Canadian Legal Documents
The purpose of a Loan Agreement is to record an arrangement between two parties, when one party promises to repay a sum of money borrowed from the other party, in accordance with agreed repayment terms. This loan agreement is recommended when lending or borrowing money, as well as for tax and bookkeeping purposes.
The documents or forms with respect to loans are known as:
Purchasing a new vehicle on credit is considered a loan, and you will be asked to sign a contract or agreement. This contract should identify:
When you purchase anything on credit, or borrow money from an institutional source, you will have to sign a loan agreement (follow this link to get loan agreement documents). It is not always necessary to get legal assistance when completing such a document, but you should always read the fine print, which contains a lot of important information. If you are unsure about any detail, you should consult a lawyer before going ahead with the transaction. A loan contract or agreement is a legal document, a binding contract recognized by the Court; hence, a borrower completing a Loan Agreement should pay close attention to all details.
IT IS IMPERATIVE THAT YOU READ THE FINE PRINT WHEN COMPLETING A LOAN APPLICATION. For more information on loan documents go to www.lawdepot.ca.