Bankgaranti (bank guarantee)

A bank guarantee is your bank’s written, irrevocable promise to pay the remaining purchase sum to the seller on completion day. You typically deposit a down payment with the agent after signing, and the rest of the purchase sum is secured by the guarantee.

The guarantee protects the seller: the money is secured without you having to lay out the whole purchase sum in advance.

The agent may receive at most their total fee plus 10,000 kr. as a deposit, and no more than 200,000 kr. The rest of the purchase sum is covered by the bank guarantee.

The bank only provides the guarantee after a credit assessment of you, so the guarantee is tied to your financing being in place.

On completion day the guarantee is replaced by the bank transferring the remaining amount to a blocked deposit account. The seller gets the money once the deed is registered without remarks.