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We specialise in providing Independent Legal Advice and Independent Solicitor Certificates with respect to a variety of simple and complex financial arrangements.
What is Independent Legal Advice?
Many financial institutions and lenders will require you to obtain Independent Legal Advice before signing a financial/loan agreement.
This is to ensure that you understand the legalities of the proposed transaction before committing to it.
Independent Legal Advice is designed to protect both you and the Lender should a dispute/liability arise in the future.
In providing you with Independent Legal Advice, we will guide you through the terms and conditions of a contract, and once we are satisfied that you fully understand our advice and your rights and obligations, we will provide you with an Independent Solicitor’s Certificate.
When providing Independent Legal Advice, we will not advise you on the viability of the transaction nor the borrower and/or guarantor’s ability to make payments under the financial agreement.
We can provide Independent Legal Advice in relation to the following transactions:
Before entering into a loan contract, you should obtain Independent Legal Advice to ensure that you understand the terms of the loan document, including the interest rate, fees, and any potential risks or drawbacks.
A reverse mortgage allows homeowners (generally senior citizens) to borrow against the value of their home.
In other words, it allows you to convert the equity in your home into cash without having to sell your home.
The financial institution, or Lender, will make payments to you based on the equity in your home and your life expectancy.
In most reverse mortgage loans, the borrower generally does not have to make any repayments during their lifetime.
Reverse mortgages can be more complex than regular home loans, and their terms should be carefully considered before committing to the same.
When you stand as a guarantor for another person’s loan, the Lender may require you to pay the borrower’s debt in the event that the borrower defaults on the loan.
Being a guarantor is a serious legal and financial commitment that can have significant consequences for you, including the risk of losing your property and valuable assets.
Therefore, it is crucial that you understand the terms of the agreement and the risks and obligations that come with being a guarantor.
If you intend to enter into a franchise agreement, it is always a good idea for you as the prospective franchisee to seek Independent Legal Advice to help you understand the terms of the agreement, including any potential risks or drawbacks, royalty payments, and any restrictions on your business operations and future restraint of trade.
Commercial leases are incredibly complex and tricky.
They are drafted by the landlord’s solicitors and are generally inclined in their favour.
Therefore, it is important that as the prospective tenant, you are advised on the terms and conditions of the lease and understand your rights and obligations.
A Binding Financial Agreement is a legally binding contract that outlines the financial arrangements between the parties in the event of their separation.
There are several important things to consider when deciding whether to enter into a Binding Financial Agreement.
For example, you should consider the potential impact on your financial situation, including any assets or debts that may be affected by the agreement.
In WA, it is mandatory for you to obtain Independent Legal Advice and obtain a certification of the same, which forms part of the Binding Financial Agreement.
Prior to entering into a commercial contract, it is vital that you understand the terms of the same, including any potential risks or drawbacks.
Once you have been advised of the terms of the contract, you can determine whether it is the right decision for your particular situation.
