Real Estate and Finance Attorney David Soble Warns Small Business Owners and Consumers Must Stop Agreeing To These 5 Contract Provisions

David Soble http://www.proven-resource.com/ Proven Resource LLC 888-789-1715 David Soble http://www.proven-resource.com/ Proven Resource LLC 888-789-1715  When it comes to signing a contract, whether it be for real estate, a loan, a lease, a car, boat or any type of service, most people will sign a contract with the intention of complying with its terms.  They enter into a contract feeling that its provisions would never apply to them, because they have no intention of defaulting. But in the event of unforeseen circumstances, these terms and provisions are meant for when one defaults. David Soble http://www.proven-resource.com/ Proven Resource LLC 888-789-1715  Here are the five harshest provisions commonly found in financing agreements. They are listed in no particular order of severity, but suffice to say, a borrower should avoid having these terms included within the contract if they can. If they can't, a solution is suggested on how to reduce the intended consequences of such provisions. David Soble http://www.proven-resource.com/ Proven Resource LLC 888-789-1715  1. Prepayment penalty ("PPP"). Essentially, this term makes one pay an additional percentage of the loan balance when paying the balance off in advance of the intended due date. For instance, a 3% prepayment penalty on $100,000 means that a fee of $3000 is owed to the lender. What a waste. David Soble http://www.proven-resource.