Legal Question in Real Estate Law in California

real estate purchase

Can a promissary note be used when making an offer on any property instead of cash in the state of California?


Asked on 2/06/07, 1:41 pm

2 Answers from Attorneys
Carl Starrett Law Offices of Carl H. Starrett II

Re: real estate purchase

All of the terms are negotiable, so that is really up to the seller to decide if a promissory note in lieu of cash is worth taking the risk. If I were the seller, I wouldn't accept such a condition.

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Answered on 2/06/07, 1:55 pm
Grant Puleo Procopio, Cory, Hargreaves & Savitch

Re: real estate purchase

Yes. The Note should be secured by a Deed of Trust recorded against the property at closing.

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Answered on 2/06/07, 2:45 pm


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