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- 1). Research whether the promissory note is transferable. Determine if the note is assignable or transferable without the required approval of the issuing lender. Contact the original lender if his approval is necessary. Non-transferable promissory notes will explicitly say so on the document. If it is non-transferable, you will not be able to take over the payments.
- 2). Negotiate the cost and time frame of the note transfer with the current promissory note holder. Determine whether you will need to legally purchase the note or whether the existing note will be given to you. The terms of the promissory note will stay the same.
- 3). Ask the current promissory note owner to get a form for the re-assignment of ownership. These forms are available online and can be purchased at office supply stores. Local libraries will also have the forms. Hire a lawyer to complete and file the forms if you have legal questions or concerns about the form.
- 4). Get the forms notarized by a local state official or notary public. Request that the current note holder send notification of the ownership change and the notarized documents to the promissory note lender. Ask the lender to use registered mail with a return receipt so there is proof that the documentation was sent.
- 5). Wait one week and contact the lender to make sure the ownership changes were completed. Request that an amended promissory note with your name as the owner be sent to you. Begin making all the required payments on the promissory note as explained by the terms of the note.
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