Legal Question in Banking Law in Missouri

I would like to be able to use a Promissory Note to purchase a home in the S.W. Missouri area. I will obtain funds from a trust in approximately 5 years - but, having recently become married - I would like to secure a much nicer home for us right now.

I want to make sure that the Promissory Note is written up properly - and - I would also like to secure an attorneys 'opinion letter' to include with it - for the sellers.

For safety purposes - I would like to make the note payable in 6 years...giving me an extra year after I receive funds from the trust.

Two options:

1.) I can write up the Promissory Note myself and submit it.....or...

2.) have an attorney create the Promissory Note.

What would be the fee(s) for the 1, for 2 and for the opinion letter?


Asked on 10/26/09, 10:02 pm

1 Answer from Attorneys
Anthony Smith LawSmith

It seems unusual for the buyer to prepare the note. If the seller agrees to allo wyou to draft the note, you could probably get a note draw up for less than $500. If a Missouri attorney will provide an opinion letter on a note they wrote, it would be very rare. but, perhaps you could get thta doen for another $500.

Good luck

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Answered on 11/03/09, 11:33 am


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