Personal Guarantee Law Firm For Fast Affordable Service
A personal guarantee in Alberta is a personal promise to make good on a loan or other obligation given by another person or a corporate entity. While some people think that a personal grantee is a rubber stamp for getting a loan, it can have sever consequences. This is why the Alberta government requires a Guarantees Acknowledgement certificate. The lawyers at Kahane Law Office in Calgary, Alberta are able to help with personal guarantees. Same day and next day service is often available.
Why Is A Lawyer Needed For A Guarantee?
A lawyer is needed for a guarantee for one reason but one based on public policy. If you are personally guaranteeing something, then you will require a lawyer because it is the law in Alberta. The Guarantees Acknowledgment Act creates a legal obligation for a lawyer to sign the personal guarantee acknowledgement certificate with the person giving the personal guarantee. If not the personal guarantee is not effective. This is the law to protect people. By personally guaranteeing something, a person is losing the protection and/or creating a personal obligation that can have sever personal consequences. Only a lawyer can give legal advice to a person so that they are aware of the legal consequences of signing.
What Is A Guarantees Acknowledgement Certificate?
The Guarantees Acknowledgement Certificate is a form that is signed by a layer stating that they have examined a person giving a guarantee personally. It states that the lawyer is satisfied by that examination that the person understands the personal guarantee they are signing. The Guarantees Acknowledgement Certificate is then signed by the person giving the guarantee. Without this document, the guarantee may not be effective. This is why most lenders will require this form as a part of their security.
Types Of Personal Guarantees
- Small business loans
- Unsecured line of credits
- Corporate loans
- Student loans
- Car loans
- Rental or lease agreements
Things You Must Bring For Your Appointment
When you come for your appointment to sign off on your personal guarantee, you will need to bring three things with you. Make sure you bring:
- 2 pieces of ID: one must be government issued with a photo, second may also include a credit card, SIN, Heath card;
- The loan agreement that you are giving personal guarantee for; and
- The personal guarantee with Acknowledgment.
Lenders most often fail to give the borrower or guarantor the loan agreement documents. This makes it impossible to complete this process.
Finding Personal Guarantee Acknowledgment Certificate Lawyers in Calgary, Alberta
The lawyers at Kahane Law Office can help when you need to sign a personal guarantee. CONNECT NOW. We can be reached toll-free at 1-877-225-8817 (or 403-225-8810 locally in Calgary, Alberta), or email us directly here.