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How to use or fill out Straight Note with Due on Sale - ortccom

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Click ‘Get Form’ to open it in the editor.
Begin by entering the principal amount in the designated field, ensuring it reflects the total value of the loan.
Fill in the City and State where the agreement is being executed, followed by the date of signing.
Identify and enter the name of the payor/trustor who is responsible for repayment, as well as the payee/beneficiary who will receive payments.
Specify the interest rate applicable to this note, along with any payment schedule details if required.
Review the Deed of Trust provisions carefully, ensuring you understand that obligations may become due upon sale or transfer of property.
Finally, sign and date at the bottom of the form to validate your agreement.

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What is a promissory note with due-on-sale clause?

With a due-on-sale clause, if a borrower sells or transfers a property under a mortgage without paying debts or without having lenders consent, then lenders could claim their interests on the property through judicial foreclosure .

What is the purpose of the due-on-sale clause?

Under the Garn-St. Germain Depository Institutions Act of 1982, certain transfers are exempt from triggering the due-on-sale clause. Transfer property to a spouse or child. Place the property in a revocable trust for estate planning purposes, provided you remain the beneficiary and occupant.

What triggers a due-on-sale clause?

Nearly all loans originated today contain a standard due on sale clause which usually reads something like: If all or any part of the property herein is transferred without the lenders prior written consent, the lender may require all sums secured hereby immediately due and payable.

How to avoid a due-on-sale clause?

A promissory note in real estate is a written promise to pay a specific amount of money at a defined time or on demand. It includes details like the principal amount, interest rate, maturity date, and the borrowers signature.

What is a promissory note for sale of property?

Yes, a properly executed promissory note is legally binding. As long as the note contains all necessary elements, is signed by the involved parties, and complies with applicable laws, its enforceable in court if the borrower defaults or fails to meet their obligations.