Loans due to the trust can be added with the following information:
- Amount due
- Name of the borrower
- The annual interest rate
- Details on any security put in place
- The term date
Most loans will be a Promissory Note.
An Agreement for Sale (Instalment Sale in Quebec), on the other hand, is a rarely used contract where the buyer agrees to pay the purchase price of a property over time. During the course of the loan, the seller maintains the title of the land, but on full payment, the seller is obliged to transfer the title to the buyer.
Any Loan Payments can be recorded in the Trust Accounting section.
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