Loans: Loan Document Preparation and related closing services
A loan agreement is a legal contract that usually contains specific language and commitments made by both the borrower and a lender. Those promises regulate the terms of the contract and often involve a long time period which can impact your financial status, whichever role you will play in the actual loan process.
Having your attorney prepare your loan agreement allows you to include the most important concerns you may have. Having your attorney review an existing loan agreement before it’s completed can provide you with vital information. Your attorney’s counsel may cause you to request changes in the contract language or terms, help you understand what will actually be required on your end, or give you the peace of mind in knowing this document is exactly what you were expecting.
The loan document preparation or review process can usually be completed in a short time and should not unduly hold up your transaction. Considering the legal commitments you will be making, this is an area you should not take for granted or assume vague language doesn’t really matter. In today’s financial environment, and with many businesses changing hands over the course of time, whatever your loan documents say may be considered the final word when it comes to enforcing its terms and conditions.
Closing services are usually performed in a real estate transaction to be sure the title is clear to any property being purchased. That service can also be performed by your attorney but discussing your plans and goals ahead of making any final arrangements allows them to foresee any concerns well ahead of time.
Ultimately, your attorney can help you understand your end of the final transaction when it comes to legal documents.