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. The Civil Code of Quebec provides that “any amount paid on the occasion of a promise of sale is presumed to be a deposit on account of the price, unless otherwise stipulated in the contract”.This down payment, which represents the first installment to the seller, varies according to the unit’s total price.  
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