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Old 28th August 2005, 17:52   #1 (permalink)
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How secure is a bond?

I have come across a situation where an estate agent offers a `bond` until such time the Tapu comes through and the property is therefore in the new owners name. Does anyone have any information on this as in how secure is this. The reason i ask is that it might be useful if one were to get a build done and bonds could be issued to cover stages of the work to a stisfactory standard.
The information is 2nd hand so don`t have anything more specific.
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Old 28th August 2005, 18:19   #2 (permalink)
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Re: How secure is a bond?

I would think that it's like a personal IOU or a cheque, as long as the issuer has enough assets to cover the 'Bond' you are safe.

So, it depends on who issues the bond and how secure they are?
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Old 28th August 2005, 19:29   #3 (permalink)
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Re: How secure is a bond?

Quote:
Originally Posted by juco
I have come across a situation where an estate agent offers a `bond` until such time the Tapu comes through and the property is therefore in the new owners name.
Avoid like the plague! These sort of Bonds/promises are not worth the paper they are written on.



Merv!

Last edited by merlin; 28th August 2005 at 19:36..
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