Independent Legal Advice
This service is known by many different names, it is often referred to as independent legal advice, solicitors’ certificates, borrowers’ advice or guarantors advice. Regardless of what it is called, this is something that you will need if you are guaranteeing a loan. You may be guaranteeing a loan for your kids, or you may just be giving a personal guarantee for your company. Sometimes you may even need independent legal advice before taking out a loan if you are over a certain age. It is all dependant on what the lender requires to facilitate the loan.
The lender needs to be sure that you understand the risks and obligations that will be imposed on you. Often when you guarantee a loan you aren’t obtaining any personal benefit from the loan. The lender wants to be sure you understand that in the event the borrower defaults on the loan, you may be expected to pay the loan back.
There is often confusion around this service as clients are frequently told that they need a lawyer to ‘witness’ their documents for them. This service requires much more detail than that. As a lawyer undertaking this kind of work, we are confirming with the lender that we are confident that you understand the risks involved and your obligations as a guarantor. As such, we are required to review all of the loan documentation and provide you with advice on what it means to be a guarantor and what consequences could arise from a default on the loan.
As experienced property and conveyancing specialists we understand that often these documents need to be completed urgently and we are happy to accommodate urgent appointments to help take the stress out of your property transaction.
Contact Our Knowledgeable Team on 03 5292 1994 For Your No-obligation Consultation
Reach out to us
Contact Geelong, Surf Coast, and Bellarine Peninsula region’s best conveyancers and top property lawyers, Cahill Conveyancing on 03 5292 1994 for your no-obligation consultation.