Promissory Note

1 Reply

Hello everyone, I am located in Tulsa Oklahoma. I was in the process of having a Promissory Note reviewed by Our local REIA attorney. I found out today (2 weeks Later) he won't do it because he has done business with the other party in the past. I understand that part, but why wait two weeks to let me know.

  They said they cannot recommend anyone else to do it because of the small amount. I was told to check with the Bar Association. For the record, the amount was $50,000 secured by a first lien position. I am acting as the lender in this transaction.

If their is anyone in Tulsa that would like to do business with me please let me know. Can this be done by a title company without having a lawyer involved? I appreciate any feedback, thanks. Mike

Hey Michael, 

I had great luck with a title company setting up an owner finance deal.  I'm sure any good title company could probably help you with that, but I could be wrong because the company I used has a real estate attorney in house.  I had some pretty specific terms spelled out in the agreement and they were able to make it all work.  Good Luck man!  Perhaps some other local Tulsa area guys or gals can chime in here.

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