Some facts about the much talked about bank guarantee
• The guarantee is mandatory and included in the purchase price : a preliminary sale agreement which does not come with this bond is viod, the developer cannot charge you in addition for this.
• The guarantee must be issued by a bank / insurance company licensed for this purpose by theThe payment of the deposit and the guarantee
• The guarantee should registered at a specific Registry held by the Bançk of Italy
• The guarantee must cover all the sums paid by the buyer to the developer until the signing of the deed of sale
• The guarantee covers the event of developer’ s bankruptcy or financial crisis
• The guarantee must contain a clause stating that , should the developer go bankrupt , the insuring company shall pay the due sums within 30 days directly to the buyer , without any prior need of legal action against the developer for the recovering of the sums.
All the above criteria need to be fullfilled and if they are not the preliminary contract is void.
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what happens if the bank guarantee has expired?do they not have to be renewed each year??
ReplyDeleteThere is a legal requirement for your monies to be guaranteed, therefore it needs to be renewed should it expire.
ReplyDelete