| Deposit
Choice is a guarantee issued to substitute up to 10% of
agreed purchase price in favour of the vendor. It acts
as a substitute for a cash deposit on the purchase of
a property. At settlement, the purchaser is required to
pay full purchase price. In
the event the purchaser default under the contract for
sale, the vendor can claim the guaranteed value of the
Deposit Choice from the issuer. Then, the issuer of
the Deposit Choice guarantee proceeds to recover the
amount of the guarantee of the purchaser.
The Deposit Choice terminates on the
expiry date or when the contract for sale is completed,
terminated or rescinded.
Deposit Choice can be issued to facilitate
purchase of residential or commercial properties, established
or off the plan. Cost is dependent on amount of guarantee
required, purpose and term.
If you wish to apply to purchase
a Deposit Choice guarantee, you need to complete an
application form and send it to us with the supporting
information requested in the application.
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