A lot of land notes have more than one owner. A married couple sold the family acreage. Two partners flipped a parcel together. Three siblings inherited a note from a parent. Selling the note is simple when one person signs. It gets slow when nobody figured out who has to sign until closing week.
Here is who signs, what gets notarized, and how to close when the owners live in different places.
Who Has to Sign to Sell a Land Note?
Everyone named as the lender on the promissory note and on the deed of trust or mortgage.
Pull out the note and look at who it says the borrower promises to pay. That is the payee. Then look at the recorded deed of trust or mortgage and check who is named as the lender or beneficiary. Every person or company named there is an owner of the note, and every one of them signs the sale.
| Who owns the note | Who signs | What the buyer may ask for |
|---|---|---|
| Two or more people (spouses, partners, relatives) | Every person named | Photo ID for each signer |
| An LLC or corporation | The person authorized to act for it | Operating agreement or a signed resolution |
| A living trust | The trustee | A certificate or the trust pages naming the trustee |
| An estate | The executor or administrator | Death certificate and court letters |
For a note that came to you after someone died, inherited a promissory note covers the estate paperwork in detail.
What Documents Do Co-Owners Sign?
A purchase agreement, an allonge that endorses the note, and an assignment of the deed of trust or mortgage.
- Purchase agreement. Sets the price and terms. With us, you sign it electronically.
- Allonge. A page attached to the original note that endorses it to the buyer, the way you would sign the back of a check. Every owner signs it.
- Assignment of deed of trust or mortgage. Transfers the lien to the buyer and gets recorded with the county. Every owner signs it in front of a notary.
How a note sale closes walks through when each one happens.
Selling a land note?
We buy land notes with our own money for 80 to 90% of balance. Written offer in 24 hours, close in about 7 days.
Get a Free QuoteWhat Is My Note Worth?Can Co-Owners Sign From Different States?
Yes. Each owner signs and notarizes where they live, and the pages are put together for recording.
Nobody has to fly anywhere. Each owner takes the assignment to a local notary, a bank, or a mobile notary, signs, and sends the original back. Many states also allow remote online notarization, where you sign on a video call. Ask the buyer or title company before you book one, so you know the county will record it.
The one thing that has to travel is the original promissory note. Whoever holds it sends it to the buyer at closing.
What if a Co-Owner Will Not Sign?
Then the whole note cannot be sold until the owners agree.
A buyer cannot take a clean lien with one owner's signature missing. If one owner wants cash and another wants the monthly payments, the usual fixes are one owner buying the other out, or selling only part of the payments with a partial note purchase and splitting the cash. Even a partial needs every owner's signature, so settle it before you ask for offers.
In my experience, deals with several owners close fine when one person leads. Pick the owner who will talk to the buyer, gather the documents, and chase the signatures.
What About a Note Owned by a Couple Who Divorced?
Bring the divorce decree. It may award the note to one of you, and the title company will tell you whether the other still signs.
The decree decides who gets the note payments. Whether the other spouse still has to sign the assignment depends on how the note and the deed of trust or mortgage are written and on state law, so let the title company read it early.
How Do We Get the Process Started?
Have one owner send the note details. Everyone else just needs to be ready to sign.
Send the balance, rate, payment, payments left, the buyer's down payment, and a payment history, and list every owner. You get a written bid within 24 hours, and once the documents are in, closing takes about 7 days. You can get a range first with the note value calculator.
Want a written offer from the company that will wire the money?
Get a Free Quote →Frequently Asked Questions
Do all owners have to sign to sell a land note?
Yes, to sell the whole note. Everyone named as the lender, or payee, on the promissory note and on the deed of trust or mortgage signs the sale documents. If an LLC or a trust is the lender, the person with authority signs for it.
Does the assignment of a deed of trust or mortgage need a notary?
Yes in practice. The assignment is recorded with the county, and recorders require the signatures to be notarized. Each owner can sign in front of a notary where they live. The allonge that endorses the note itself is signed by each owner and goes with the original note.
Can co-owners sign from different states?
Yes. Each owner signs and notarizes the assignment where they are, and the signed pages are put together for recording. Many states also allow remote online notarization. Ask the buyer or title company before you book one, so you know the county will record it.
What if one co-owner will not sign?
Then the whole note cannot be sold. The owners have to agree, or settle it another way, such as one buying out the other. Bring it up before you ask for offers, so you do not lose a deal at closing.