Easily Hide Checkbox Group to the Earnest Money Promissory Note

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How to Hide Checkbox Group to the Earnest Money Promissory Note

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hi Im Annie Fitzsimmons Im your Washington Realtors Legal Hotline lawyer and this video is probably going to be most appropriately gauged towards our should I say more experienced members I wouldnt describe you as old but I would say that the practice in which some of you engage is a very old practice antiquated even and you need to dispense with it and that is the practice of using promissory notes for earnest money stop doing that why do you need a promissory note for earnest money let me tell you the reason most people sell me we need a promissory note because buyer doesnt want to have to deliver earnest money by the second day following mutual acceptance they need three or four or five days so they can go back to wherever they live and get money out of their account and send it in or they want to wait until the inspection contingency has been satisfied or waived or whatever other reason would justify a delayed deposit of the earnest money fine I dont care when the department w

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Which of the following is a promissory note?

A promissory note is a legal, financial instrument in which one party promises another to pay a debt on a specific date. Its a formal agreement signed by the drawer promising to pay the money on a certain date or whenever its requested.

Which is not correct about the promissory note?

A promissory note cannot be made payable to the bearer, no matter whether it is payable on demand or after a certain time.

What is the earnest money promissory 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.

Which of these statements is true about a promissory note?

The promissory notes must be signed by the maker.

What are the rules of promissory note?

The note must be written by hand. The note must be stamped by revenue stamps as per the rules of the Indian Stamp Act. Promissory notes are valid for three years only. There is no limit on the amount to be borrowed for a promissory note to be issued.

Can you use a promissory note for earnest money deposit?

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.

Which is not correct about promissory note?

A promissory note cannot be made payable to the bearer, no matter whether it is payable on demand or after a certain time.

Can a promissory note be used as earnest money to be paid at closing?

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.

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Hide Checkbox Group to the Earnest Money Promissory Note