Loan agreements provide security to the lender.
- Are you considering lending a friend or family member money?
- Have you lent a friend or family member money?
- Perhaps you have helped (or will help) your child or family member purchase a home.
It is possible for you (the lender) to protect the loan amount by entering a loan agreement that provides for security, such as a mortgage, in favour of the lender.
Entering a secured loan agreement provides peace of mind for both the lender and the borrower as they agree to the terms of the loan in writing (avoiding future disputes).
Furthermore, the lender can reduce their risk by registering security for the loan amount against the borrower’s property (home, boat, etc).
Security, such as a mortgage, provides the lender with the right to sell the borrower’s
property should the borrower default on the loan.
AH Lawyers would be pleased to assist you with your loan agreement and security options. We can also assist with the registration of security on your behalf. Please contact our office for your free half hour initial consultation.
