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Amend regulations on Guarantee in the sale or lease-purchase of an off-plan house are prescribed as follows:
A written commitment to issue a letter of guarantee is valid from the date of its signing to the date of competing the issuance of the letter of guarantee before the deadline for house handover as committed in the house purchase or lease-purchase contract, or when the guarantee provision agreement expires (whichever occurs earlier);
A written commitment to issue a letter of guarantee must have the following contents:
- Information about the guarantor and the project owner;
- Effect of the document;
- Information about the guaranteed project or project part (if only one part of the project is guaranteed);
…
Amend and supplement regulations on competence to sign guarantee provision agreements, guarantee commitments and written commitments to issue letters of guarantee
- Guarantee provision agreements, guarantee commitments and written commitments to issue letters of guarantee shall be signed by lawful representatives of credit institutions or foreign bank branches in accordance with law and internal regulations of such credit institutions or foreign bank branches.
This Circular takes effect on December 10, 2024.
