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Home Equity Line Agreement

Home Equity Line Agreement Template for Ireland

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Key Requirements PROMPT example:

Home Equity Line Agreement

"I need a standard Home Equity Line Agreement under Irish law for a residential property in Dublin, with a credit limit of €150,000 and variable interest rate terms, to be effective from March 2025."

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Document background
The Home Equity Line Agreement is utilized when a property owner in Ireland seeks to establish a flexible borrowing facility secured against the equity in their property. This document is essential for both financial institutions and borrowers as it creates a revolving credit arrangement that allows the borrower to draw funds up to a predetermined limit, similar to a credit card but secured against property. The agreement must comply with Irish consumer protection laws, banking regulations, and EU directives, particularly the Consumer Credit Act 1995 and the European Union (Consumer Mortgage Credit Agreements) Regulations 2016. It includes comprehensive details about the credit facility, security arrangements, borrower obligations, and lender's rights, while ensuring all necessary consumer protections and disclosures are properly documented.
Suggested Sections

1. Parties: Identification of the lender and borrower(s), including full legal names and addresses

2. Background: Context of the agreement, including property details and purpose of the credit line

3. Definitions: Definitions of key terms used throughout the agreement

4. The Facility: Details of the credit line including credit limit, purpose, and availability period

5. Interest and Charges: Interest rate terms, calculation method, fees, and other charges

6. Drawdown: Conditions and procedures for accessing the credit line

7. Repayment Terms: Minimum payment requirements, payment schedule, and prepayment provisions

8. Security: Details of the charge over the property and other security arrangements

9. Borrower's Representations and Warranties: Borrower's confirmations regarding their circumstances and the property

10. Borrower's Covenants: Ongoing obligations of the borrower during the term of the facility

11. Events of Default: Circumstances constituting default and consequences

12. Lender's Rights and Remedies: Actions the lender can take in case of default or breach

13. General Provisions: Standard contract terms including notices, amendments, and governing law

Optional Sections

1. Insurance Requirements: Detailed insurance obligations - include if the lender requires specific insurance coverage

2. Joint and Several Liability: Include when there are multiple borrowers to define their joint responsibilities

3. Further Advances: Include if the agreement allows for potential increases in the credit limit

4. Property Valuation: Include if regular property revaluations are required

5. Cross-Default: Include if the agreement should be linked to other credit facilities

6. Principal Dwelling House Protection: Include specific protections if the property is the borrower's primary residence

Suggested Schedules

1. Schedule 1 - Property Description: Detailed legal description of the property securing the facility

2. Schedule 2 - Financial Terms: Detailed breakdown of interest rates, fees, and charges

3. Schedule 3 - Conditions Precedent: List of documents and conditions required before the facility becomes available

4. Schedule 4 - Drawdown Procedures: Detailed procedures and forms for requesting drawdowns

5. Schedule 5 - Standard European Consumer Credit Information: Standardized information sheet required by EU regulations

6. Appendix A - Form of Drawdown Notice: Template for drawdown requests

7. Appendix B - Direct Debit Mandate: Standard form for setting up automatic payments

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






































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Relevant Industries

Banking & Financial Services

Real Estate & Property

Consumer Finance

Retail Banking

Mortgage Lending

Legal Services

Relevant Teams

Legal

Compliance

Risk Management

Retail Banking

Credit Operations

Mortgage Operations

Product Development

Customer Relations

Documentation

Underwriting

Relevant Roles

Retail Banking Manager

Mortgage Advisor

Credit Risk Officer

Legal Counsel

Compliance Officer

Property Valuation Specialist

Banking Relationship Manager

Consumer Credit Manager

Mortgage Operations Manager

Document Specialist

Underwriter

Banking Product Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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