SWORN TRANSLATION OF LOAN AGREEMENTS
Due to globalisation and the rise of the international market, economic translation has become one of the most demanded services by international clients, caused by the countless business relationships that exist between people or companies from different countries. In this context, the sworn translation of loan agreements becomes particularly relevant and in demand. That is why it is important to be informed about this type of agreement, its characteristics and in which situations its translation is relevant. Thus, in today’s post we will analyse the Sworn translation of loan agreements.
What is a loan agreement?
We can define a loan agreement as an action whereby the lender delivers a given object or amount of money to the borrower, who undertakes to use it for a certain period of time and then to repay it according to the term fixed in the legal document.
Characteristics of a loan agreement
Among the information that must be included in a loan agreement, there is lots of important data. First, it is essential to identify the lender and the borrower. The amount of the loan or the object to be lent, the maturity and the form of repayment must be specified. It is also essential that the interest is paid, and that the purpose of the loan and any additional legal provisions are included in said agreement. Similarly, loan agreements are also distinguished by their one-sidedness, as only the borrower assumes obligations. It is important to have a good grasp of this information for the subsequent translation of the document.
Types of loan agreements
There are two common types of loan agreements. On the one hand, there is the bank loan agreement, in which one of the parties is a trader, such as financial or banking institutions. On the other hand, there is the commercial loan agreement by Crowdlending, by which investors are the lenders of the money.
Sworn translation of loan agreements
In most cases, the sworn translation of loan agreements is necessary in the field of monetary loans made by financial institutions. Due to globalisation, many real estate companies are looking to expand their horizons, which is why there has been an increase in the number of foreign buyers requesting loans from banks, which must therefore be translated in order to be understood by both parties.
Other situations where translation is needed
Similarly, the sworn translation of loan agreements is also essential in those transfer or purchase and sale operations, through which financial institutions lend money to a foreign citizen for the acquisition of a specific product or service. In this case, the sworn translation of loan agreements will facilitate the correct understanding of the agreement by both parties before it is signed.
Given the importance of the correct translation of this type of agreement in order to be able to formalise the agreement without problems, it is necessary to rely on sworn translators who are duly accredited to be able to carry this out and give legal validity to the translation. At Traductores Jurados iTrad, we have a team of specialised sworn translators accredited by the MAEUEC. Do not hesitate to contact us at info@itrad.es! and we will give you a free quote. Please follow this link to learn more about loan agreements.
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