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When used in the context of a US real estate transaction a contract note can mean a few things that are largely a variation of the same thing. A note is created to pay for some of all of the property being purchased. The contract note can also imply or signify that there is seller financing rather than the buyer bringing cash to the deal with a traditional lender providing the loan. It is a loose way to refer to financing and the details should be checked for the specific transaction.
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∙ 15y ago
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How old do you have to be to have a car note?
A car note is a contract and you need to be 18 to enter into a contract.
Is a promissory note the same as a written contract?
A promissory note is a kind of written contract. The statutues and conditions under which it can be enforced are determined by the laws of the state in which it is drafted.
What type of contracts are cash flow notes?
The type of contract that a clash flow note is a promise to say. A cash flow note contract legally obligates one has to receive a set amount of money from another.
Does owner financing and contract for deed mean the same thing?
When a home seller offers "owner financing", they are essentially offering to hold a mortgage note for the deed on the property. The mortgage note is the "contract". The contract pledges the deed to the buyer once they pay in full. Once the "contract" is paid off, then the deed is transferred to the buyer as the new owner.
What the terms of a contract note?
The terms of a loan (a contract note) is set by the lender or through a process of negotiation between the lender and the borrower. The latter is most common when the seller is providing seller financing to the buyer of the real estate.
If you sign a promisary note with a car dealership And you decide not to pay because they sneaked in gap insurance can they send it to collections?
You are obligated to the terms of the promissory note. You probably signed the contract stating that you had read and agreed to the terms of the contract.
How do you put a criminal charges in a promissory note?
A Promissory Note is a contract enforceable under CIVIL law. Criminal sanctions do not enter into it.
Why notes payable instead of accounts payable?
Notes Payable is used to show that it's a note. A note is determined by the signing of a Promissory Note or some similar contract. For example, when you purchase a vehicle (unless you are purchasing said vehicle with cash) you sign a contract (Promissory Note) in which you pay X amount by a certain day each month.
How do you tell if a medical bill is a written contract or a promissory note?
anwser is none of your busnisess
Can you be sued for the balance of a promissory note if the property is re sold?
Absolutely. You signed a contract to pay for a loan of money. It doesn't matter whether you still have the property that was purchased with funds from the loan. The promissory note is a contract to pay and is enforceable in court.
What exactly is a cash flow note?
A cash flow note is a contract between a person borrowing money and the lender. The cash flow note promises that the borrower will pay the lender back.
Is a co-signer and a co-borrower the same thing?
Yes. Both assume the obligation in the contract or note.
