Delete Selected Option into the Earnest Money Promissory Note and eSign it in minutes

Aug 6th, 2022
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How to Delete Selected Option into the Earnest Money Promissory Note

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good morning this is angelica senior service specialist here at arlington texas how can i help you today hi um the reason im calling today is ive been to several local chase bank branches and ive been referred to several mortgage brokers and even a more um mortgage specialist you know and um im trying to get a house and i told them that i would be paying by promissory note and they keep telling me that they dont understand what a promissory note is and and the law says that a promissory note is a promise to pay a specified amount on a within a definite time frame you know and once i sign it that becomes legal tender ing to ucc codes and the negotiable instruments so im trying to figure out where would i deposit this promissory note and because because once i deposit it you know they deposited on their books and theyre they can credit my account ing to law well i i think that before they even do that or you do anything they will need to determine if uh what type of a mortgage acc

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Although most sellers are likely to require that earnest money be in the form of cash, check, or money order, they might also agree to accept a promissory note. The drawback for the seller is the possibility of having to file a lawsuit to collect on the note.
The owner must be aware that the earnest money deposit will be made in the form of a promissory note (i.e., not in cash) before it accepts the purchase offer. This fact must also be stated clearly in the purchase agreement itself.
Although most sellers are likely to require that earnest money be in the form of cash, check, or money order, they might also agree to accept a promissory note. The drawback for the seller is the possibility of having to file a lawsuit to collect on the note.
An earnest promissory note shows good faith commitment to purchase an asset and outlines the aspects of the purchase agreement between a buyer and seller.
Earnest money deposits can take any form agreed to by the seller. In some cases, the buyer will offer an earnest money promissory note instead of making a direct payment. This gives the buyer some assurance that it will not lose the money deposited if the deal falls through.
Earnest money is a monetary deposit made in good faith on a home loan or real property to the seller from the buyer during a home sale. Generally, the earnest money can be anywhere between 1-10% of the sale price. The earnest money contract sets the conditions for refunding the deposited amount.
Contracts need to involve an exchange of something valuable, referred to in legal terms as consideration. In the case of a real estate contract, that consideration would be the title (from the seller) and an earnest money deposit (from the buyer). Without that consideration, the contract is unenforceable.
The Promissory Note redemption date can be extended only if agreed upon in writing by both parties with a signed addendum. If the Buyer does not redeem the Note in time, is the contract Null and Void? No. If the buyer does not redeem the Note in time, the buyer is in bdocHub of the contract, but not null and void.

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