When Do I Need An Independent Legal Advisor?
Posted by independent legal advice on June 9th, 2021
Have you been asked to furnish independent legal advice certificate by any of the financial institutions? If yes, then you must be in the process of applying for a loan and your lender must have asked you for an independent legal advice certificate. When does one really need to get independent legal advice and is it mandatory to get an independent legal advice certificates in such a situation?
It is prerequisite to get an independent legal advice certificate before your loan is approved. Your lender wants you to understand clearly the implications of the load document or the contract. Not everyone understands the legal terminologies in these contracts or documents. When they do not have a complete understanding of the terminologies then it is very unlikely that they have understood the contract or the loan document fully. Signing a loan document without out understanding the legal implications fully would put the borrower under a great risk. Therefore, it has been made mandatory to approach an independent legal advisor who is not part of the loan approval system or the financial institution that is lending the money. This is to ensure that the borrower gets an unbiased interpretation of the loan contract or document.
The role of the personal legal advisor is to explain to the borrower all the risks involved and the responsibilities of the borrower by when they sign the contract. The personal legal advisor should have met the borrower and explained the details fully and after such an interaction issue a certificate stating that the borrower has been explained the implications of the loan document that the borrower is signing.
Further to that the independent legal advice certificate is also essential to confirm that the person signing the loan agreement is not signing the document under any influence or force. The independent legal advisor declares that the borrower has signed the documents in their presence without any coercion of any sort.
If you are planning to apply for a loan, sometime during the process, you may have to get your independent legal advice certificate without which your loan would not be approved. Therefore, it is important that you do not try to evade this step because such efforts are not useful. It is best that you get this requirement addressed as quickly as possible so that you could get on with your loan application process fast and get the funds approved.
Identify an experienced legal expert to have this requirement addressed. It is important that you do not fulfil this requirement just as a formality but take the time to understand what the legal documents are saying so that you know you are making the right choices. Regardless of the loan value, you need to make sure that you are always making well-informed choices. Take your time to review therefore to identified a dependable, friendly and professional lawyer who specialises in these matters. Identify the right lawyer and get your appointment right away.
