Did you know that as a buyer, you set up a bank guarantee of 10% of the buying price? A bank guarantee is a certification of the bank in which it guarantees thebank will pay that amount when the buyer does not act conform to the agreements. The bank also charges for a bank guarantee. Instead of a bank guarantee,you can also choose to transfer the escrow money to the notary’s account, which is also 10% of the buying price. A bank guarantee offers certainty to the seller that the buyer will keep himself to his obligations. In case you have any questions, let us know and we’ll be happy to help! Source: Caribbean Homes |