Finance

Deposit Bonds

A deposit bond is a guarantee to the vendor, by an insurance company, that they will receive their 10% deposit, even if the purchaser defaults on the contract of sale.

You, the purchaser, are able to prove this guarantee to the vendor by paying a small premium to the insurance company.

All purchase funds are paid a settlement. In the ordinary course of events, settlement takes place, the purchase price is paid in full and the deposit bond simply lapses.

 

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