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Posted by: Arlene Kuehner at February 03 2018 21:04:59.
Why should you use a free loan agreement template when loaning money? Because of what can happen when you don’t . When loan agreement templates aren’t followed, the lending party can lose some or all of the money owed with no certain legal remedies. Without following a sample loan agreement, you can also not enforce when the loan is to be repaid; in fact, you could find yourself waiting for years for repayment.
A person is a notary public if the state has issued them a license to fulfil such a role. The job of the notary is to ensure no fraud occurs during the official signing of the document. Part of the notarial acts the notary fulfils is to prove the lender and borrower are who they say they are before entering into an agreement. It is another measure that helps protect both parties signing the free loan agreement template.
In addition to the above information, some lenders add additional provisos to a loan agreement. Again, the terms of the loan must be clear. The borrow must agree to the terms in the document. Both the borrower and lender sign the agreement when the draft is complete. A witness is recommended but not always a legal necessity. A lender and/or borrower will need to find out the laws where you reside to see if a witness or notary public must see the parties sign the document, then both parties will have to provide proof of identification before signing in front of a legal notary.
These small or personal loans often occur between small business, between small businesses and individuals or among family and friends. It is often said that loaning money is the fastest way to ruin a relationship; however, when you follow a sample loan agreement, you can head off many problems. When you loan any amount of money, be it two hundred dollars or two thousand, it’s important to fill out and sign a loan agreement template.
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