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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 111492
Experience:  Attorney experienced in commercial litigation.
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Further to yesterday's promissory note question,

Customer Question

Further to yesterday's promissory note question, "Verbal agreement made between parent and child for child to pay remainder of home loan......", I may need a different one. The said home is currently in pre-foreclosure (amount in arrears still to be finalized
with lenders). Parent in past made false promises to child. Child therefore wanting promissory note from father stating the following: (1)If home does not go into foreclosure, father agrees to set up a payment plan to include the amount owed in arrears, the
monthly loan payment along with any other costs. (2)The $5,000 and all other monies put in parent's account will be applied to amount requesting. (But in the event home does go into foreclosure, child agrees monies will not be returned.) (3)Father agrees to
a Quit claim when it is paid off. Need promissory not to be as simple as possible. Thanks
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Here is a SC Promissory Note and on the blank lines you can write in the additional terms as you state above.
http://www.scbar.org/public/files/docs/realestate/PromissoryNote.pdf
You need to write in the terms, because we cannot write those into this note for you. You can also add those above conditions in to the previous note given to you.
Additionally, you need to clarify, "Father agrees to give quit claim deed to child upon signing of promissory note which child will file in property records." It should also state that upon father paying off loan to child that child will execute quit claim deed back to father for property.
Understand that SC law forbids us from writing the agreement for you, but you can insert those terms into the previous note sample or the one above on your own.