Tips for Selling a Promissory Note To sell a promissory note is better first draw it and make the documents ready. Following this the procedure is very simple as there will be no problems that will hinder the selling of the note and adversely affect the market value of the note. In order to make a land contract marketable, the person who is buying the note is often required to convert it into a Mortgage or Promissory note. This process is crucial as it is much easier to sell a promissory note as compared to the sale of a land contract. The process of conversion of land contract is also regarded with great importance as highlights any possible errors or other limitations in the contract that can be instantly addressed and corrected. Thereby making the note easier to sell. There are myriad land contracts that comprises of numerous errors without any correction that is not marketable. For instance, in many cases it has been observed that a land contract has been signed without any specified date. In such a case, the first payment that is ideally due after 30 days of signing the contract has no specified date to begin from anymore. Besides, in many cases there may be mistakes like the payment that was supposed to be designed for a 30year amortization may be reflected wrongly in the contract as 20 year amortization. In many cases there may be mistakes like the record of payments for the first two years mistakenly rounded up and reflected just under a fivedollar overpayment each month, but the extra few dollars were not taken off the principle. In simple terms, in order to correct the unwanted errors in the land contract, a promissory note is indispensible for the benefit of both the parties involved. Some times the payers may be difficult to be convinced in favour of these notes but it is advisable to suggest them the benefits. It is highly advisable to anyone looking to sell his or her home on a land contract, to contact Dream Protector and enjoy some free advice about the right structure and language of the promissory notes. It is highly sensible to appoint an attorney to draw up the agreement. However, no always do the attorneys possess the latest information regarding the most current information about latest legislation and the specialized ramifications
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.