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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
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| 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)
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| 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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