Definition : Surety

Natural person or a legal person, who binds himself towards the creditor, under the terms of a contract, to perform the obligation of the debtor if he fails to fulfil it.

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Building a condominium requires major investments on the part of a developer. This is the reason why a down payment will be required upon signing the preliminary contract for the desired condo unit. This down payment, which represents the first installment to the seller, varies according to the unit’s total price.  
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