Does a Loan Agreement need to be Witnessed?
There is no requirement to have a loan agreement witnessed as it is not a deed and therefore can be signed under hand as a simple contract.
There are steps which we always take at Francis Wilks & Jones to ensure that the loan agreement is correctly executed.
It is important to check that the individuals who intend to sign are the company’s authorised signatories. If a party will be signing in more than one capacity there should be a separate signature block for each capacity.
It is also vital to consider security documents which support the loan agreement. These may need to be witnessed as deeds.
Powers of attorney may be needed if all the parties cannot be present at completion to sign the loan agreement. Powers of attorney need to be witnessed as deeds and confer the right for another party to step in and sign on behalf of the party who is not present.
Contact a team of banking and finance lawyers who are experts on business loans
Whatever the nature of your enquiry, Francis Wilks & Jones has a leading commercial lending team to help you to understand your loan agreement. We have broad expertise in drafting loan documentation and can assist you with any questions that you might have about how to execute your loan agreement.
Our knowledge of business loans is second to none. Whatever your enquiry, we can assist with your banking and finance questions. Call us now to speak to a friendly solicitor.