Posted by B.L.Renfrow on July 03, 2003 at 12:46:26:
…exactly as your attorney recommends!
If you draft this document using advice you got from strangers on an internet message board, well…don’t come to us when your agreement is found to be invalid down the road!
But in general, in addition to all the other verbage required in a promissory note, you’d say something like, " I agree to pay the sum of $10,000 upon and only upon sale or refinance of the referenced property. The timing of such sale or refinance shall be at sole discretion of borrower…"
But PLEASE don’t take my word for it. Get the advice of your attorney before you draft this.
BTW, nice job on your other subject-to. Wells Fargo has no seasoning requirement for your buyers?