Loan Agreements / Mortgages

Contract Lawyers Reduce the Risk and Stress of Taking Out a Loan

Taking out a loan can be exciting, as it usually means you are looking to buy a property or undertake some form of investment. At the same time, the process can also be daunting, stressful and risky.

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You will need to review and sign a raft of documents, which set out all the terms and conditions of the loan. Gavel & Page contract lawyers will carefully review these documents and advise you in clear and simple terms as to the conditions, obligations and risks associated with the loan agreement and related documents. We ensure that you are fully aware of your rights and obligations, so we can help you negotiate any necessary changes.

A loan carries with it significant responsibilities, and you may face consequences for any failure to comply with those responsibilities. Defaults and breaches can turn out to be extremely costly. Therefore, it is critical to speak with a contract lawyer about the terms of the documents you have been asked to sign.

Our contract lawyers aim to make sure you not only understand the technical and legal aspects of the documents, but also the loan’s practical effect on your life, as well as any measures that you need to put in place to satisfy your obligations.

What You Need to Know Before Receiving or Providing a Loan Agreement

A loan agreement will contain many important factors to consider. Just a few examples include:

  • Whether there will be any guarantor, who that will be and what their obligations will be. The guarantor of a loan carries just as much risk as the borrower, so it is important to understand the specific terms on this subject.
  • The nature of any security properties that will be used under the loan agreement. Because security properties are typically used by the financier to pay off any debts that are outstanding under the loan, it is important to understand the associated risks.
  • The loan term, repayment amounts, interest to be charged, notices and demands and the consequences of a default or breach of the loan agreement are other important factors to consider.

On the other hand, you might be the one providing rather than receiving the loan. In this case, we can also draft a loan agreement for you. We will meet with you first to discuss the nature and purpose of the transaction, advise you and then draft a document to reflect your requirements, whilst ensuring your interests are protected and risks are minimised.

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