Promissory Note in Pennsylvania

Pennsylvania Requirements

• 6% maximum interest on residential mortgages under $50,000 and unsecured loans under $50,000
• Higher rates permitted for business/commercial loans and licensed lenders
• Identify maker, payee, principal, rate, payment terms, and default provisions
• Statute of limitations: 4 years (42 Pa.C.S. § 5525)
• Confessed-judgment notes permitted in Pennsylvania but disfavored against consumers

How to Complete This Form

1. 1Obtain a blank quitclaim deed form that complies with your state's requirements.
2. 2Enter the full legal name and address of the grantor (the person transferring the property).
3. 3Enter the full legal name and address of the grantee (the person receiving the property).
4. 4Include the complete legal description of the property (obtained from the current deed or county records).
5. 5Sign the deed in the presence of a notary public and any required witnesses.
6. 6File the deed with the county recorder's office along with any required transfer tax forms and fees.
7. 7Keep a copy of the recorded deed for your records.

Promissory Note in Other States

Other Forms in Pennsylvania