In the course of purchasing a home, you will likely be dealing directly with the banks, who will put your financing together. They provide loans via loan agreements, contracts that provide the vital finance by which you can afford your new abode. However, there are steps to this process.
In Australia, precedent cases have established the need for an independent form of legal advice for clients and guarantors. A number of court cases involving loan contracts were brought forward, highlighting the employment of solicitors in lending transactions. As a result of the ruling of Commercial Bank of Australia v Amadio and Anor , you will be asked to provide a Solicitor’s Certificate of Independent Legal Advice prior to signing your loan agreement, to assure the banks that you have had your contract read and approved by a solicitor, who is obliged to share with you the risks and realities of your loan.
At V.S. George , we perform due diligence on your loan agreement, to assure you of its good standing, and educate you on the clauses inherent in the contract. We will properly advise you of the contents of your loan agreement, of any deadlines, limits or caveats, so that you know exactly what you are signing when you sign it. Subsequently, you will be issued with your certificate, allowing the process to move forward.
We provide quality legal services across South Sydney at reasonable rates. If you are in need of a Solicitors Certificate of Independent Legal Advice to complete your acquisition, we can help you.