Solicitor Guarantor
Certificates
Often there are times where a person is required to sign a Loan Agreement to guarantee a loan for another borrower. This can sometimes be where parents are helping their children to take out a loan or where individuals must guarantee a loan of a Company or Self-Managed Superannuation Fund. The Lender will usually require a solicitor to sign a certificate certifying that they have provided independent legal advice to the guarantor.
What is a “guarantor loan”?
A “guarantor loan” is when a person agrees to follow through on a loan if the borrower is in default and unable to repay the loan. The equity in the guarantor’s property is usually used as security.
How long does it take to obtain a Solicitor’s Certificate?
Robbins Lawyers require the guarantor to provide the loan documents, mortgage and associated documents at least 48 hours prior the meeting to sign the certificate. This is because the documents can be very complex and sufficient time and expertise are required to review them and provide advice.
What is the process for obtaining the Solicitor’s Certificate?
Once we have reviewed the documents, we will arrange a meeting at our office to verify your identity, provide advice and sign the certificate. Only the person providing the advice, the solicitor, and the guarantor will be permitted to be in the room. The borrower is not able to be present during the meeting.
What will it cost for the certificate?
The cost for the legal advice varies depending on the complexity of the documents. It is best to speak to us about your circumstances and we can provide a fixed fee quote for the service.
Is financial advice required also?
Legal Practitioners are not able to provide financial advice. Therefore, our advice is limited to the terms of the Loan Agreement and you should seek advice from a qualified accountant or financial advisor, if you have any concerns about proceeding. Sometimes the Lender will also require an independent financial certificate.
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