Bank forms requiring declarations and Independent Legal Advice (ILA) certificates
Certain bank applications, forms or procedure require an Independent Legal Advice (ILA) Certificate. This requirement of independent legal advice is a usual requirement before entering into an agreement or a transaction.
The purpose of an independent legal advice is to signify the voluntariness of the parties, confirming their informed consent free of being pressured or bullied.
The process will involve the party and the lawyer to go over the document, key indicators and finer points of the agreement or the transaction, helping the client to understand the context of the legal terminologies and the outcome and possible risks of signing or not signing the document.
An independent legal advice is required in financial situations like sale and purchase of a property, mortgage refinancing, loan agreements and certain domestic relationship cases like adoption, marriage, cohabitation, separation and/or divorce.
Bank form declarations like the ones in account opening form, account closing form, a loan form, mortgage form or a wire transfer form require you to confirm the information provided is true and accurate to be witnessed by a bank employee or a notary public.
Caution must be taken because mistake made (usually correctable) may attract penalty and / or punishment.
How can PPS LAW PROFESSIONAL CORPORATION help you?
If you require further assistance in the above matter, please contact us. We are Immigrant-founded, multilingual and accommodating to cater the needs of all walks of life including the working-class community. As experienced professionals, we have been successfully assisting clients in this matter to their satisfaction. Contact us today.