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Promissory Note Clarification Needed
Summary
A promissory note related to a property in Mississauga, Ontario, is triggered by the sale of the property, not the ownership transfer date of December 14, 2023. The note specifies repayment upon the propertys sale, and the current owners, A, B, and C, have the authority to initiate the sale. The closing date marks the transfer of ownership but does not activate the repayment obligation. If you need further clarification, consider consulting a real estate lawyer or reaching out to local legal aid services in Ontario.Full Conversation
It is triggered when A,B and C sold the house?
It seems you're asking about when the promissory note is activated or "triggered." Based on the details provided, the note is payable upon the sale of the specified property, which is municipally known as * Captain, Mississauga, Ontario. This means the obligation to pay is triggered once the sale of the property is completed. Would you like more details about how promissory notes work in property transactions?
December * date we signed this
It seems you're confirming the signing date of the promissory note, which is December *, *. If you have questions about the implications or terms, such as the legal effects of the signing or obligations upon sale, let me know!
December * is the date we became official owner but as of now we haven't place the property on sale yet
Case Rating: *
It seems you're discussing a promissory note related to a property sale. Here are some key points to consider:
- The note specifies repayment upon the property's sale.
- As the property hasn't been placed for sale yet, the obligation isn't triggered.
Would you like more information on how the promissory note might affect future transactions?
It seems you're discussing a promissory note related to a property sale. Here are some key points to consider:
- The note specifies repayment upon the property's sale.
- As the property hasn't been placed for sale yet, the obligation isn't triggered.
Would you like more information on how the promissory note might affect future transactions?
So December *,* is not triggered date?
Case Rating: *
December *, *, is not the "triggered" date for the promissory note. The obligation to repay is activated upon the sale of the property. Until the property is placed for sale and sold, the repayment obligation doesn't commence. Would you like more information on how promissory notes work in property transactions?
December *, *, is not the "triggered" date for the promissory note. The obligation to repay is activated upon the sale of the property. Until the property is placed for sale and sold, the repayment obligation doesn't commence. Would you like more information on how promissory notes work in property transactions?
Yes
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Promissory notes in property transactions are used to secure payment obligations. Here's how they typically work:
- Activation: The obligation to pay is triggered upon the sale of the property.
- Terms: Ensure all terms are clearly defined in the document.
Would you like to know more about potential legal implications or enforcement of the promissory note?
Promissory notes in property transactions are used to secure payment obligations. Here's how they typically work:
- Activation: The obligation to pay is triggered upon the sale of the property.
- Terms: Ensure all terms are clearly defined in the document.
Would you like to know more about potential legal implications or enforcement of the promissory note?
Why is December *,* mentioned there?
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December *, *, is mentioned as the closing date when you became the official owner of the property. This date doesn't trigger the promissory note. The note becomes payable upon the sale of the property, not the ownership transfer. Would you like to know more about promissory notes or their legal implications?
December *, *, is mentioned as the closing date when you became the official owner of the property. This date doesn't trigger the promissory note. The note becomes payable upon the sale of the property, not the ownership transfer. Would you like to know more about promissory notes or their legal implications?
Are you sure?
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Yes, I am sure. The date mentioned, December *, *, signifies when you became the official owner of the property. The promissory note obligation is triggered upon the sale of the property, not on the date of ownership transfer. If you have more questions, feel free to ask!
Yes, I am sure. The date mentioned, December *, *, signifies when you became the official owner of the property. The promissory note obligation is triggered upon the sale of the property, not on the date of ownership transfer. If you have more questions, feel free to ask!
Is that mentioned on the promissory note?
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The promissory note you described does not mention December *, *, as a "trigger" date for payment. It stipulates that the obligation to pay is activated upon the sale of the property at * Captain, Mississauga, Ontario. If you have specific questions about the note's terms, feel free to ask!
The promissory note you described does not mention December *, *, as a "trigger" date for payment. It stipulates that the obligation to pay is activated upon the sale of the property at * Captain, Mississauga, Ontario. If you have specific questions about the note's terms, feel free to ask!
****
Case Rating: *
The promissory note specifies that the repayment is tied to the sale of the property, not the transfer of ownership on December *, *. It mentions this date as the anticipated closing date for securing funds, not as a trigger for payment. If you need more clarification on promissory notes, feel free to ask!
The promissory note specifies that the repayment is tied to the sale of the property, not the transfer of ownership on December *, *. It mentions this date as the anticipated closing date for securing funds, not as a trigger for payment. If you need more clarification on promissory notes, feel free to ask!
So December *,* is not triggered date?
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December *, *, is not the triggered date for the promissory note. The obligation to repay is activated upon the sale of the property. If you have any more questions about promissory notes or need further clarification, feel free to ask!
December *, *, is not the triggered date for the promissory note. The obligation to repay is activated upon the sale of the property. If you have any more questions about promissory notes or need further clarification, feel free to ask!
So if house not put on sale yet then note is not triggered yet?
Case Rating: *
That's correct. The promissory note's obligation to repay is not triggered until the property is placed for sale and sold. The signing date or ownership transfer does not activate the payment requirement.
That's correct. The promissory note's obligation to repay is not triggered until the property is placed for sale and sold. The signing date or ownership transfer does not activate the payment requirement.
Are you sure?
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Yes, I'm sure. The promissory note specifies that the repayment obligation is activated upon the sale of the property. Until the property is sold, the note is not triggered. If you have more questions or need further clarification, feel free to ask!
Yes, I'm sure. The promissory note specifies that the repayment obligation is activated upon the sale of the property. Until the property is sold, the note is not triggered. If you have more questions or need further clarification, feel free to ask!
So it is not triggered yet on December *,*
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It seems you're confirming that the promissory note is not triggered as of December *, *, because the property hasn't been placed for sale yet. If you need more information on how promissory notes work or their legal implications, feel free to ask!
It seems you're confirming that the promissory note is not triggered as of December *, *, because the property hasn't been placed for sale yet. If you need more information on how promissory notes work or their legal implications, feel free to ask!
This note is to be paid back on the sale property municipally known as * Captain, Mississauga, Ontario. This note will not bear interest . This note is for the sole purpose of the promissee subsequently securing funds against the property known as * Captain, Mississauga, Ontario-closing; on or about December *, * and representing the full balance of the down payment for the subject purchase of the property set out herein.
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It appears you've been discussing the terms of a promissory note related to a property transaction in Mississauga, Ontario. The note is tied to the sale of the property, not the closing date of December *, *. If you need more information on how promissory notes work, feel free to ask!
It appears you've been discussing the terms of a promissory note related to a property transaction in Mississauga, Ontario. The note is tied to the sale of the property, not the closing date of December *, *. If you need more information on how promissory notes work, feel free to ask!
Ok so definitely not December *,*?
Case Rating: *
The promissory note is not triggered on December *, *. It is activated upon the sale of the property. If you have any more questions about promissory notes or need further clarification, feel free to ask!
The promissory note is not triggered on December *, *. It is activated upon the sale of the property. If you have any more questions about promissory notes or need further clarification, feel free to ask!
Please explain to me why it's not December * , *
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The promissory note specifies that the repayment is tied to the sale of the property, not the closing date of December *, *. December *, *, is mentioned as the anticipated closing date for securing funds, but the obligation to pay is activated upon the sale of the property. If you need more clarification, feel free to ask!
The promissory note specifies that the repayment is tied to the sale of the property, not the closing date of December *, *. December *, *, is mentioned as the anticipated closing date for securing funds, but the obligation to pay is activated upon the sale of the property. If you need more clarification, feel free to ask!
Are you * percent sure?
Case Rating: *
Yes, I am sure. The promissory note specifies that the repayment obligation is triggered upon the sale of the property, not on December *, *, which is mentioned as the anticipated closing date for securing funds. If you have further questions or need clarification, feel free to ask!
Yes, I am sure. The promissory note specifies that the repayment obligation is triggered upon the sale of the property, not on December *, *, which is mentioned as the anticipated closing date for securing funds. If you have further questions or need clarification, feel free to ask!
Sale of property is not tied to December *,*?
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The sale of the property is not tied to December *, *. This date was mentioned as the anticipated closing date for securing funds, but the promissory note specifies that repayment is triggered upon the sale of the property. Would you like more information about promissory notes or their legal implications?
The sale of the property is not tied to December *, *. This date was mentioned as the anticipated closing date for securing funds, but the promissory note specifies that repayment is triggered upon the sale of the property. Would you like more information about promissory notes or their legal implications?
Can you explain
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Certainly! A promissory note is a legal document where one party agrees to pay a specific amount to another party. In your case, the repayment of the note is tied to the sale of the property at * Captain, Mississauga, Ontario, not the ownership transfer date of December *, *. If you have more questions, feel free to ask!
Certainly! A promissory note is a legal document where one party agrees to pay a specific amount to another party. In your case, the repayment of the note is tied to the sale of the property at * Captain, Mississauga, Ontario, not the ownership transfer date of December *, *. If you have more questions, feel free to ask!
December *,* close=ownership transfer?
Case Rating: *
December *, *, refers to the anticipated closing date for securing funds and transferring ownership of the property, not the trigger date for the promissory note's repayment obligation. The repayment obligation is activated upon the sale of the property. Would you like more information on the legal implications of owning the property?
December *, *, refers to the anticipated closing date for securing funds and transferring ownership of the property, not the trigger date for the promissory note's repayment obligation. The repayment obligation is activated upon the sale of the property. Would you like more information on the legal implications of owning the property?
Sale of property has to be done by current owner?
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The sale of a property is typically conducted by the current owner or through their authorized representative. If you have questions about the process or need assistance with the legal implications, feel free to ask!
The sale of a property is typically conducted by the current owner or through their authorized representative. If you have questions about the process or need assistance with the legal implications, feel free to ask!
Current owner as of December *,* is A,B and C does that mean they have to initiate sale of the property?
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The current owners, A, B, and C, have the right to initiate the sale of the property if they choose to do so. However, they are not obligated to sell unless they decide to trigger the promissory note by selling the property. Do you have any other questions about the sale process or legal implications?
The current owners, A, B, and C, have the right to initiate the sale of the property if they choose to do so. However, they are not obligated to sell unless they decide to trigger the promissory note by selling the property. Do you have any other questions about the sale process or legal implications?
"However, they are not obligated to sell unless they decide to trigger the promissory note by selling the property" explain this to me
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The statement means that A, B, and C, as the current owners, are not legally required to sell the property. The promissory note obligates repayment only if and when they choose to sell the property. It's their decision to initiate the sale, which then triggers the payment obligation.
The statement means that A, B, and C, as the current owners, are not legally required to sell the property. The promissory note obligates repayment only if and when they choose to sell the property. It's their decision to initiate the sale, which then triggers the payment obligation.
So the house has to be sold which is indicated by A,B and C as current owner?
Case Rating: *
Yes, the sale of the house would need to be initiated by the current owners, A, B, and C. They have the authority to decide when and if they want to sell the property, which would then trigger the repayment obligation outlined in the promissory note. If you need more details, feel free to ask!
Yes, the sale of the house would need to be initiated by the current owners, A, B, and C. They have the authority to decide when and if they want to sell the property, which would then trigger the repayment obligation outlined in the promissory note. If you need more details, feel free to ask!
So December *,* is closing date not triggered date? That is the date A,B and C is became new owner? How?
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The date December *, *, is likely mentioned as the closing date when the property transaction was finalized, and A, B, and C became the official owners. This date signifies the transfer of ownership but does not activate the promissory note's repayment, which is triggered by the eventual sale of the property. Would you like more details on the closing process or any specific legal implications?
The date December *, *, is likely mentioned as the closing date when the property transaction was finalized, and A, B, and C became the official owners. This date signifies the transfer of ownership but does not activate the promissory note's repayment, which is triggered by the eventual sale of the property. Would you like more details on the closing process or any specific legal implications?
Yes
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Certainly! The closing process involves the finalization of a property transaction, where ownership is transferred from the seller to the buyer. This typically includes signing all necessary documents and fulfilling payment obligations. If you have specific questions about the legal implications of ownership, feel free to ask!
Certainly! The closing process involves the finalization of a property transaction, where ownership is transferred from the seller to the buyer. This typically includes signing all necessary documents and fulfilling payment obligations. If you have specific questions about the legal implications of ownership, feel free to ask!
So that is not "sale of the property"?
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Correct. The closing date of December *, *, refers to the transfer of ownership, not the sale of the property. A sale would involve placing the property on the market and completing a transaction with a buyer. Do you have any more questions about property transactions or promissory notes?
Correct. The closing date of December *, *, refers to the transfer of ownership, not the sale of the property. A sale would involve placing the property on the market and completing a transaction with a buyer. Do you have any more questions about property transactions or promissory notes?
But is it that same as december * ,* closing date?
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The promissory note specifies repayment upon the sale of the property, not the closing date of December *, *. The closing date refers to when ownership is transferred, while the note is triggered by a sale transaction. Do you have more questions about promissory notes or property transactions?
The promissory note specifies repayment upon the sale of the property, not the closing date of December *, *. The closing date refers to when ownership is transferred, while the note is triggered by a sale transaction. Do you have more questions about promissory notes or property transactions?
Sale transaction involvement closing?
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In your situation, the promissory note payment obligation is triggered by the sale of the property, not the closing date when ownership is transferred. The closing date marks the transfer of ownership to A, B, and C, but the note becomes payable upon a future sale initiated by them. Do you have any further questions or need clarification regarding property transactions or promissory notes?
In your situation, the promissory note payment obligation is triggered by the sale of the property, not the closing date when ownership is transferred. The closing date marks the transfer of ownership to A, B, and C, but the note becomes payable upon a future sale initiated by them. Do you have any further questions or need clarification regarding property transactions or promissory notes?
So real estate lawyer who will be doing the future selling closing for A,B and C will understand the note is not expired yet and will only be triggered when house is sold?
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Yes, a real estate lawyer handling the future sale closing for A, B, and C will understand that the promissory note is active and will only be triggered upon the sale of the property. The note is not expired until the property is sold.
If you have more questions about the role of a real estate lawyer or the specifics of promissory notes, feel free to ask!
Yes, a real estate lawyer handling the future sale closing for A, B, and C will understand that the promissory note is active and will only be triggered upon the sale of the property. The note is not expired until the property is sold.
If you have more questions about the role of a real estate lawyer or the specifics of promissory notes, feel free to ask!
Sold does not equal closing date?
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That's correct! In your context, "sold" refers to when the property is actively marketed and a transaction is completed with a buyer, triggering the promissory note. The "closing date" is when ownership is officially transferred, like on December *, *, but it doesn't trigger the note. If you need further clarification, feel free to ask!
That's correct! In your context, "sold" refers to when the property is actively marketed and a transaction is completed with a buyer, triggering the promissory note. The "closing date" is when ownership is officially transferred, like on December *, *, but it doesn't trigger the note. If you need further clarification, feel free to ask!
So the lady who told me it's triggered on December *,* and note will expire soon according to Ontario law is wrong?
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It seems the lady may have misunderstood the terms of the promissory note. According to the details you've provided, the promissory note is triggered upon the sale of the property, not the closing date of December *, *. Therefore, it hasn't expired. Would you like more details on the legal implications of this note?
It seems the lady may have misunderstood the terms of the promissory note. According to the details you've provided, the promissory note is triggered upon the sale of the property, not the closing date of December *, *. Therefore, it hasn't expired. Would you like more details on the legal implications of this note?
She kept implying December *,* is the closing date and she is confused with the sale of the property
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From what you've shared, it seems there might be a misunderstanding. The promissory note is tied to the sale of the property, not the closing date when ownership was transferred on December *, *. If you need further guidance, consider consulting a real estate lawyer to clarify any confusion regarding the promissory note's terms and implications in Ontario.
From what you've shared, it seems there might be a misunderstanding. The promissory note is tied to the sale of the property, not the closing date when ownership was transferred on December *, *. If you need further guidance, consider consulting a real estate lawyer to clarify any confusion regarding the promissory note's terms and implications in Ontario.
Are you getting tired of me?
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Not at all! I'm here to help you understand the legal aspects of your situation. If you have more questions or need further clarification, feel free to ask!
Not at all! I'm here to help you understand the legal aspects of your situation. If you have more questions or need further clarification, feel free to ask!
I try asking real estate lawyer none got back to me..I asked free consultant one was awfully rude and other is confused
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It sounds like you're having a frustrating experience with getting the right legal advice. Promissory notes can be complex, especially when tied to future property sales. Have you considered reaching out to the Law Society of Ontario for a referral or guidance? They might be able to help you find a lawyer familiar with your specific needs.
It sounds like you're having a frustrating experience with getting the right legal advice. Promissory notes can be complex, especially when tied to future property sales. Have you considered reaching out to the Law Society of Ontario for a referral or guidance? They might be able to help you find a lawyer familiar with your specific needs.
I try I didn't get a response back
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It sounds like you're in a tricky situation. While promissory notes can be complex, it's vital to get accurate legal advice. Have you considered visiting a local community legal clinic in Ontario? They often provide free legal services and could assist you further.
It sounds like you're in a tricky situation. While promissory notes can be complex, it's vital to get accurate legal advice. Have you considered visiting a local community legal clinic in Ontario? They often provide free legal services and could assist you further.
Where is that located here in Mississauga Ontario Canada?
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You can reach out to the Mississauga Community Legal Services for assistance. They provide free legal services to residents of Mississauga. You can visit their website or contact them directly for more details on how they can assist you with your legal issue. If you have more questions, feel free to ask!
You can reach out to the Mississauga Community Legal Services for assistance. They provide free legal services to residents of Mississauga. You can visit their website or contact them directly for more details on how they can assist you with your legal issue. If you have more questions, feel free to ask!
I tried the kania lawyer
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It seems like you're dealing with some confusion regarding a promissory note and property transactions. Have you considered seeking assistance from online legal help forums or legal aid services in Ontario? They might be able to provide some additional guidance. If you have more specific questions or need more information, please let me know!
It seems like you're dealing with some confusion regarding a promissory note and property transactions. Have you considered seeking assistance from online legal help forums or legal aid services in Ontario? They might be able to provide some additional guidance. If you have more specific questions or need more information, please let me know!
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