The Promissory Note Between Family Members is a crucial legal instrument used when one family member lends money to another. This document helps prevent misunderstandings and potential conflicts by clearly documenting loan terms, while ensuring compliance with U.S. federal and state regulations, including IRS requirements for family loans. It includes essential elements such as the loan amount, interest rate (meeting Applicable Federal Rate requirements), payment schedule, and maturity date. While maintaining the informal nature of family relationships, it provides legal protection and clear documentation of obligations for both parties.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Principal Amount: Clear statement of the amount being borrowed
3. Interest Rate: Specified interest rate, ensuring compliance with AFR and state usury laws
4. Payment Terms: Schedule of payments, including payment amounts and due dates
5. Maturity Date: Date when the full amount must be repaid
6. Signatures: Dated signatures of both parties
1. Collateral: Description of any assets securing the loan - include when the loan is secured by specific assets
2. Late Payment Penalties: Terms for late payment consequences - include when parties want specific penalties for late payments
3. Prepayment Terms: Conditions for early repayment - include when parties want to specify terms for early repayment
4. Default Provisions: Consequences of default - include when parties want to specify default scenarios and consequences
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Collateral Documentation: Details of any assets used as collateral, including photographs or appraisals
3. Amortization Schedule: Breakdown of how each payment is applied to principal and interest
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