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Canadian Loan Agreement

Loan Types
Parties
Terms
Miscellaneous
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Collateral / Late Payments

Will the Loan Agreement be secured by collateral?

Yes No

Describe the property being used as collateral:

Is the first borrower purchasing the collateral from the lender?

Yes No

" >

Will the lender retain title of ownership until the loan is repaid in full?

Yes, retained until paid No, transferred at signing

Late Payments

Will the interest rate increase if the first borrower fails to make a payment?

Yes No

The interest rate will increase to % compounded yearly.

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Additional Clauses(Optional)

Do you want to include any additional terms or information?

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Frequently Asked Questions

what is collateral?

what is collateral?

Collateral is a property or other asset that a borrower offers as a way for a lender to secure the loan. If the borrower stops making the promised loan payments, the lender can seize the collateral to recoup its losses. ... A lender's claim to a borrower's collateral is called a lien.

If the loan is not secured with collateral, the lender will need to go to court before seizing any of the borrower's assets.

What is title of ownership?

What is title of ownership?

Title of ownership refers to the legal ownership and possession of a piece of property.

If the loan is a financial risk, the lender may wish to retain title of ownership until the borrower has made their final payment. If the lender chooses to transfer title of ownership right away, they will retain a security interest in the property until it's paid off in full.

what is compound interest?

what is compound interest?

Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest. ... The simple annual interest rate is the interest amount per period, multiplied by the number of periods per year.

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