promissory note

[slimjen]

Hello all, I am selling a car to a close family friend but don't want to end up in Judge Joe Brown and Judy. So, I wrote up a promissory note outling the terms of the agreement. The person paid all but 2500. So, I called DMV to see how I can put a lien on the car. They instructed me to fill out the lien part on the back of the title and give to the person whom I'm selling the car to. They will be able to register the car but DMV will mail the title to me as the lienholder until the loan is paid. I need to know if I need to have the promissory note notarized and also will a promissory note hold up in court. I've outlined that the promissory note is secured by the car. Do I need to do anything else? I'm I covered in case they default? Thank you

 

[seniorjudge]

Sounds like a bad deal all around.

Get the person to get a loan and pay you in full.

A promissory note does not need to be notarized but it wouldn't hurt anything if you did.