Bank Guarantee interaction with Habitation Licence

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This topic contains 1 reply, has 2 voices, and was last updated by  Anonymous 12 years, 3 months ago.

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  • #52039

    Anonymous
    Participant

    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.

  • #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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