Safekeeping the Original Note
September 15, 2008 by Tracy Z · Leave a Comment
Can you easily locate the original promissory note? This important legal document should be kept in a safe place, and here is why!
The note is a promise to pay or IOU from the buyer, spelling out the amount and terms of repayment. In legal jargon it is known as a negotiable instrument. Similar to a check, the original must be presented to collect or prove ownership.
If the seller desires to sell and assign the note payments to an investor, the investor will ask for the original note to be provided at closing. Read more
