promissory note for maine?
Hi
I am about to make my first offer without a broker - it's a two unit, needs new roof, but has brand new furnace -- my back of the envelope calculation is based on both the 50% rule as well as making sure I have $100 per "door" per month cash flow. It says I can pay 79k, but the new roof, etc. will be 7-9k so I'm offering 70k conventional financing, 73k seller financing - figuring the 3k will be worth it as an enticement, give me better terms and the closing costs on conventional would be 2-3k anyway.
My question is, I'm a little stuck on how to "merge" the promissory note into everything -- I have a downloaded Maine purchase and sales agreement, but there is no verbiage on it for seller financing -- so I know I have to include a promissory note, but I do not have one -- and I'm not sure how to "link" them -- i.e. where in the ps do I mention the seller financing ??
I do have samples from when I sold my Dad's 6 Unit in Key West Florida but I'm not sure if it's "Maine legal" or not.
Thanks all!!