Virgin Money USA, Inc. is a financial services firm providing specialized loan documentation and payment processing services to individuals involved in private loan transactions. Virgin Money is not a law firm or accounting firm and does not provide legal or tax advice. Virgin Money is not a lender and does not lend money. A private loan is a significant legal transaction and every person's situation is unique. Any individual contemplating a private loan transaction should carefully review the risks and benefits of such a transaction before entering into it. Virgin Money does not give legal advice in any form or practice law in any way, and Virgin Money makes no assurances or warranties, express, implied, or statutory that the Loan Documents or the terms of the Loan are legally enforceable in a specific jurisdiction by any competent court or administrative body.
Real Estate Title Reports. As part of Virgin Money's preparation of Loan Documents for any Loan involving a security interest in real estate, Virgin Money obtains a report listing the current owner and the legal description of the subject property from an outside provider. The purpose of this report is to (1) provide a legal description for the subject property so that Virgin Money can prepare the Loan Documents; and (2) to confirm that the party signing the mortgage is the current owner of the property. For an additional fee, Virgin Money offers more advanced title report/search options which provide more detailed information regarding the real property.
THESE REPORTS ARE SOLELY FOR VIRGIN MONEY'S USES AND THEY ARE NOT INTENDED TO PROVIDE INFORMATION REGARDING THE LEGAL STATUS OF ANY SPECIFIC PARCEL OF REAL PROPERTY. THESE REPORTS DO NOT PROVIDE ANY PROTECTION FROM POTENTIAL LEGAL CLAIMS RELATING TO THE TITLE OF THE REAL ESTATE. LIEN POSITION CAN ONLY BE GUARANTEED IF CLIENT PURCHASES A FULL TITLE SEARCH AND TITLE INSURANCE ALONG WITH VIRGIN MONEY'S SERVICES. VIRGIN MONEY IS NOT RESPONSIBLE FOR ERRORS OF ANY KIND CONTAINED IN DOCUMENTS MAINTAINED BY MUNICIPAL AND STATE AUTHORITIES WHICH ARE SEARCHED AS PART OF THE TITLE REPORTS RECEIVED BY VIRGIN MONEY. BORROWERS AND LENDERS ARE SOLELY RESPONSIBLE FOR DETERMINING THE STATUS OF THE TITLE TO ANY PROPERTY THAT MAY BE USED AS SECURITY FOR A LOAN.
Priority of Liens. Virgin Money will not guarantee or warrant the priority or position of any lien it records on real or personal property unless the parties purchase title insurance along with Virgin Money's services.
UCC Financing Statements. Virgin Money does not research the status of title nor the presence of prior existing liens for any personal property used to secure private loan transactions. For an additional fee, Virgin Money offers UCC searches which will provide more detailed information regarding the private property being used as security.
Use of Loan Documents. Borrower and Lender hereby agree that the Loan Documents and any other services provided by Virgin Money are intended solely for the specific transaction between Borrower and Lender and are for the sole and exclusive use of Borrower and Lender. Any subsequent modifications by the Borrower or Lender to the Loan Documents are done at the sole risk of the party making the changes. Virgin Money will not be responsible for the legal validity of such changes or the affect such changes may have on the validity or enforceability of any Lon Documents which have been altered by the Borrower or Lender.
The Loan Documents provided by Virgin Money may not be copied, modified, published, broadcast, or otherwise distributed. Any commercial reproduction or redistribution of the Loan Documents not in accordance with this Agreement is expressly prohibited by law, and may result in severe civil and criminal penalties. Violators will be prosecuted to the maximum extent possible. Any other use of the Loan Documents other than those contemplated by this Agreement constitutes a violation of this Agreement.
Compliance with state and federal laws. Borrower and Lender are solely responsible for assuring that requirements under any state or federal aws that may apply to the Loan have been met, including the preparation and delivery of any disclosures, notices or other documents required by state or federal law.
Validity of Terms of Loan. Borrower and Lender are solely responsible for establishing the terms of the Loan and for determining if the Loan terms are in compliance with any applicable local, state or federal laws, including but not limited to laws relating to usury and income tax liability. Virgin Money makes no representation regarding the legal validity or enforceability of the terms of the Loan between Borrower and Lender and assumes no responsibility under this Agreement for enforcing or interpreting the terms of the Loan. Provision of Loan Documents formalizing the Loan between the Borrower and Lender do not imply Virgin Money's endorsement of, liability for or participation in the creation of the terms of the Loan, or any contract, agreement or other arrangement, whether lawful or illicit, reached by Borrower and Lender.
Any dispute between or among Borrower and Lender and their respective successors in interest regarding sums due and paid, or for the compliance with other terms under the Loan Documents and any underlying agreement and similar matters is not the responsibility of Virgin Money. Borrower, Lender and their respective successors in interest jointly and severally shall indemnify and hold Virgin Money harmless from any liability, claim, demand, loss or expense by any party against Virgin Money as a result of or arising out of its performance of the services described in Section I, A above.
Disclaimer of Warranty. BORROWER AND LENDER HEREBY AGREE THAT VIRGIN MONEY PROVIDES THE LOAN DOCUMENTS "AS IS" AND, AS PERMITTED BY GOVERNING LAW, WITHOUT ANY WARRANTIES WHATSOEVER INCLUDING, WITHOUT LIMITATION, ANY EXPRESS OR IMPLIED WARRANTY AS TO TITLE, MERCHANTABILITY, NON-INFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE.
Limitation of Liability. IN NO EVENT SHALL VIRGIN MONEY BE LIABLE FOR (I) DAMAGES CAUSED OTHER THAN BY INTENTIONAL MISCONDUCT OR (II) FOR ANY INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES WHATSOEVER (INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOST PROFITS, DISCLOSURE OF CONFIDENTIAL INFORMATION, OR LOSS OF PRIVACY), ARISING OUT OF OR IN ANY WAY RELATED TO THE USE OF OR INABILITY TO USE THE SERVICES OR THE VIRGIN MONEY WEBSITE OR ANY OF THE ASSOCIATED SERVICES, EVEN IF VIRGIN MONEY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
Malfunction of Computer Equipment and Software. Virgin Money shall not be responsible for any failure in the Services due to malfunction or loss of equipment, software or Internet service providers used by Borrower, Lender or Representative; or from the malfunction or failure of equipment, software or services used by Virgin Money which are beyond the reasonable control of Virgin Money.
Use of Third Parties by Virgin Money. Virgin Money reserves the right to use other companies to perform services for Virgin Money ("Third Party Service Providers"). Borrower, Lender and Representative hereby agree to cooperate fully with Virgin Money and any Third Party Service Providers to assure the accurate and timely preparation and execution of all Loan Documents and processing of Loan Payments.
Unauthorized Access or Interception of Data. Virgin Money will have no liability in connection with any unauthorized interception, alteration or use of data relating to the Services including, but not limited to, e-mail correspondence; any inability to use or access the Services or the Virgin Money website for any reason; any actions or transactions by an individual or party using Borrower's, Lender's and/or Representative's name and password without authorization; or any cause over which Virgin Money does not have direct control, including problems attributable to computer hardware or software (including computer viruses), telephone or other communications, or the parties' respective Internet service providers.