Promissory Note and Mortgage
The drafting of a promissory note and mortgage for a private lender who is lending funds for the purchase of a property (or seller financing). Please note that these documents are only applicable in the state of Kansas as Missouri uses deeds of trust to secure loans made for the purchase of real estate.
A promissory note could also be referred to as an “IOU” as it is simply a document stating that one person owes money to another person. A mortgage is a separate document that is prepared at the same time as a promissory note when a person is obtaining a loan to purchase a property. Many people refer to a deed of trust as a mortgage, but they are actually substantially different documents. All homes purchased with a loan in Kansas utilize a mortgage while homes purchased with a loan in Missouri will utilize a deed of trust.
A mortgage does not transfer ownership but rather is a lien against a property. When a borrower fails to pay, a mortgage lender can file suit to foreclose and sell the property. After the legal process, which can take many months or several years, the sheriff will sell the property at a public auction so as to raise money to pay off the debt. If the mortgage is properly drafted, the lender will have less issues at the time of foreclosure and will be able to obtain a judgment against the borrower for attorney fees incurred during the foreclosure.
This package includes the drafting of a promissory note and mortgage for a residential real estate transaction. This would generally be used by a seller who sold a home using seller-financing or a private lender. For more information on what is included, please review the “What’s Included” and “What’s Not Included” tabs of this webpage.
Moreover, the “Getting Started” tab sets forth the basic steps after your submission of this order request and what will be required so we can get started working on your matter.
Please note that all orders are subject to our terms and conditions, which are available for your review at www.rickdavislegal.com/legal-services- terms-of-service/.
- Introductory Phone Call. A 30-minute phone call to meet an attorney and discuss your specific needs and requests.
- Unlimited Revisions. Any revisions necessary to ensure the contract meets the needs and desires discussed during the introductory phone call and/or on the intake form.
- Privacy. Once we have confirmed there are no conflicts of interest and accepted this matter, the information you share and everything you discuss while working together is protected by attorney-client privilege.
What's Not Included
- Other Legal Matters. Drafting or review of any documents other than those set forth above. Business or legal advise other than the discussion of the terms of the document being drafted or reviewed.
- Multiple Contracts. Modification of the contract to include different parties (we will provide contract forms with blanks for the party names upon request; however, the editing of the contract to include more than one set of party names is not included in your purchase).
- Revisions that Change the Nature of the Contract. Revisions that are outside the scope of the terms discussed during the introductory phone call and/or on the intake form.
- Additional Phone Calls or Consultations. Phone calls or office consultations other than those set forth above.
- Litigation. These services include the drafting a contract. If you are involved in litigation related to this contract or otherwise, any fees related to litigation will be charged in addition to the fees paid for these services.
Thank you for your interest in working with our firm. For your reference, we have created this guide to explain to new and prospective clients how to get started working with our firm. Please be advised that the new client process will vary slightly depending on the type of matter. Therefore, please be sure to review the “Getting Started” tab for the specific services you are contemplating.
- Online Signup. Once you have determined that you would like to engage our services, you can sign up using the “add to cart” feature on our webpage. When you complete the online order process, you will be provided with a copy of our terms and conditions that outline the basic terms of the representation, including our billing and communication policies. You can review these policies at any time at www.rickdavislegal.com/legal-services- terms-of-service/.
- Intake Form. Within on hour of when you have signed up for services through our website, we will send you an email with a link to an intake form you can use provide us with basic information about you and the parties involved in the transaction so we can perform a conflict check.
- Schedule Introductory Phone Call. In the same email containing the intake form, you will receive a link to schedule your introductory phone call. This phone call will be used to discuss the specific needs and goals for your contract and answer any questions the attorney may have regarding your contract.
- Attorney Review. Afer the introductory call, we will begin drafting your documents. Depending on the complexity of the documents, the first draft will generally be provided within a few days following the phone conversation. With that being said, please be advised that we do not promise any specific timeline unless we have previously agreed to the same. Therefore, if you have a specific deadline for your contract, please be sure to let us know as soon as possible so we can advise if we can meet that timeline.
- Additional Edits. You will be provided an electronic draft of your document and will have the opportunity to provide comments or ask questions. Included in this service are any necessary edits to the documents to ensure it meets your goals and expectations. With that being said, if the edits will change the nature of the contract (e.g., changing a mortgage to a contract for deed), additional legal fees may be required.
It is our hope that outlining the process helps to make the establishment of a relationship with our firm easier. It also helps to streamline our internal processes to ensure that we devote our time to providing the highest level legal services to our clients. If you have any questions about this process, please feel free to contact our office at (913) 283-8300 or to send us an email by using this contact form.