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What is a bank guarantee?

If your buyer does not have the cashflow for the purpose of making a cash deposit payment upfront, they may offer to give you a bank guarantee as security for the full deposit amount. A bank guarantee is basically a document provided by the buyer’s bank to confirm that they have the requisite amount of money in one of the accounts held in the buyer’s name and can provide the funds to the seller if it is claimed by the seller under the bank guarantee. Once given to you, the buyer will not be able to access the funds secured under the bank guarantee. However, you should get your conveyancing lawyer to check the conditions of the bank guarantee before accepting. If the standard contract used does not provide for the deposit by bank guarantee, you’ll need your conveyancing lawyer to specifically write one into the contract as a special condition to govern the use of it.

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Nikola Dubois
12 Apr 2024
Lead was amazing. Made the process so easy and stress free. Maria our paralegal was an absolute delight to work with. I felt very safe in her hands, knowing she was covering it all. Thanks so much Lead Conveyancing!
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Ganesha Liyanage
10 Apr 2024
My partner and I had a wonderful experience with Lead Conveyancing during the purchase of our investment property. Kristy Fletcher, our assigned conveyancer, exhibited exceptional professionalism throughout the entire settlement process. Her meticulous attention to detail and prompt responses ensured that every aspect of the transaction progressed seamlessly. We highly recommend Lead Conveyancing for anyone seeking a smooth and efficient property transaction experience.
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matthew roberts
10 Apr 2024
Very knowledgeable and excellent service. Can not recommend Maria enough ,the help she provided me with in the small details of selling made it very easy and the communication throughout was top notch. Thanks again Maria for all your help.
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