Bank Guarantee interaction with Habitation Licence

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    • July 26, 2006 at 11:44 am #52039
      Anonymous
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      Does the bank guarantee automatically cease with the issue of the Habitation Licence ?
      Is the position altered if the developer has not applied or conceded a time extension to the original contract.

    • July 26, 2006 at 2:07 pm #64151
      Anonymous
      Participant

      @Michael521 wrote:

      Does the bank guarantee automatically cease with the issue of the Habitation Licence ?
      .

      The answer is yes. The BG is an insurance against the developer going bankrupt or not completing the property. Once you have the LFO, the developer has delivered and the property is ready to be occupied legally.

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