New York Mortgage - Plain Language

• Under the terms of this Contract, the seller effectively becomes the mortgage lender for the balance of the purchase money.
• Title will transfer to the buyer once payment in full of all principal and interest has been received by the seller.
• The seller has the right to take back the property if the buyer defaults in payment.
• At the seller's option, the balance can be repaid by monthly payments with or without interest until paid, or monthly payments with interest for a fixed number of payments with a balloon payment at the end to pay out the balance.

Prepare a Fixed Rate Promissory Note for a mortgage loan with this downloadable template for New York State.

• This Note provides for monthly payments of principal and interest.
• If there is any amount still outstanding on the maturity date, the borrower agrees to pay the full balance owing.
• If the borrower defaults in any payments, the note holder has the option to demand repayment of the entire outstanding balance of principal and interest.
• The borrower promises to pay the note holder's costs of enforcing the note, including attorneys' fees.
• This is a plain language legal form which is governed by the laws of the State of New York.