Hello, I'm about to loan $60,000 to a friend to assist her to build a house. I do trust her implicitly. However, we both realise the importance of a legally binding contract just in case something goes awry. Is there any templates available that I can use that is airtight? Also, she is happy to have a caveat clause inserted on the dwelling title deeds as well so that if something happens to her then I can get paid back from the sale of her house. As I said, I trust her. It's just some of her family members I'm not too keen on. If I can get a template then get it witnessed by a notary then this would eliminate the cost of getting a legal contract drawn up professionally (I was quoted $1,250). Any thoughts please? Thanks in advance.
NSW Personal Loan contract (loaning money to a friend)
- Thread starter Pete S
- Start date
The price looks very reasonable and is well worth the investment considering how much money is at risk. I don't have a template.
Consider what happens if the lady friend gets a new partner who exerts pressure to renege on the agreement? You need a good agreement covering all circumstances where you get burnt.
Else consider the $60K a gift and be done with it.
Consider what happens if the lady friend gets a new partner who exerts pressure to renege on the agreement? You need a good agreement covering all circumstances where you get burnt.
Else consider the $60K a gift and be done with it.
Also, it's generally the case that the borrower pays the cost of the drawing of the documents in such a situation.
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