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What is a Promissory Note?
A promissory note is a legal document in which a borrower promises to repay a lender a specified amount under agreed terms.
When do you need one?
Use when lending or borrowing money informally (e.g., family loans, personal loans). Provides a written record of the debt.
Does it need to be notarized?
Notarization is recommended for promissory notes to strengthen enforceability and provide a clear record.
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Frequently asked questions
- Does a promissory note need to be notarized?
- Not always required, but notarization is recommended for enforceability and clarity.