When can a buyer use a promissory note as consideration for the purchase of a property?

A promissory note can be used as consideration for the purchase of a property when the seller agrees to accept it as part of the transaction. Consideration, in a real estate context, refers to something of value exchanged between parties, and a promissory note represents the buyer's promise to pay a specified amount. If the seller consents to this method of payment, the transaction can proceed using the note instead of more traditional forms of consideration such as cash.

This flexibility allows for various financing arrangements and can be particularly beneficial in situations where the buyer may not have cash available at the time of purchase but is willing to enter into a formal agreement to pay in the future. The other options, while related to the transaction process, do not address the fundamental requirement of seller approval for the use of a promissory note as consideration.