People who buy promissory bills are called “promissory note buyers“. These notes can be a great way to make money. To sell the note, however, the note holder must have certain documents. Documents required include the mortgage deed or trust deed, as well as the note itself and a closing statement. The note holder must also have the Social Security number and name of the person making the payments. You can find a buyer of promissory notes online or in the yellow pages.

The buyer of a promissory notes is responsible for any costs associated with collection and attorney’s fees. Third-party fees may also be payable by the buyer. The buyer will be responsible for all costs. However, there are protections. Both parties must agree on a reasonable interest rate. Any higher interest rate could be considered a breach of contract.

Also, the notes must be registered with both the Securities and Exchange Commission and local governments in the state where they are being sold. Investors will be able to assess the ability of the company to service its debt. Investors have limited legal options if the company fails to meet its obligations. High-commission brokers may be able help companies in dire financial situations.