Loan Agreements prepared by Western Sydney Solicitors
Do I need A Loan Agreement?
If you're borrowing or lending money, particularly where family or friends are involved, it is always advisable to formalise your agreement with a contract.
A properly drafted agreement will protect your rights and help prevent any arguments and misunderstanding with family or friends down the track.
Our experience shows that such agreements and advice obtained upfront, at the beginning of the loan minimises misunderstanding and disagreements during the life of the loan.
To prepare a Loan Agreement for you , our knowledgeable team will help you work though your contract requirements, Including:
the loan principal ( amount);
how repayment of the principal will be made;
payment of interest;
consequences of the borrower's default; and
security for the borrower's promises such as a mortgage, charge or guarantee.
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