Creditor you in favour of [NAME OF CREDITOR] in the amount of _____________________ DOLLARS (CAD $[amount]________________), as of the _____ day of ______________, 20____. (the â€œAmountâ€) by credit to my favour of the Amount in the trust account of _______________________________________[name of law firm or trustee].
DATED this _____ day of ______________, _______.
[NAME OF CREDITOR]
Print Name & Title