If you are considering a loan for a new house, other property, or your business, it’s important that you understand the complete terms and conditions of the loan being proposed. The loan document language can be complex and confusing – part of our role is to explain the language to you so that you understand the exact terms that are applicable to your loan.
With loans for home mortgages, one of our roles also is to ensure that all proper documentation is in place. Of particular interest is the title insurance policy or title opinion. The title insurance policy is the document that provides insurance against certain potential defects of title, such as whether another person may have a lien or legal interest in property that you may be acquiring. We carefully review title documents, explain any title defects or issues that may be identified, and assist in curing those defects.
Banks and other financial institutions typically have a number of criteria on which they base loans, which include financial, legal, and business risk areas. It is to the advantage of borrowers to get the best terms possible.
Key loan terms and conditions of business loans include:
- The interest rate, whether the rate is fixed or locked, and all required fees
- Whether a personal guaranty will be required
- Whether equipment or other assets will be required to pledged as security
- Other conditions that may potentially affect business operations
We represent borrower clients by helping them understand the terms and conditions being proposed by lenders, and in helping them negotiate the terms and conditions that will be beneficial for their business so that they can get the best terms possible given their situation. If repayment issues arise, we are also available to represent borrowers in connection with loan modifications.
Tax Free Property Exchanges (1031 Exchanges)
Sellers may want to sell their investment property in a tax-free exchange transaction. We can assist with these transactions as the closing agent or as counsel for the Seller.