The Mortgage Loan Agreement is a fundamental document in South African property financing, used when a lender provides funding secured against real property. It must comply with the National Credit Act 34 of 2005, the Financial Sector Regulation Act, and other relevant legislation. The agreement is essential for both residential and commercial property transactions, providing security for the lender while ensuring borrower protections under South African law. It details loan terms, security arrangements, borrower obligations, and enforcement mechanisms, incorporating mandatory consumer protection provisions and disclosure requirements. The document is typically prepared following property valuation and credit assessment, forming part of the security registration process at the Deeds Office.
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1. Parties: Identification of the Lender and Borrower with full legal names and registration/identification numbers
2. Background: Context of the agreement, including purpose of the loan and brief description of the property
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules for interpretation
4. Loan Amount and Purpose: Specification of the loan amount, purpose, and any conditions precedent to drawdown
5. Interest and Fees: Interest rate, calculation method, fees and charges as per National Credit Act requirements
6. Repayment Terms: Payment schedule, method of payment, and early repayment provisions
7. Security Arrangements: Details of the mortgage bond, property description, and registration requirements
8. Borrower's Warranties and Representations: Confirmations and guarantees provided by the borrower regarding their capacity and the property
9. Borrower's Obligations: Ongoing obligations including property maintenance, insurance, and compliance with laws
10. Events of Default: Circumstances constituting default and consequences thereof
11. Enforcement and Remedies: Lender's rights and remedies in case of default, including foreclosure procedures
12. Costs and Expenses: Allocation of legal costs, registration fees, and other expenses
13. Notices and Communications: How formal communications between parties should be made and delivered
14. General Provisions: Standard clauses including governing law, jurisdiction, and entire agreement provisions
1. Guarantees: Required when there are third-party guarantors for the loan
2. Insurance Requirements: Detailed section needed when specific insurance arrangements are required beyond standard building insurance
3. Property Letting Restrictions: Include when there are specific restrictions on the borrower's ability to lease the property
4. Further Advance Provisions: Include when the facility allows for additional borrowing against the same security
5. Special Conditions: For any non-standard terms specific to the particular loan or property
6. Electronic Communications: Required when parties agree to use electronic communications for formal notices
7. Fixed Rate Terms: Include when offering fixed interest rate options and associated conditions
8. Building Loan Provisions: Required when the loan is for construction purposes
1. Property Description Schedule: Detailed legal description of the mortgaged property including erf number, title deed details, and physical address
2. Payment Schedule: Detailed amortization schedule showing payment dates, amounts, and interest calculations
3. Fee Schedule: Comprehensive list of all applicable fees and charges as required by the National Credit Act
4. Insurance Requirements Schedule: Detailed specifications for required insurance coverage
5. Pre-agreement Statement and Quotation: Statutory pre-agreement disclosure as required by the National Credit Act
6. Security Documents: List of all security documents including the mortgage bond and any additional security
7. Standard Terms and Conditions: Bank's standard terms and conditions incorporated by reference
8. Construction/Building Specifications: Required for building loans, detailing approved plans and specifications
Relevant legal definitions
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Relevant Industries
Banking & Financial Services
Real Estate
Property Development
Construction
Mortgage Lending
Legal Services
Insurance
Property Management
Financial Advisory Services
Relevant Teams
Legal
Credit Risk
Compliance
Mortgage Operations
Property Finance
Document Management
Client Relations
Commercial Banking
Retail Banking
Credit Administration
Property Services
Transaction Banking
Relevant Roles
Mortgage Loan Officer
Credit Manager
Legal Counsel
Compliance Officer
Property Lawyer
Conveyancer
Real Estate Agent
Financial Advisor
Credit Risk Analyst
Banking Operations Manager
Property Finance Specialist
Loan Administrator
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