An unsecured promissory note is a contract between a lender and borrower that outlines the details of a loan without requiring any collateral. The lender is relying on the borrower’s promise and ability to repay the loan, making it a higher-risk option than a secured note. Unsecured promissory notes are typically used between parties who trust one another.
A secured promissory note is a legally binding document that outlines a loan agreement between a lender and borrower, with collateral attached. If the borrower fails to repay the loan, the lender can take possession of a listed asset (like a car, piece of art, or real estate).
A promissory note is a written agreement between a lender and borrower that clearly outlines a promise to repay borrowed money, typically including interest. Easier to create than a standard loan agreement but still legally binding, it’s ideal for loans between friends, family, or acquaintances.
A deed of trust is an agreement where the lender and borrower designate a neutral trustee to hold the property’s legal title until the borrower fully repays the loan. It’s an extra layer of security ensuring the lender’s interests are protected. The deed of trust safeguards a promissory note, a document in which the borrower legally promises to repay the loan.
A purchase agreement is most commonly used to create a transaction between a buyer and a seller of residential real estate. It will outline the final negotiations between the parties, including the sales price, contingencies, and when the closing must occur.
An owner financing addendum is a document that can provide supplementary terms for a sale that involves a seller acting as a lender. Although most buyers obtain financing from local mortgage companies, sometimes sellers offer to furnish the needed money to reduce the amount of time it will take to close, get a return on their investment (from the interest rate), and receive certain tax benefits
a Mobile Home Bill of Sale Form integrates a transaction record to sell a manufactured home for an agreed-upon monetary sum. The contract specifies the relevant details of the purchase, including data pertinent to the buyer, seller, mobile home, and price, and is executed once endorsed by the participating individuals.
A West Virginia lease agreement is a written accord outlining the conditions of a particular rental property. In many cases, a tenant must submit a lease application before being considered an eligible candidate. If accepted and they agree to the basic terms, the landlord can then draft a copy of the contract that contains details about the payments, rental period, and security deposit.
A residential rental application is typically required by landlords/real estate owners who are looking for eligible renters to lease their property. The form requests certain personal information about the candidate’s identity, rental history, and current employment status.
A sublease agreement is a written document that provides a lessee with an opportunity to pass on the rights and responsibilities of a tenancy to another individual. In situations where a lessee needs or wants the freedom to seek housing elsewhere during an active rental term, a sublease may be a beneficial resource.
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