Best way to handle a family loan?

Discussion in 'Legal Issues' started by jaybean, 17th Apr, 2017.

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  1. jaybean

    jaybean Well-Known Member

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    What's the best way to formalise this? Accountant? Lawyer? Some sort of DIY home kit (like those Will kits)?

    It's a relatively simple loan with simple conditions. I'm wondering what the best way forward is?
     
    jaybean, 17th Apr, 2017
    #1
  2. wylie

    wylie Moderator Staff Member

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    For our son, we used an online mortgage, had it witnessed by a JP etc. It was more for the purpose of him being able to refinance with a bank than for our protection.
     
    wylie, 17th Apr, 2017
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  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Only lawyers can prepare deeds and contracts for others. So either pay a lawyer or do it yourself. Lawyers may be good when you don't know what you don't know.

    A witnessed mortgage would be ineffective without a loan agreement to go with it.
     
    Terry_w, 17th Apr, 2017
    #3