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Independent Bank Guarantor Advice
INDEPENDENT BANK GUARANTee ADVICE
With financial institutions tightening up lending requirements in recent years, it has become increasingly common for lenders to require additional security as part of their lending criteria. One form of additional security can come in the form of a personal guarantee.
A guarantee is essentially a promise made by one or more parties (called guarantors) to the lender that the borrower will perform certain obligations in accordance with the terms of the loan agreement and if the borrower defaults then the guarantor will perform the borrower’s obligations. Normally this relates to the payment of monies owed but can also extend to other obligations.
It is now a standard requirement of any bank that a guarantor receive independent legal advice on the guarantee documents. The banks require Solicitors to sign an Independant Legal Advice Certificate confirming the advice given.
If you are considering acting as guarantor for a loan, it is essential that you obtain independant advice from an independent solicitor before signing any document.
This ensures that all potential implications are explained and understood before a guarantor enters into a binding and enforceable agreement. If your bank has asked that you attend a Solicitor to provide advice and an independant solicitor certificate is required, our Independant Bank Guarentee Lawyers can assist.
This ensures that all potential implications are explained and understood before a guarantor enters into a binding and enforceable agreement. If your bank has asked that you attend a Solicitor to provide advice and an independant solicitor certificate is required, our Independant Bank Guarentee Lawyers can assist.
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