When an individual or an organization borrows money in order to construct a specific property, a document is drafted which is a promissory note that obligates the borrower to repay the money to the creditor.
This document is known as a construction loan note agreement. The document helps in protecting the interest of both the parties. The agreement also helps to prevent any misunderstanding arising between both the parties.
The agreement is drafted using legal language. There is also the signature of a witness in the agreement and the witness is usually a notary public. There are terms and conditions laid down in the loan note agreement which are required to be followed by the borrower. The other details mentioned are:
- The amount of loan taken
- The period in which the borrower is supposed to return the loan
The name and contact details of both the borrower and lender.
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