How to notarize an IOU
In this post, we will try to easily organize the information you need to write an IOU.
IOU notarized?
Recently, many people around me are looking for IOU notarization. Most people find out about IOU notarization while buying a home. Because of the extremely high housing prices, it seemed that they were trying to do it by temporarily borrowing money from relatives, family, and acquaintances and paying it off gradually.
IOU notarization method, required time, cost
IOU notarization method, required time, cost
I recently had to lend money to an acquaintance, so I just had to fill out an IOU. I went through the notarization while writing the IOU, and in this post, I will briefly summarize the review of the notarization of the IOU. 공증 비용
What are the types of IOU notarization?
It would be convenient to see that there are two main types of documents for borrowing purposes. It is divided into an IOU and a notarial deed of money consumption loan contract. So what is the difference between these two? 좋은뉴스
IOU notarization method, required time, cost
IOU notarization method, required time, cost
First of all, it is known that an IOU does not have the power to actually legally enforce when the borrower does not pay back the money. However, it is said that it is helpful to collect the money lent through a lawsuit as legal evidence.
On the other hand, it is known that a notarial deed of a money consumption loan contract has legal effect. If you have this deed, it is said that it will be legally enforceable when the other party does not pay back the money as well as legal evidence.
How much does an IOU notarization cost?
Apparently, the IOU covers a little more scope than the IOU. For this reason, when preparing documents, notarization costs inevitably increase for the notarial deed of money consumption loan contract than for the IOU.
The cost of the IOU and the money consumption loan contract notarial deed is set differently depending on the amount borrowed. Please refer to the table below for details.
IOU notarization method, required time, cost
IOU notarization method, required time, cost
IOU notarization review
Now, I would like to organize in detail the things I actually did notarize the IOU. Among the IOU mentioned earlier, I proceeded with a general IOU notarization. In general IOU notarization, the person lending money does not have to attend. On the other hand, the notarial deed of money consumption loan contract requires both the lender and the borrower to be present.
IOU notarization method, required time, cost
IOU notarization method, required time, cost
First, I found a lawyer to do the notarization. I found it by searching Naver for the area where I live and the keywords notarization of IOU. For example, if you search for “Seoul IOU notarization”, numerous law firms will appear on Naver.
Since I was only available on weekends, I selected a law firm that was available at the desired time slot and made an inquiry for a reservation. However, I didn’t make a separate reservation because they said that they usually do not accept reservations for IOU notarization. For others, it would be better to approach it with a feeling of checking whether the law firm is open on the desired date rather than a feeling of reservation.
IOU notarization method, required time, cost
IOU notarization method, required time, cost
On the desired day, I visited the lawyer’s office with an acquaintance who is a debtor. When I visited, I took the IOU and the seal that the two of them had written together. It is good to fill out the IOU in advance, and you can request and receive the IOU form from the law firm that will write the IOU. After visiting the lawyer’s office, I applied at the desk. It didn’t take too long to notarize the IOU because it had a strong feeling of being printed in a factory format.
At the time, I didn’t know how much to set the legal interest rate, so I left only the legal interest rate blank. The legal interest rate was approximately 5% to 22% per annum, and it was said that it could be set freely within this range. I set it to 5%, which is the lowest level.
IOU notarization method, required time, cost
IOU notarization method, required time, cost
When all documents are completed, you can submit them to the desk. After submitting it to the desk, the lawyer reviews and actually comes to proceed with notarization. However, since notarization is a formal procedure, it is only necessary to confirm the identity and that the contents written in the document are not wrong, and the lawyer’s seal is taken.
When notarization is complete, the desk gives you the original and a copy. The office said that the person who borrowed the money should keep the original, and the person who borrowed the money could take the copy. So, we divided the papers among themselves.
It seems that it took less than 30 minutes from the visit to the office to get the IOU notarized. And I think the cost was received according to the table rate written above. I borrowed about tens of thousands of won, but I got about tens of thousands of won as a notary fee!
In this post, I learned about IOU notarization, and even wrote a review of what I actually did. To summarize the content of this article once again:
1. Fill out the IOU in advance.
2. An IOU has no compulsory execution effect.
3. IOU can be written in about 30 minutes, and if you are only writing an IOU, only the debtor needs to visit the lawyer’s office.
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