Promissory Notes

Promissory Notes

When Using an Oklahoma Attorney is Beneficial

If you decide to borrow or lend money that is secured by a promissory note, getting help from an experienced Oklahoma City real estate attorney will be invaluable. When you have the note prepared by a real estate lawyer, you can trust that there will be no oversight or error that could cause serious complications or confusion in the future for both parties. Though people often think they are paying monthly to their mortgage for real estate, in actuality they are paying towards the promissory note. For this reason, it is important to ensure that there are no unintentional mistakes or disagreements.

Promissory notes require the note holder to make payments by the designated times or the lender will be allowed to move towards foreclosure promissory note proceedings. If there is a misunderstanding involving the promissory note, your household and property could be at stake. Make sure that you enlist the help of a skilled real estate attorney when it comes time to prepare the promissory note for any type of real estate. For more information on finding a lawyer that fits your needs, contactThe Law Office of Bryon J. Will, P.L.L.C.

Sections of a Promissory Note

There are specific sections that each promissory note addresses or includes. Every note will have a “promise to pay,” which states that the borrower will promise pay to the lender in an agreed upon amount and interest rate. This can be discussed with the lender and should be worked through with an attorney if possible to get the best possible rates for your financial situation. The actual repayment is a separate section and includes the payment in agreed upon installments and time frame.

For there to be sufficient reason for a lender to accept a promissory note, there must be collateral. All property utilized as security by the borrower is up as collateral and is subject to modifications only if all parties agree to it. There is also a binding effect which grants any exceptions as to who is legally liable, and a breach of note which means that no breached condition can be waived without written notice. Some notes include amendments that give each party power to amend parts of the note if they agree to it. There will be a governing law that designates which governing body will have jurisdiction and enforcement of the note.

While promissory notes can be mapped out into small sections, each one is very complex and calls for careful construction. Having a skilled real estate attorney draft the note and record the process of approval is necessary to avoid any possible litigation or other obstacle arising from errors. Our Oklahoma estate lawyers work hard to make sure every promissory note complies with all federal and Oklahoma state laws.