Posted by BobB on February 24, 2002 at 12:45:25:
My father had no legal representation during this sale. The buyer, his realtor and my father put together the documents based on kitchen table conversations and the rest is history.
The original note (1995) was for a 7 year term, and the ballon payment is due this year. The note has a paragraph about exending it for another 7 years. My father’s intention was to give the buyer the opportunity to extend it if they both agreed after 7 yrs, but not to gaurantee him that right at his sole discretion.
English is my father’s second language, and it appears that some of the note was partially worded by my father and doesn’t make a whole bunch of sense. It also mentions “… agreed upon by the Holder …” in the xtension paragraph. I believe that the buyer massaged the wording just enough to get my father to sign something he didn’t quite understand.
I have about 2 months before I can notify the buyer that the baloon payment is due (no more that 150 days before) according to the note.