A proper promissory note is generally enforceable. A quit claim deed passes ownership in a peculiar way. It basically says to the buyer "I don't know what I own but I give it to you." It makes the buyer, or grantee on the deed, the owner of whatever the seller, or grantor, owned - be it much, little, or nothing at all. It also takes the seller-grantor out of ownership. Real estate taxes generally are owed by the owner of the real estate for their period of ownership but if unpaid, then they can become a lien against the real estate. If a person is behind on their mortgage, sooner or later the mortgage company can file a foreclosure to liquidate ownership rights and force the real estate to be sold at auction. As you can tell, all of this is a mess for you, both practically and legally. Anything that involves real estate can be very important to handle correctly. Otherwise, you could end up spending lots of time and money later on, trying to straighten out errors in the title records that may endanger ownership rights. Real estate rights are too important to take a chance on something being done wrong. And the real estate laws can be different from state to state. You need to talk to a local Real Estate law attorney who deals with this kind of case. You can look for one here on Avvo under the Find a Lawyer tab. Or you can call your local attorney's Bar Association and ask for a referral to a Real Estate law attorney near you. But act quickly because for every legal right you have, there is only a limited amount of time to actually handle a problem or file case in court or your rights may expire (it's often called the statute of limitations), so don't waste your time getting to a Real Estate law attorney and finding out what your rights are. If this answer was helpful, please give a “Vote Up” review below. Thanks for the question and good luck. Ron Burdge, www.BurdgeLaw.com
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Yes, if the note complies with contract and UCC requirements. As to if the one you drafted is enforceable, no one can say without review of the note. Notarization has nothing to do with making a contract enforceable.
Contact a local attorney and have them review the note.
This answer is for informational purposes only and is not legal advice regarding your question and does not establish an attorney-client relationship.