Notarized Loan Agreement
A notarized loan agreement is one in which the two parties to the loan agreement namely the borrower and the lender sign the loan documents in the presence of a impartial notary public officer. The agreement is entered into in the presence and witness of a notary public. The purpose of a notarized loan agreement is to ensure that there is genuineness in the loan transaction between both the parties and also to prevent any fraudulent practices that the parties may indulge in.
Sample Notarized loan agreement
This notarized loan agreement is entered into between two parties namely Scotia Bank of London who is the lender and Mr. Robert Denero who is the borrower on the 25th of July 2013 for the purpose of obtaining loan by the latter party from the former party.
The agreement is signed in the presence of the notary public Mr. Jurat Gomes by agreeing to all the terms specified herein below.
Terms of notarized loan agreement :-
The lender agrees to provide a loan of 15000 pounds to the borrower for the purpose of construction of house which is mortgaged for obtaining the loan.
The lender agrees to provide the loan amount according to the stages of construction that the borrower undertakes from time to time and on thorough inspection.
The borrower agrees to repay the loan amount in equated monthly installments as specified by the lender without fail.
The borrower agrees to bear all the expenses related to processing the loan from the lender.
The borrower confirms that the property mortgaged for the purpose of obtaining the loan is free from all encumbrances and available for mortgaging to the lender.
I the notary public confirm that both the parties have personally appeared before me and signed the loan document in my presence.
Date : ______________
Signature of Notary Public along with official seal : _____________
Category: Loan Agreements