Allow me to share with you these 15 Free Loan Agreement Templates in MS Word to help you prepare and print your very own Loan Agreement quickly.
The Free Promissory Note below is downloadable in Microsoft Word format. It is designed for an unsecured loan, and it requires that you calculate the amortization & repayment schedule (interest and payment schedule). CLICK HERE FOR A FREE PROMISSORY NOTE DOWNLOAD The Free Promissory Note above is provided by LoanBack.
- Loan agreement template is necessary to review before entering into contract because every contact holds legal protections and thus your compliance to agreement will be inevitable. Free Loan Agreement Templates. Here are previews and download links for these Free Loan Agreement Templates in MS Word format.
- The Interest Free Loan Agreement begins with the statement of the duration and amount of money of this agreement. Then there are seven sections, namely, Definitions, The Loan, Conditions to Funding of the Loan, Representations and Warranties, Covenants, Default, and Miscellaneous.
A loan agreement template can be described as a legitimate piece of document which legally set the standers on things thoroughly involved in the procedure of loan. Basically it’s a document which always signed between a person who going to apply for a loan or some company, individual or financial institute that has capacity to allow people to get a certain amount of loan against settled terms and conditions.
A smart loan agreement template will reduce the risks of uncertainties and will build every minor thing in a transparent manner, however few most crucial advantages of loan agreement, such as; 1st global market standers, 2nd consensus between parties, 3rd effective in looks, 4th will cover every single detail about the costs and security of loans and 5th borrower can kept this agreement with him/her for avoiding the misunderstandings.
Importance of Loan Agreements
Nowadays, business needs finance to run efficiently and for finance a businessman need to obtain a commercial loan. There are so many firms and agencies who are offering lowest mark up loans. Usually businessmen get attraction in these qualities and apply for loan application. But they forget to review most important aspect and that is Loan Agreement. We understand that you are engaged in so many task and haven’t any time to go and search for loan agreement details. So, we are presenting our loan agreement template which you can easily download from our site.
Loan Agreement template is full of most common and applicable terms and conditions that will realize you what actually you are going for. Loan agreement template is necessary to review before entering into contract because every contact holds legal protections and thus your compliance to agreement will be inevitable.
Free Loan Agreement Templates
Here are previews and download links for these Free Loan Agreement Templates in MS Word format.
Download link for this wonderful Loan Agreement Template 01.
Download link for this wonderful Loan Agreement Template 02.
We can describe the period of option or option period in two different ways. In finance, the period of option is a specific time frame or duration in which the buyer or owner of options has to make a decision about selling his options and if he doesn’t sell the options before expiration date, on expiration date and after that date, he is legally required to sell the options.
On the other hand, in real estate, period of option is a process in which a potential buyer is given a specific time frame from the seller of a real estate property i.e. house to make up his mind and decide if he still wants to buy the property or not. Usually before this period, the buyer is asked to pay a little fee to the seller in order to stop him or prevent him to make deal with another buyer. It is not possible to extend the date of options in finance so here we will only discuss the period of option from the real estate point of view.
Download link for this wonderful Loan Agreement Template 03.
Download link for this wonderful Loan Agreement Template 04.
Download link for this wonderful Loan Agreement Template 05.
When a buyer of a real estate property wants the seller to extend his period of option or the duration to make up his mind and decide if he wants to buy the property or not, he is legally required to formally make a request with the seller of the property and explain him why the buyer wants to extend the period of time. After hearing and understanding the reasons, it’s up to the seller if he wants to extend the period of option or not. If the seller goes with extending the period of option, the buyer is asked to enter in another contract or agreement with the seller indicating towards the extension of the period of option.
Download link for this wonderful Loan Agreement Template 06.
Download link for this wonderful Loan Agreement Template 07.
Download link for this wonderful Loan Agreement Template 08.
It is quite simple that if the buyer wants the seller to increase the period of option, he has to pay for the additional fee for the extension where on the other hand, if the buyer wants to extend the duration because of actions or intentions of the seller, he is still asked to pay the seller additional fee of option so that if the seller makes deal with someone else, he can be sued in the court.
Download link for this wonderful Loan Agreement Template 09.
Download link for this wonderful Loan Agreement Template 10.
Download link for this wonderful Loan Agreement Template 11.
Download link for this wonderful Loan Agreement Template 12.
Download link for this wonderful Loan Agreement Template 13.
Download link for this wonderful Loan Agreement Template 14.
Download link for this wonderful Loan Agreement Template 15.
Key elements to include in the Agreement to Extend Period of Option:
- Name of the seller of the real estate property with complete address
- Name of the buyer of the real estate property with complete address
- Name of the agent or realtor who is involved in the deal between buyer and seller
- Date on which the agreement is being signed by the seller and buyer
- Duration or period of option in which the buyer is asked to decide whether he wants to buy the property or not
- Details of the real estate property that the seller is selling i.e. area, location, type etc.
- Details of option fee paid by the buyer to the seller
- Validation of the agreement
- Signature of the seller, buyer and their realtor
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A Loan Agreement is a written promise from a lender to loan money to someone in exchange for the borrower's promise to repay the money lent as described by the Agreement. Its primary function is to serve as written evidence of the amount of a debt and the terms under which it will be repaid, including the rate of interest (if any). The note serves as a legal document that is enforceable in court creating obligations on the parts of both the borrower and the lender. Use this Loan Agreement template to lend or borrow money.
Though Loan Agreements are often referred to as IOUs or Promissory Notes, Loan Agreements are different than these documents in two key respects: 1. Loan Agreements are binding on both the borrower and the lender; and 2. Loan Agreements are much more detailed and include extensive provisions about when and how the borrower will repay the loan and what sorts of penalties will be incurred if the borrower does not follow through with repayment. Loan Agreements are usually used when large sums of money are involved, such as student loans, mortgages, car loans, and business loans. For smaller and/or more informal loans, such as those between family and friends, a Promissory Note, also available on this website, should be used.
How to Use this Document
This Agreement sets out all of the terms and details of the loan, including the names and addresses of the borrower and lender, the amount of money being borrowed, how often payments will be made, the amount of the payments, and the signatures of the parties.
You can choose from several types of loans accessible within this form.
Loan Agreement Forms
- Installment Loan. The borrower pays off the loan, plus interest (if any), by making payments over a set period of time, such as annually, monthly, or weekly.
- Lump Sum Payment. The borrower pays off the money borrowed, plus interest (if any), in one single payment due on a pre-agreed upon date
- Due on Demand. The borrower pays off the money borrowed, plus interest (if any), in a single payment due at the time the Lender requests it.
You can also specify whether or not interest will accrue on the loan and, if so, the interest rate that will be used. You also have the option of including provisions to govern early payments as well as an acceleration clause that would cause the entirety of the loan to come due in the event of late payments or non-payment according to the agreed upon payment plan schedule.
If the lender and the borrower decide to change the terms of the Loan Agreement, use an Amendment to Agreement form. Once the loan has been fully repaid, complete a Release of Loan Agreement form.
Applicable Law
Loan Agreements are governed by Article III of the Uniform Commercial Code (the 'UCC').
There are a number of essential elements that must be present in order for your Loan Agreement to be enforceable in a court of law.
Free Downloadable Personal Loan Agreement
- A Loan Agreement must be in writing so that a court can refer to the written record.
- The Agreement must be a promise to pay money.
Free Template Loan Agreement Australia
- The Agreement must indicate a specific amount of money that will be paid. This does not apply to any interest that may be required. If an Agreement specifies an interest rate but does not include a dollar amount, it is still valid.
- The borrower and lender must both sign the Agreement
How to modify the template
You fill out a form. The document is created before your eyes as you respond to the questions.
At the end, you receive it in Word and PDF formats for free. You can modify it and reuse it.