Lawyer for Independent Legal Advice (ILA) in Calgary, Alberta

INDEPENDENT LEGAL ADVICE (ILA)

Your Calgary lawyer to advise and provide Independent Legal Advice (ILA).

Schedule an appointment with our law firm at 403-400-4092 or Chris@NeufeldLegal.com

When it comes to numerous legal and financial transactions, the legal documentation requires that specific signatories attain independent legal advice (ILA) and certification from the lawyer as to the signatory's receipt of ILA. This legal requirement emanates from the need for each of the parties to prove that they were independently apprised as to the contractual arrangement that they are entering into and that it has been properly explained to them by a lawyer, in particular as to the legal consequences. As such, for the documentation to have legal effect, it must be supported by an ILA, such that it is legally enforceable as against each of the signatories (and without which there is no legally enforceable arrangement).

In such circumstances, you need to receive the unvarnished truth as to what you are signing off on, recognizing that without your signature, what is sought to be achieved under the signed document will not proceed. This is the reality of being required to obtain Independent Legal Advice, as you are committing to fully accepting the legal obligations in the underlying legal documents. Situations requiring independent legal advice:

  • Personal Guarantees provided in furtherance of a corporation's commercial arrangements, including a bank loan, financial obligation, commercial lease, franchise arrangement, car loan, with the ILA being set out in a Guarantees Acknowledgment Act Certificate that needs to be signed off by the lawyer.

  • Personal Guarantees provided by a parent in furtherance of an adult child's student loan, car loan, or other financial obligation, with the ILA being set out in a Guarantees Acknowledgment Act Certificate that needs to be signed off by the lawyer.

  • Co-signing a Mortgage or Loan for another person, such that as co-signatory you are assuming personal liability for that mortgage or loan, which comes with significant financial risk, such that commercial lenders seek ILAs from co-signatories.

  • Cohabitation, Prenuptial, and Postnuptial Agreements made by unmarried or married couples to define the division of property and other matters in the event of a separation, for which each party requires their own separate and independent legal counsel, with each lawyer providing an ILA to be included with the principal agreement (and substantiate its enforceability).

  • Separation Agreements between married couples that are separating or divorcing, and there is a division of property, the Family Property Act (Alberta) specifically requires that each spouse have received Independent Legal Advice to be legally enforceable.

  • Termination of Common Law Relationship Agreements as between Adult Interdependent Partners (common law partners) with each stating their intention to live separate and apart with no possibility of reconciliation.

  • Waiver of Dower Rights, as the Dower Act (Alberta) protects a spouse's right to their matrimonial home, such that a waiver of dower rights cannot occur without ILA, as the spouse needs to understand from a lawyer the implications of giving up their claim to the home.

  • Shareholders to a proposed Shareholders Agreement can benefit from independent legal advice, although it is not mandated by statute, it is beneficial to properly understand the rights and restrictions that will be imposed on the shareholder and their shareholding once they sign off on the shareholders agreement.

Important Note for Anyone receiving Independent Legal Advice: For anyone being asked to receive Independent Legal Advice (ILA), it is crucial to understand the significant financial responsibility and risks involved. If there wasn't serious risk, ILA would not be sought, especially where it is required by statute, such that the government considers the financial exposure sufficiently serious, that the government has legislated in those instances the attainment of ILA [about our law firm providing ILA and controlling cost].

When you are required to a knowledgable lawyer to advise and provide Independent Legal Advice, contact Calgary ILA lawyer Christopher Neufeld by email at Chris@NeufeldLegal.com or by telephone at 403-400-4092 to schedule an appointment (including evening mobile legal services).

 

Independent Legal Advice (ILA)