In RS properties, the seller must provide the company and shareholders with the securities required by the Housing Sales Act. They are the construction phase guarantee, the post-construction phase guarantee and the founding partner's default guarantee.
The system is built in such a way that one of the three guarantees of the Housing Sales Act is valid from the first sale until 10 years have passed since the building's commissioning approval.
Collateral may not be withheld unreasonably
The security during the construction phase and the security after the construction phase must be released when the seller has fulfilled the obligations according to the housing contract and the construction contract.
Consent is required from each buyer and separately from the company. Buyers/shareholders sign their consent paper for their own apartment. As the company's consent, an extract from the minutes of the board meeting is given, from which the release decision appears. According to the Housing Trade Act, collateral may not be withheld without cause.
Under certain conditions, the collateral is released within 12 months
Even without the consents given by the buyers and the company's board, the securities will be released no later than 12 months after the annual inspection of all the company's buildings, if the company has been elected by the board referred to in Chapter 2, Section 23 of the Housing Trade Act.
If the buyer or the company objects
The collateral will not be released, however, if the company or the buyer of the housing stock objects to the release of the collateral and applies for a hearing by the Consumer Disputes Board or a court.
The person who objects to the release must inform the guarantor or the deposit bank that has received the bank deposit as collateral of their position. He must deliver the certificate issued by the consumer dispute board or the district court about the initiation of the case before the end of the 12-month period. Otherwise, the collateral will be released.