When you are borrowing money, either for a property purchase or as a refinance, it is important that you completely understand the risks and obligations for which you are agreeing to.

Entering into a mortgage agreement with a financial institution carries significant risk, particularly the risk that your property can be seized and sold if you default on your obligations.

There are various risks involved for a borrower, so a financial institution will usually require that they first obtain independent legal advice before signing any borrower documents. Alternatively, without the banks requirement, you may wish to obtain legal advice on the loan terms before signing. We regularly provide tailored advice to individuals who are borrowing money.

If you guarantee a loan for a family member or friend, you’re known as the guarantor. You are responsible for paying back the entire loan if the borrower can’t.

Where banks and other lending institutions grant loans to Borrowers accompanied by a third party guarantee for repayment, the lender will often require the Guarantor to obtain independent legal advice about their rights and obligations, and potential consequences in the event that the Borrower defaults on their repayments.

There are various risks involved for a guarantor, so a financial institution will usually require that they first obtain independent legal advice before signing any guarantee documents. Alternatively, without the banks requirement, you may wish to obtain legal advice on the loan terms before signing. We regularly provide tailored advice to individuals who choose to provide a personal guarantee in favour of other individuals.

Quite often, it will be a requirement of a lending institution that a solicitor provides the bank with an Acknowledgment of Independent Legal Advice – or – ‘Solicitor Certificate’, confirming that their mutual client has received formal solicitor advice in respect to a loan.

This is different to requesting a solicitor to simply witness loan documents. A Solicitors certificate is a certificate from an Australian Legal Practitioner, attesting to the bank that they have provided the client with advice as to their rights and obligations and that the client understood what they were doing.  This carries significant risk for a solicitor, so only those suitably qualified to do so should provide these certificates to the financial institution.

Our staff are experienced in the preparation and execution of Solicitor Certificates. We pride ourself on quick solicitor certificate turnarounds and can meet with you within 24 hours (sometimes even same day) of receiving all relevant loan documents.