How to Create A Promissory Note

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Get started on your Promissory Note with Rocket Lawyer:

A Promissory Note is an important loan document that is typically executed between a Borrower and Lender when the initial loan proceeds change hands (in the case of a real estate transaction, this would be at the time of closing).

A Promissory Note is a legal agreement between the Borrower and Lender that lays out the specific terms of the loan. It should include all the basic details, such as:

– Loan Amount
– Date of the Loan (including the first payment date)
– Interest Rate
– Payment Amount
– Number & Frequency of Payments
– How the Loan will be Paid (e.g. – principal & interest, installments of interest-only with one lump sum on a specific date, or due on demand)
– How the Note will be secured (e.g. – by a Deed of Trust)
– Whether the Lender can sell or transfer the note to another party

Oftentimes, it makes sense to include an amortization schedule with the note, as a way of making it abundantly clear when each payment is due, the amount of each payment, and what portions of each payment will be applied to principal vs. interest. This can help avoid any confusion between the borrower and lender about what is expected.

Once the document is signed by all the appropriate parties, it can act as a legal document that can be used in court if the lender ever needs to demand what they are owed from a defaulting borrower.

Note: I have had a great experience with Rocket Lawyer, but your experience may vary. The link above is affiliate link and at no additional cost to you, I will earn a commission if you decide to purchase this particular tool/service. I recommend this resource because it is helpful and useful, not because of the small commission I make if you decide to buy it. Please do not spend your money on this unless you feel it will help you achieve your goals. #rocketlawyer #realestate #retipster

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21 COMMENTS

  1. What would I need in addition to this to have the right to evict the tenant/buyer in my mobile home on a seller financing deal in the event that they default?

  2. Seth, Awesome content. When you close ANY deal, do you put your personal name on the documents or your company name? Is it "Kosher" to use your "brand name" if its not a LLC, INC, etc?

  3. Does this apply to me even thou I'm buying a house and not borrowing money ?.
    First thing I read was " who is borrowing the money?"

  4. video MUST WATCH_ "THE MONEY MATRIX" on YouTube.com (green/black video icon)

    ✓Public Law 73-10- There is NO LAWFUL money in existence.
    ✓HJR – 192
    ✓Title 31 USC 5118
    ✓Title 31 USC 3123
    ✓ Article 1 section 10 _it is unconstitutional to use a debt instrument to pay a debt. A Federal Reserve Note is a DEBT instrument. An iou.
    ✓ Modern Money Mechanics.pdf is free to download.

    ✓The "United States" "UNITED STATES" means A Federal Corporation, not a government. Title 28USC 3002 15A.

    ✓UCC 9-307(h)-
    Location Of Debtor

    ✓Title 22 USC CHAPTER 11 – any person who takes an oath of office relinquishes their rights as a state citizen and is considered now a FOREIGN agent, agency, entity….

    If they are foreign to America the states Union, then that means they have NO JURISDICTION or a lawful right to abrogate our rights in our American REPUBLIC.

    Explain the FRAUD PLEASE. EXPLAIN USING OUR NAMES MONETIZING SECURITIZING AND COLLATERALIZING NEGOTIABLE THAT ARE PREPAID UPON OUR SIGNATURE.

  5. This is concerning the us only.

    I was about to move forward when I dcided to call a Constitutional Lawyer.

    I ask him about the Promissory Note.

    His reply was: "That is a good way to get into a lot of trouble.'

    Caution do your homework first.

    william schuck security fraud with promissory note

    WILLIAM Z. (“BILLY”) MCFARLAND, GRANT MARGOLIN and DANIEL SIMON

    https://www.sec.gov/litigation/complaints/2018/comp24213.pdf

    https://www.calcorporatelaw.com/2017/02/court-finds-promissory-note-is-not-a-security

    Jamison and William Schuck

    https://www.morelaw.com/verdicts/case.asp?s=AZ&d=7051

    https://www.casemine.com/judgement/us/5914bb3badd7b04934795742

    Nathan Wyvil Pappas, 43, Fort Walton Beach, larceny less than $5,000, uttering a false instrument, counterfeiting of bank bill or promissory note.

    Nicholas Bronson Pierce, 31, Pensacola, larceny less than $5,000.

    https://www.waltonsun.com/article/20160519/NEWS/160518796

    David Young

    https://www.ripoffreport.com/reports/david-young/crestview-florida-32536/david-young-theft-by-deception-crestview-florida-1225552

    https://www.ripoffreport.com/reports/cancel1mortgageinfo/crestview-florida-32536-5570/cancel1mortgageinfo-fraudulent-international-promissory-note-scam-crestview-florida-1085918

    Tupper Saussy, Roger Elvick, Sean and Melissa Morton, Chiropractor and sovereign citizen Donald Gibson,

    https://www.adl.org/blog/sovereign-citizen-funny-money-not-so-humorous-for-victims

  6. Hi, Seth. I have a question regarding promissory notes. Would I need to do one in conjunction with a "Contract for Deed (owner-financing)?" I've watched your video regarding how to do a "Contract for Deed," using Rocket Lawyer, and was wondering if I would need this along with the "Contract for Deed." Please let me know your thoughts on this. Thank you, in advance, for your response.

  7. well if your buying a car these sovereign citizens believe they can get a brand car cuz it not a car its personal possession that moves like horse and buggy lol….just wow

  8. The "value" of a promissary note is dependent entirely on the financial standing of the issuer. In the case of someone like you it is quite literally not worth the paper it's written on.

  9. This kind of shit is only use by people that live in trees and shit , no one would except that kind of payment now a days

  10. For all those that would like a better reference as how to use these, in what circumstances you should use it and see how it has actually been used please watch this video… https://www.youtube.com/watch?v=dbku5XULgIA

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