Before your lender approves your loan, you would be required to obtain an independent legal advice certificate from a qualified and licensed lawyer. Is independent legal advice just a formality or does it serve any sound legal purpose and who does it really serve? It is important that you ask these questions before you get your independent legal advice from the right resource.
It is unfortunate that many people that are required to get their independent legal advice consider this just a formality. If the legal expert you are approaching were to tell you that it is just a formality then you should immediately consider finding someone else for the required ILA certificate. In the loan application and approval process, in dependent legal advice plays a very important role and you shall not consider this just a formality.
What purpose does it really serve? Before you sign your loan agreement issued by your lender, as a borrower you must ensure that you have a complete understanding of the agreement that you are signing and if you should fail to have a complete understanding of the documents you are signing how could you be sure that you are not under any risk. As a lay person you may not understand fully what the agreement is stating even though it is in a language that you speak and understand. This is where the services of a dependable independent legal advisor gains significance.
Your independent legal advisor will review the entire loan agreement issued by your lender and explain the document and its contents to you including the legal implications and responsibilities. This way, you can confidently sign the document knowing fully what you are getting into. The lender also gets the assurance from the independent legal advice certificate that you as a borrower has understood the implications of the document you are signing.
The independent legal advice certificate also plays another significant role. It assures that all the stakeholders signing the document are doing under freewill and that there is no coercion. At a later stage the stakeholders that sign the loan agreement or the independent legal advice certificate cannot shirk their responsibilities towards the loan.
As you could easily appreciate here that the independent legal advice serves a number of significant purposes and that it is not merely a formality. Only those who do not understand how the ILA or independent legal advice works will assume that it is just a formality. Get the best legal support available in the city to get your personal legal advice so that you have a complete understanding of the contracts and the documents you are signing. The independent legal advice certificate really protects you from all possible risks that could arise from misunderstanding of the contract. You should not therefore take this lightly but get the best support possible right away without any delay. Take your time to review your independent legal advisor before electing them to assist you.