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Lending/Borrowing Money Agreements
Surety Agreement
An excellent way to ensure a private loan is repaid, is to use a co-signer who acts as a surety or guarantor. This modifiable form involves the guarantee of a third-party to ensure payment of a Promissory Note. This form can be modified to include the third party in the event the principal borrower fails to pay on the promissory note obligation.
Promissory Note
IF you ever loan any money to anyone, whether it's friends, family, neighbor, co-worker, etc., be sure to document the loan and specify when and where the borrower is going to pay you back. This PROMISSORY NOTE includes terms and payment arrangements and has been used by lenders and borrowers alike to evidence loans. This document provides terms you can modify to suit your needs to evidence the loan obligation. The document also includes an optional, usable payment schedule detailing the number, amount and date of each payment to be made under the loan obligation should you choose to include an incremental repayment schedule.
Mortgage Note
This modifiable mortgage form has been used to secure promissory notes for loans. Modify as needed to be recorded with county register of deeds to attach of record to real property. Beware of state usury (anti-loansharking) laws for any interest rate or repayment terms that and consult an attorney and/or title company for assistance.
Assignment of Personal Property
Often borrowers "forget" to repay debts, balancing the obligation with the competing obligations of "other bills". This modifiable form can be used to effect an actual assignment of property of a particular item to secure a loan. It is one well used avenue of securing repayment that effects an actual assignment of ownership of an item of property at the time the loan is made and is an alternative to a lien or security agreement. Modify this form as necessary to take an item of property to securty that you are repaid.
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