In a promissory note, a borrower promises to repay the other party in return for receiving money, goods, or services. Individuals and businesses often use promissory notes to raise capital for investments they expect to pay off in the future. Promissory notes are also always used in connection with mortgage agreements and deeds of trust to list the essential terms of the transaction.
When complete, the note will clearly set forth all the important terms, including the loan amount, interest rate, due date, and payment structure. LegalNature’s promissory note allows you to specify whether payments are due monthly, in one lump sum, or on the demand of the other party. You can also specify any collateral used in the deal.
LegalNature’s step-by-step guidance will help you complete and download your promissory note in just a few easy steps.