Put simply, a guarantor is a person or entity that agrees to be responsible for another's debt or performance under a contract, if the other fails to pay or perform. It is inherent in that becoming a guarantor is not a role that should be considered or assumed lightly.
Most lenders now require prospective guarantors to seek independent legal advice before they sign the guarantee document to ensure that they are aware of the effect of the document and their role and obligations under the guarantee.
We can provide you with legal advice on becoming a guarantor for a flat fee consultation which usually takes about 45-60 minutes.
During the consultation, amongst other things, we are required to satisfy ourselves that:
1. You have been provided with information of the financial position of the borrower/s and if not, that you know you are entitled to it;
2. You are satisfied that the borrower/s has/have capacity to make repayments;
3. You have given your consent to providing the guarantee freely and voluntarily; and
4. You understand your obligations under the deed of guarantee.
Contact us today to make a time for your consult.
Author: Danielle De Roberto
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