How to use the guarantees

​Standard guarantee when buying newly built real property

Use this standard guarantee when buying a turnkey home or owner-occupied flat from a business operator. These are homes planned or under construction.
 

Standard guarantee when buying a newly built housing society unit - con-tractor-managed

Use this standard guarantee when buying a newly built, turnkey cooperative housing society unit from a business operator.
 
When buying this type of property you should be aware that three parties are involved. The subscription agreement is made between you as the consumer and the project operator. Once construction is complete, the property is handed over to the cooperative housing society. As a member of a cooperative housing society, you do not own your home but hold the right of use to a certain dwelling unit. For example, problems arising from defects in the property will be a matter to be dealt with between the owner of the property (the cooperative housing society) and the contractor.
 

When buying a newly built housing society unit - user-managed

Use this standard guarantee when buying a newly built, turnkey cooperative housing society unit from a recently established cooperative housing society or one being established.
 
This guarantee differs from the others in that it does not require the same degree of consumer protection. In the two other situations, an agreement is made between a consumer and a contractor - two independent persons who may have completely different interests. However, in the user-managed model the agreement is made between a member of a cooperative housing society and the society of which he or she is a member. The housing society member thus has direct influence on the building project and process.
 

When buying existing real property

Use this standard guarantee when buying an existing property.
 

When buying an existing housing society unit

Use this standard guarantee when buying an existing cooperative housing society unit. It can be used both when the sale is made through a cooperative housing society and if an estate agent is involved.
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