What are the requirements for a valid loan agreement?

In Georgia, a valid loan agreement requires that the parties involved meet certain requirements. First, both the lender and borrower must be over 18 years of age and of sound mind. The agreement must also be written in plain language, explain the terms of the loan, and include the amount of the loan, the interest rate, the duration of the loan, and the repayment schedule. Additionally, the lender must provide the borrower with a copy of the agreement. Furthermore, both parties must agree to the terms of the agreement and sign it. Finally, the agreement must be notarized by a Notary Public to be valid. A Notary Public is an official government employee who is authorized to witness and authenticate documents, such as loan agreements. In Georgia, the Notary Public must also sign and seal the loan agreement before it is finalized. In conclusion, a valid loan agreement in Georgia requires the lender and borrower to be of legal age, be of sound mind, agree to the terms of the agreement, and have a notary authenticate and seal the agreement. Following these requirements will ensure that the loan agreement is legally binding and enforceable in the state of Georgia.

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What are the requirements for a valid loan agreement?

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