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I AM TRYING TO PREPARE A LEGAL DOCUMENT FOR THE BANK, TO DRAW…

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I AM TRYING TO PREPARE...
I AM TRYING TO PREPARE A LEGAL DOCUMENT FOR THE BANK, TO DRAW A DEFINITE LINE BETWEEN ASSETS REGARDING ANOTHER INDIVIDUAL AND MYSELF
Submitted: 8 years ago.Category: Canada Law
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Answered in 10 minutes by:
6/24/2010
Lawyer: Debra, Lawyer replied 8 years ago
Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 106,020
Experience: Lawyer
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debra thal :

What does the bank want?

Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 106,020
Experience: Lawyer
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Debra and 87 other Canada Law Specialists are ready to help you
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Lawyer: Debra, Lawyer replied 8 years ago
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If you are still working with your Expert on this question, you can post additional replies and receive additional information on this page.  If you received a satisfactory answer in Chat, you can accept the chat conversation above.
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Lawyer: Debra, Lawyer replied 8 years ago
What does the bank want?
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Lawyer: Debra, Lawyer replied 8 years ago
I see that you`ve accepted but I have not even given you an answer yet because you never answered my question.

Can you let me know what the bank wants?

Thanks
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Customer reply replied 8 years ago

did you not recieve any of the info I sent back to you? if not, its probably more my fault than anything, I have sent back to you exactly what the bank is looking for-twice, mmaybe I am doing something wrong

Lawyer: Debra, Lawyer replied 8 years ago
No. I didn't get your answer. I ended the chat to make things simpler and it worked because I now have your last reply .

So, try one more time and this time I will get it.
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Customer reply replied 8 years ago

My friend and I pooled our assets a couple of years ago, to extend our farming operation. (my friend and I are just living in the same residence) our assets have always been our own, and claimed that way on our tax returns. now we would like to go our separate ways, and the bank is saying that because we shared a residence for 3 years, we have to get something legal together that states that we are not liable for each others debts etc. I am trying to buyout the remainder of the mutual debt, the bank has approved everything, but will not proceed without this document

Lawyer: Debra, Lawyer replied 8 years ago
That's a bit odd. There is no legal basis for you to be liable for each other's debts. Even married spouses are not.

I think the best thing to do is have a lawyer draw up a one page document that you both sign and that is witnessed and dated so that the bank see it's a formal and binding document.

What you can do to find a lawyer is one of the following things.

You can contact the Law Society and use their Lawyer Referral Service. You will be given the name of a lawyer and can consult with the lawyer and the first half hour will be free.

Or you can check on a site called lexpert. This is a legal directory of leading lawyers and law firms throughout Canada and is well-respected by the legal community.

Here's the link to their website:

http://www.lexpert.ca/Directory/DirectoryContent/FindLawyersOrFirm.aspx

It should not cost you very much at all.
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Customer reply replied 8 years ago
thank you so much - Iknow nothing of bank policies etc. and things were sounding very conflicting.
Lawyer: Debra, Lawyer replied 8 years ago
I don't understand this at all so it makes sense that you don't.

It's just easier to listen to them even though they are not making much sense.
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