We’ve Got You Covered
When it comes to mortgage and guarantor documents, you can rely on us for comprehensive support. Our team is experienced with the intricacies of these legal contracts. We ensure your agreements are robust and strategically crafted, offering you sound legal protection. Our commitment lies in safeguarding your interests, and we meticulously handle every aspect of contract negotiation and execution, paying utmost attention to detail.
When individuals or businesses need to borrow money from the Bank in some instances the mortgage documents are required to be completed by a Lawyer and a Solicitor’s Certificate of Independent Legal Advice is obtained particularly if there are guarantees involved.
At Coutts, our team have expertise in reviewing bank mortgage and guarantee documents and providing independent legal advice that is required in order for the loan to be finalised and approved by the financial institutions.
We can undertake the following:
- Review the loan contract, mortgage, guarantee and associated documents.
- Obtain Verification of Identity from the Borrower or Guarantor as required.
- Advise on all essential clauses and terms of the loan contract including, but not limited to:
- Special clauses
- Interest rates and penalties
- Charges you will be up for
- Explanation regarding security property used for the loan
- Rights of the bank/lender
- What happens on default
- The effect of enforcement and what assets are at risk can be claimed pursuant to the documents.
How can Coutts help?
If you are looking to borrow money or be a guarantor for someone who is borrowing money, it is pertinent to obtain independent legal advice before you sign any documents. Reach out to Coutts so that we can assist you in the process and ensure you are aware of your rights and obligations prior to entering into any formal agreement.
What to Expect with Coutts Lawyers
Step 1: Initial Contact
Reach out to Coutts Lawyers via our website, phone, or in person. Briefly describe your matter.
Step 2: Consultation Appointment
Schedule and attend a meeting with a Coutts lawyer / Conveyancer to discuss the specifics of your matter and desired outcomes.
Step 3: Information & Legal Advice
Share all related documents and information. Your lawyer / Conveyancer will review everything, clarify aspects as needed, and then advise on the best action course.
Step 4: Action Plan Development
Based on the advice, an appropriate action plan will be formulated. This may involve communication, documentation processes, or further legal steps.
Step 5: Implementation
Execute the action plan, addressing a range of legal scenarios as necessary.
Step 6: Resolution & Closure
Navigate towards a resolution, with the path determined by the nature of the matter. Your Lawyer / Conveyancer will outline any final actions or considerations.
Your Compassionate Lawyer
Meet Adriana, The Managing Partner at Coutts Lawyers & Conveyancers, and the head of our esteemed Property and Commercial Law teams. With over twenty years of expertise, Adriana’s profound experience has fostered unwavering trust among her clients and solidified her esteemed standing within the Macarthur community. Her stature as an authority in Property and Commercial law is well-established.
Connect with Adriana Today
Mortgage & Guarantor Documents FAQ’s
Being a guarantor for a mortgage involves taking on a legal obligation to make loan payments if the primary borrower (the person seeking the mortgage) defaults on their payments. As a guarantor, you essentially “guarantee” that the mortgage will be paid, providing extra security for the lender. This can be a significant financial responsibility, so it’s essential to fully understand your obligations before becoming a guarantor.
Yes, being a guarantor can affect your own mortgage application. When you act as a guarantor, it’s as if you have taken on a new debt obligation. Lenders will consider this additional financial commitment when assessing your creditworthiness for any future loans or mortgages you may apply for. It can impact your ability to qualify for loans or mortgages, as well as the terms and interest rates offered to you.
- Guarantee of Payment
In this type of guarantee, the guarantor promises to make payment if the primary debtor (the person responsible for the debt) fails to do so. It ensures that the creditor (the entity owed the debt) will receive the payment owed, even if the debtor defaults. A common example is a co-signer on a loan, such as a student loan or a car loan, where the co-signer agrees to make payments if the borrower cannot.
- Guarantee of Performance
This type of guarantee is also known as a performance bond or surety bond. Here, the guarantor guarantees the satisfactory completion of a contract or project on behalf of the debtor. If the debtor fails to perform as agreed, the guarantor steps in to fulfil the obligations or compensate the creditor for any losses incurred.
- Guarantee of Collection
In this guarantee, the guarantor commits to using their best efforts to collect a debt owed to the creditor. This is common in the context of debt collection agencies. The guarantor may purchase the debt from the creditor and attempt to collect it from the debtor. If successful, the guarantor keeps the collected amount but may pay the creditor a reduced sum.
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