Re: Is the a note? NO its a property

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Posted by Michael Morrongiello on November 04, 2009 at 23:21:58:
In Reply to: Is the a note? posted by ChaVitta Powell on November 04, 2009 at 17:48:38:
Cha Vitta:
A Promissory Note is a PROMISE to repay a debt. Also known as an instrument of indebteness.
What you describe is a PROPERTY OWNER (the owner of this condo unit) who is looking to sell their PROPERTY.
If the condo is owned free & clear or has substantial equity in it then it may be possible to sell the unit to the tennant or some other buyer, get some cash money down from the buyer, and assuming they have acceptable credit -provide OWNER FINANCING for the remainder of the sale.
Michael Morrongiello

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