REQUIREMENTS FOR LOAN AGREEMENT

Purpose:

A Loan Agreement describes and sets out the conditions under which funds are passed from one person to another. It secures the lender from loss in the event that the borrower fails to repay the lender.

Requirements:

  • Full name and address of the Lender and Borrower
  • Purpose of loan
  • Loan Amount & Interest Rate
  • Full description of collateral, if applicable
  • Dates and amounts of disbursements
  • How defaults should be dealt with (e.g. grace period, additional interest charges, etc.)
  • Special Clauses or Additional Information
  • Loan Amortization Schedule

Fees:

Preparation of Loan Agreement

US
$ 500.00
General Sales Tax (12.5%)
US
$ 62.50
Total
US
$ 562.50

Any additional time other than incidentals above and change of standard agreement will be charged at US $75.00 per hour plus administrative fee and general sales tax of 12.5%.

Optional Services and Fees:

Title Search for Declared Land
US
$500.00
Title Search for Undeclared Land
US
$700.00
Purchase Agreement
US
$500.00
Purchase Agreement with Owner's Financing
US
$1,000.00
Escrow Agreement
US
$250.00
Escrow Services
US
$500.00 (For properties that cost US $100,000. or less)
Escrow Services
US
$1,000.00 (For properties that cost between US $100,001. and
US $200,000)
Escrow Services
US
$2,000.00 (For properties that cost between US $200,001. And
US $500,000)
Escrow Services ½ % of the value (For properties that cost more than US $500,001.)
Charge on property
US
$250.00
Discharge of Charge
US
$250.00
Mortgage
US
$1,000.00
Cancellation of Mortgage
US
$500.00
Transfer of Title for Declared Land
US
$550.00
Transfer of Title for Undeclared Land
US
$750.00
Transfer of Title with Covenants
US
$1,050.00
Strata Title for Condominiums
US
$1,000.00 per unit
First Registration for declared land
US
$350.00 (does not include title search and survey fee)
Payment of property taxes
US
$100.00 per lot per year
Review of contract for recommendations
US
US $500.00 minimum or ½% (whichever is greater)

Plus General Sales Tax of 12.5%, administrative fees and filing fees.

 

Rev. 07/11

 

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