Canadian Legal Documents


-HOME

-POWER OF ATTORNEY
-BUSINESS DOCUMENTS
-WILL
-NAME CHANGE
-PROPERTY LEASE OR
 RENTAL

-BILL OF SALE
-LOAN AGREEMENT
-FAMILY LAW

-LEGAL DEFINITIONS

LOAN AGREEMENT

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:

  • Legal Documents - Loan Agreement Loan agreement
  • Demand note
  • Promissory note

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:

  • The seller
  • The purchaser
  • The cost of the vehicle
  • The cost of the vehicle less the trade-in amount (if there is one)
  • The type, model, year etc. of the vehicle
  • All extra charges such as taxes, etc.
  • The amount of the down payment
  • The repayment schedule

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.

 

Canadian Legal Documents | Legal Definitions

Power of Attorney | Business Documents | Will | Name Change
Property Lease or Rental | Bill of Sale | Loan Agreement | Family Law