Hi -
I have a query regarding how the Homebond Insurance Bond works for House Buyers. I bought off the plans an Apartment two and a half years ago. Recently the Developer has indicated to the courts that he intends to apply for examinership and protection from creditors, in order to work through present financial difficulities.
As a result I have a few questions which I am presently trying to research. I have read on Homebond website that Deposits and Staged Payments - I have copied below some of the information. Firstly if the Developer becomes Insolvent would I automatically be refunded my Deposit Amount? Or would I have to instruct my solictor to take action and to actively pursue through the courts for refund of my Deposit as entitled via Homebond?
Secondly does Homebond Insurance only cover for any identified structural and relevant defects? But would not cover Deposits Amounts paid in the case of a Developer becoming insolvent? I do note that the third option specifically mentions Deposits & Staged Payments, but I would just like to ask here for an opinion/ answer from someone who may have previous experience similar to the situation that I may find myself in.
HomeBond Insurance provides financial cover* for relevant structural and relevant defects, should they arise. The Policy covers*:
I have a query regarding how the Homebond Insurance Bond works for House Buyers. I bought off the plans an Apartment two and a half years ago. Recently the Developer has indicated to the courts that he intends to apply for examinership and protection from creditors, in order to work through present financial difficulities.
As a result I have a few questions which I am presently trying to research. I have read on Homebond website that Deposits and Staged Payments - I have copied below some of the information. Firstly if the Developer becomes Insolvent would I automatically be refunded my Deposit Amount? Or would I have to instruct my solictor to take action and to actively pursue through the courts for refund of my Deposit as entitled via Homebond?
Secondly does Homebond Insurance only cover for any identified structural and relevant defects? But would not cover Deposits Amounts paid in the case of a Developer becoming insolvent? I do note that the third option specifically mentions Deposits & Staged Payments, but I would just like to ask here for an opinion/ answer from someone who may have previous experience similar to the situation that I may find myself in.
HomeBond Insurance provides financial cover* for relevant structural and relevant defects, should they arise. The Policy covers*:
- Structural Defects
Cover for 10 years in respect of the repair of major structural defects. - Smoke Penetration / Water Ingress
Cover for 5 years in respect of remedial work in the event of water ingress / smoke penetration caused by major structural defects. - Deposits & Stage Payments
Cover for Home Buyers for the loss of money deposited for the construction or purchase of a new home.