A special-purpose loan agreement to protect the rights and interests of its participants is drawn up in accordance with a number of provisions of the law. In addition, in fact, the Civil Code there are other regulatory acts. Additional regulation arises in relations between legal entities.
Loan form
It is considered commonplace to lend. In recent years, people are used to contacting a bank and taking money on credit there. However, sometimes it’s easier to take from someone you know because of a bank failure or for other reasons. The law allows such an opportunity and to some extent regulates this issue. Since relations are built between two citizens, there is no such supervision and scope of requirements, as is the case with banks. The law only outlines the boundaries within which it is possible to act.
The target loan agreement between individuals is not subject to the norms obliging to have a license and permits from the state.
Definition
The loan is conditionally divided into two types:
- money is taken without specifying goals (for example, bank credit cards);
- money is taken for a specific purpose (this is what the target loan agreement is called).
How important is the goal condition? Depending on the relationship of the parties and the approach of the lender. In banks, for example, the agreement indicates that if the client spends money not for the designated purposes, the lender has the right to demand it back early. A fine or other sanction for violation is also imposed.
To avoid this, the money according to the target loan agreement is transferred to the seller’s account for the goods or services. The third option is also assumed, when in fact the money is spent at the discretion of the client, and the bank does not really deal with the verification of what the money was spent on.
For what purposes a loan is issued
Funds are allocated for the following expenses (the list is not limited and represents the most frequent requests):
- acquisition of residential or non-residential real estate (home, apartment, land);
- purchase of transport (car, motorcycle, etc.);
- real estate construction;
- tuition payment.
Below we consider some features of the available options.
Real Estate Acquisition
The parties are entitled to apply the standard form or to develop the text of the contract based on their own needs. Here are the features of the target loan agreement in case of real estate purchase:
- the buyer must take all measures to ensure the purity of the transaction in terms of law;
- the amount of the loaned amount does not go beyond the price of the object;
- the lender has the right to access the contract of sale and other documents (extracts from the register of rights, cadastral passport, reports of appraisers, etc.) there are no restrictions by law.
Under legal purity, there is a lack of arrest, pledge, disputes, other circumstances, because of which the right of ownership can be in jeopardy. After all, if the borrower does not pay off the debt, the lender reserves the object.
A targeted housing loan agreement means that money is spent on a specific project (paid for by a project already developed by the construction company) or ready-made housing is purchased.
Features of the acquisition of a car
A car has never been a cheap purchase, now to buy a good car, you need to spend a significant amount of money. It is difficult to accumulate on your own, and banking programs are too burdensome, and you have to resort to a loan. Target loan agreement between physical persons can be a salvation. There is no installation for the purchase of a car exclusively in the cabin. Many are satisfied with a used, but quite high-quality machine.
It is important to write down the real price for which it was purchased, technical specifications and year of manufacture. With their help, it is easy enough to identify the acquisition.
Housing construction
Compared to a purchase, a contract is more complicated. Firstly, you already have a house project on hand. Secondly, an agreement should already be signed with the company that will be involved in the construction. In order not to have problems, for the construction of a house that goes beyond certain parameters stipulated by urban planning legislation, they receive a permit. The contract also refers to the land provided for construction. It is either leased or acquired in the property. The lack of formalized rights makes a deal with a loan risky.
Information about the project, the developer and the land plot are noted in the loan agreement.
Since erection is a complex and lengthy process, an agreement with the borrower provides for a control procedure over the spending of the received amount.
Tuition money
Funds are borrowed to pay for services in a particular institution. The faculty or department, the duration of training, other information that is important for the specification of conditions is indicated.
The procedure for spending funds is also prescribed. They can be transferred to the account of the organization.
Target loan agreement between legal entities
The law does not prohibit such transactions between organizations. There are several nuances:
- conditions are detailed in the agreement;
- such transactions are subject to control by the tax authorities;
- a loan is made at one’s own expense without the use of money or property of third parties;
- the transaction is executed in full agreement (one receipt is not enough);
- funds are transferred by money transfer, things - by the act of transfer of property.
If the document does not say anything about interest, the calculation is based on the Central Bank rate.
A transaction is considered gratuitous if the other party does not have counter obligations.
Interest
The law gives the right to charge for the use of money on the terms specified in the contract or in the amount of the refinancing rate established by the Central Bank.
If the agreement does not say anything, then the calculation is done at the Central Bank rate. The absence of clauses on interest means the conclusion of an interest-free targeted loan agreement in the following cases:
- the amount of the transferred amount does not exceed 50 minimum wages;
- things that are individualized are transferred for use;
- the agreement does not apply to entrepreneurial activity conducted by at least one of the parties to the transaction (the transaction does not affect the process of making a profit).
Interest earned is accounted for in accordance with the Tax Code as non-operating income and is subject to income tax. In the case of individuals, personal income tax rules apply.
What time is issued
The parties at their discretion determine the period for which the money is borrowed. In the case of legal entities, the points of legislation governing accounting are affected.
Clearance transaction
To conclude an agreement between citizens, it is enough to draw up a receipt; all essential conditions are stipulated in it. Organizations are forced to sign an agreement by virtue of tax law requirements. What does it look like:
- date and place of signing;
- Name, surname of the transaction of individuals, their passport details, full name of the organization, its registration number;
- subject of the agreement (amount of money or things transferred to the other party);
- rights and obligations;
- debt repayment periods;
- Payment Methods;
- terms of early repayment;
- responsibility of the parties (conditions for applying the penalty and the formula for accruing it);
- details and signatures.
The conditions may include clauses on confidentiality, to what extent the parties are obliged to keep secret about the fact of the transaction and its conditions from other participants in the civil turnover.
The list of conditions is at the discretion of the parties, and the sample, respectively, is selected for a specific situation. Specialists sometimes process several samples.
How to draw up a receipt
In the case of citizens, a receipt is required. It serves as a confirmation of the transfer of property or money to a second party. It is compiled according to a single scheme:
- place of compilation;
- information about the contract (this receipt confirms the receipt of funds according to the contract - its date and subject are indicated);
- passport data of the transferor (full name, date, place of birth, passport number, date of issue);
- passport details of the person who received the money or property (also full name, date, place of birth, passport number, date of issue of the document);
- the period for which the money was issued if the relevant condition is not in the contract.
The receipt must indicate that the lender has transferred, and the borrower has received property or money.
The receipt is either written by the hand of the person issuing it, or the completed form is used. In the second case, below, the person who issued it completely writes his last name, first name and patronymic with his own hand.
The receipt form is also chosen at your own discretion, the selected form can be altered to fit your own needs.
Finally
The target cash loan agreement is signed by both citizens and legal entities. In order not to harm yourself, it is worth writing in the contract all the important points for the parties.
An integral element of the agreement between citizens is a receipt.