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I need the legal verbiage for payment in full. Do we write…

Customer Question
I need the legal...

I need the legal verbiage for payment in full. Do we write this on the check? Or on a separate document that both parties sign?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

California

Lawyer's Assistant: Has anything been filed or reported?

No. Handshake agreement

Submitted: 11 months ago.Category: Legal
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Answered in 13 minutes by:
9/15/2017
Lawyer: KLAW, Lawyer replied 11 months ago
KLAW
KLAW, Lawyer
Category: Legal
Satisfied Customers: 2,498
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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Good afternoon.

Ask Your Own Legal Question
Lawyer: KLAW, Lawyer replied 11 months ago

Hello and welcome to Just Answer. No attorney-client relationship or privilege is formed by speaking to an expert on this site, the answers are for general information. By continuing, you confirm that you understand and agree to these terms.

In order to have a debt or contract settled as payment in full, both parties need to agree and sign an agreement.

Here is a sample of language to use in such an agreement.

Full, legal name of Payee
Full, legal name of Promisor
Loan Date
Total Amount of Loan
Final Due Date for Repayment

Agreement Terms:

I, Payee Name ("Payee"), agreed to pay $1,000 from Promisor Name ("Promisor") on *Loan Date*, or *Agreement terms and payment*. By signing this agreement both Payee and Promisor acknowledge that Payee will pay back Promisor $1,000, which payment is considered full and final payment of the original amount owed *put in details*

.
Signed:

Signature of Payee with Date
Signature of Promisor with Date
Signature of Witness or Notary with Date

I hope this clarifies and helps.

It was a pleasure assisting you today, and I would appreciate if you would rate my service with stars, so I will receive credit and payment for my work. I will not receive payment for assisting you today, unless you rate the question. After you rate the question you can ask follow up questions, and you will not be charged any additional money for the follow-up questions.

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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