Read the document to make sure it meets your needs and that everyone involved agrees with the Loan Agreement.
If you have selected to make this a ‘secured’ Loan Agreement, remember to create and enter into a separate ‘Security Document’.
Remember that if you have any questions you can easily Ask a lawyer.
The Loan Agreement is a special type of contract called a 'deed'. This means it must be signed in a special way:
Print a copy for the borrower and the lender (the parties).
You must print a copy of your deed and sign it physically. Deeds can legally be signed using electronic signatures, but extra care must be taken when signing electronically to ensure that all of the formalities for execution of the particular type of deed are met. This deed is, therefore, designed to be signed by hand (ie ‘wet-signed’) to ensure that it is executed correctly. You cannot sign online.The parties must sign the Loan Agreement in the way you have selected in the interview.
Any witnesses must sign and add their name, address and occupation directly underneath the signature of the party they are witnessing.
The date of the Agreement is the date on which the parties signed if that was the same day. If they signed on different days, then it is the day when the last person signed.
Each party should safely store their copy of the signed Loan Agreement.
A copy of your document will be stored automatically in your Rocket Lawyer account ‘Dashboard’.
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