Legal advice on Guarantee Documents

It is a common requirement of lenders that a guarantor signs to provide security to the lender. It is further a requirement that the guarantor receive independent legal advice on guarantee documents. The lenders require a solicitor to sign a Legal Advice Certificate confirming the advice given. This certificate can form part of the guarantee or may be a separate document and is relied upon by the lenders in lending the money. This certificate of independent legal advice essentially provides the lenders with assurance that the guarantor is aware of their obligations. Before giving personal guarantee to anyone it is important to remember that as guarantor you will be stepping into the shoes of the borrower and in the event, they are unable to satisfy the terms of the contract with the lender the guarantor will become personally liable to the lender. If you are going to give a guarantee, we strongly advise you to seek assistance from one of our experienced Lawyer before signing the guarantee document. We make you understand the terms and conditions of the guarantee documents and your rights and liabilities at the same time.

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