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Assignment of Promissory Note
An Assignment of Promissory Note lets a lender transfer their right to receive loan payments to another person or business. Use this free, ready-to-edit template to clearly record the transfer, the remaining balance, and the details of both parties. Simply fill in the blanks, download, and e-sign it online in minutes.
What Is an Assignment of Promissory Note and Why Do You Need One?
An Assignment of Promissory Note is a legal document that transfers ownership of a promissory note from the original lender, called the assignor, to a new owner, called the assignee. Once signed, the borrower makes future payments to the new owner instead of the original lender. The document usually includes the original note details, the remaining balance, the transfer date, and signatures of both parties. Having it in writing proves who owns the debt and protects everyone if questions about payments come up later.
Transfer Loan Rights the Right Way With a Ready-Made Template
Writing an assignment document from scratch can be risky, especially if you leave out key details like the original loan date, the remaining balance, or whether the assignment includes any collateral. These mistakes can lead to payment confusion or disputes with the borrower. A ready-made Assignment of Promissory Note Template already includes all the important sections in a clear, legal format. You only need to add your loan details, making the transfer faster, simpler, and more professional.
Useful for Private Lenders, Investors, and Real Estate Sellers
This template is helpful for private lenders who want to sell a loan for cash instead of waiting for monthly payments. It also works for real estate investors buying or selling mortgage notes and home sellers who offered seller financing and now want to sell the note. Small business owners can use it to transfer business loans to partners or buyers. It's also useful for family members passing a personal loan to another relative, and for note buyers growing their investment portfolio.
How to Fill Out an Assignment of Promissory Note Step by Step
Start by adding the date and the full names and addresses of the assignor, the assignee, and the borrower. Next, describe the original promissory note, including the date it was signed, the original loan amount, the interest rate, and the remaining balance. State the amount the assignee is paying for the note, if any. Add whether any collateral or security is included in the transfer. Finally, have both parties sign, give the original note to the assignee, and send written notice to the borrower.
How to Use Agreed Templates
Start With the Template
Open the Product Agreement Template in your Agreed workspace and begin with a ready-to-use agreement structure.
Customize Agreement Details
Add or edit product details, responsibilities, pricing, deliverables, timelines, and other terms to match your agreement needs.
Review, Sign & Manage
Send the agreement for review and approval, collect signatures, and manage the completed agreement securely in Agreed.
Frequently Asked Questions.
Everything you need to know about Agreed. Can't find what you're looking for?
Usually no, unless the original note says the borrower must give consent. However, the borrower should always be told in writing so they know where to send future payments.
Yes, notes are often sold at a discount. The buyer pays less than the remaining balance now in exchange for collecting the full payments over time.
The original signed note should be given to the new owner. This helps prove they have the legal right to collect payments and take action if the borrower stops paying.
Not exactly. An allonge is a short page attached to the note to endorse it to someone new, while an assignment is a separate, more detailed transfer document.
Related templates
See More
Letter of Explanation
A Letter of Explanation Template helps you clearly explain a gap, error, or unusual item in your records to a lender, employer, school, or government office. Use this free, ready-to-edit letter to share the facts, give your reason, and attach proof. Fill in the details, download, and sign it in minutes.
Letter of Intent to Sue
A Letter of Intent to Sue Template helps you formally warn another person or business that you plan to take legal action if a problem is not fixed. Use this free, ready-to-edit letter to describe the dispute, state what you want, and set a clear deadline. Fill in the details, download, and sign it in minutes.
Settlement Demand Letter
A Settlement Demand Letter Template helps you formally ask another party to settle a dispute by paying a set amount or taking a specific action. Use this free, ready-to-edit letter to describe the issue, state your settlement terms, and set a clear deadline. Fill in the details, download, and sign it in minutes.
Notice of Default
A Notice of Default Template helps lenders, landlords, and businesses formally tell a borrower or party that they have failed to meet the terms of an agreement. Use this free, ready-to-edit notice to describe the default, state the amount or action needed, and set a clear deadline to fix it. Fill in the details, download, and sign it in minutes.
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