Promissory Note

Promissory Note (Note). The written agreement by which one person promises to pay a sum of money to another. Typically, in a closing, the obligation of the borrower to pay arises from the repayment of the loan granted to the borrower by the mortgage lender. The note is one of the most important documents to be signed by the borrower at closing.

The crucial terms of a note include the principal amount to be paid, the interest accruing on that principal, and the maturity date by which the entire principal must be repaid.

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