Prepare a Purchase Money Promissory Note to purchase real estate with this downloadable template for transactions in Canada.
- This form of promissory note is used for real estate sales where the buyer is paying part of the purchase price over time.
- The buyer will pay off the balance of the purchase price in regular installments, rather than having to come up with all of the purchase money in order to close the sale.
- The Note contains an acceleration clause, meaning if the buyer defaults in making a payment, the entire balance together with interest becomes immediately due and payable.
This Canada Purchase Money Promissory Note to Purchase Real Estate is available in MS Word format, and is fully editable to fit your specific circumstances.
PURCHASE MONEY PROMISSORY NOTE PRINCIPAL: CAD$[principal amount] (the “Principal”) DATE: [date] For value received, [Name(s) of Party(ies) making the note] (the “Maker”) [if more than one: jointly and severally] promise to pay to [Name of Lender / Note Holder] (the “Holder”), or order, in lawful money of Canada, the above-noted Principal, together with interest thereon or so much thereof as shall from time to time remain unpaid at the rate of [INTEREST RATE] (___%) PER CENT per year, in ________ monthly instalments of $###.## each, to be made on the ______ day of each and every month, commencing on [insert first payment date] and continuing thereafter until [insert last payment date], or until said Principal and interest have been paid in full, at [insert full address of holder, including zip/post code] or at such other place as the holder hereof may designate in writing from time to time. All payments received on account of this Note shall be applied firstly to interest, secondly to charges and fees payable hereunder, and lastly to the unpaid principal balance hereof. This Note is a purchase money note give in payment and for the purchase of [insert description of property being purchased]. To the extent that any provision in this Promissory Note conflicts with the laws of the Province of _____________ applicable to purchase money promissory notes, then such provision shall be deemed to be modified to the extent so required by law. Each Maker and endorser hereby severally waives all presentment, demand, protest, notice of maturity, non-payment, protest or dishonour, and all requirements necessary to hold each of them liable as Makers and endorsers and, should litigation be necessary to enforce this Note, each Mak
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