A Chattel Mortgage Agreement, also known as a Chattel Mortgage Deed, is a legal contract where the borrower provides a personal possession (chattel) as security for a loan from the lender. In Kenya, this is a critical document when securing a loan with personal property.
Why You Need a Chattel Mortgage Agreement
This document is crucial because it provides a legal framework for the lender's security interest in the borrower's chattel. It ensures that you have the legal rights to the chattel should the borrower default on the loan. Without a Chattel Mortgage Agreement, your rights as a lender may not be protected, and you may face difficulties recovering your loan.
What's Included in a Chattel Mortgage Agreement Template?
Details of the lender and borrower
Description of the chattel
Loan terms and conditions
Default and remedy provisions
Signatures of both parties
Is It Legally Valid in Every jurisdiction?
While our Chattel Mortgage Agreement Kenya template is designed to comply with Kenyan laws, it's always wise to consult a legal professional to ensure compliance with your specific circumstances. The legal validity of the document can vary based on local regulations and laws. Customize Your Chattel Mortgage Agreement Kenya Form Now