Drafting Simple Loan Agreement

Summary

When drafting a loan agreement between friends, include names, loan amount, repayment terms, interest rate, default terms, and signatures. Ensure clarity and mutual understanding to prevent future disputes. Consider consulting a legal professional for detailed guidance.

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I'd like to write a simple short legal agreement between a friend and myself, she is paying off my mortgage, I will pay her the balance within ten years.
Hey ****! Here are some key points you might want to include in your agreement:
- Parties Involved: State your names and addresses.
- Loan Amount: Specify the total amount your friend is paying off.
- Repayment Terms: Detail how you will pay her back, including the timeline (ten years).
- Interest Rate: If applicable, mention any interest on the loan.
- Default Terms: What happens if you fail to repay according to the terms.
- Signatures: Ensure both parties sign and date the agreement.
Would you like more detailed help with any part of this?