Purchase agreements
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Promissory note
A Promissory Note is a legal agreement through which a party promises to pay a certain amount to another party in the event as specified in the Note itself. There are 3 different types of Promissory Notes that are commonly used. They are Earnest Money Promissory Note, Delinquent Renters Promissory Note and Lease Options Promissory Note.
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Land Contract
A buyer can take help of owner financing when he/she is unable to afford the required down payment. The seller finances the home purchase price and the buyer needs to pay the agreed upon monthly installments to the seller. Both buyer and seller need to sign a land contract in order to make the deal effective.
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