Construction Loan Affidavit and Agreement,
Construction loan affidavit and agreement
The loan for the construction on a piece of land requires the owner to produce an affidavit stating that he is the sole owner of the property in question and needs a loan to carry out construction work. The loan in such cases is dependent on the ability of the owner of the land to furnish the details of his ownership and the rightful ownership of the land or property.
There are three people who need to sign the construction loan affidavit and agreement. They are the owner of the land or the construction site, the contractor who is going to carry out the work of construction n the property as well as the notary public in whose presence the formerly mentioned people need to sign the document.
The man thing in this is the proof of the title of the property. It is the obligation of the person who is trying to obtain the construction loan from the lender to provide the proof of his rightful ownership. If he fails to provide such a proof it is the most likely that the lender may refuse to sanction the loan owing to the possibility of the owner and the money of the lender getting caught in some kind of litigation.
It is in the benefit of the lender tha the person asking for loan first produces the papers that show that he is the sole owner of the land or property and has the right to get any construction done there.
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