Guarantee
- Apartment Rentals in Israel
- Collateral
A letter of guarantee, or a promissory note or a guarantee agreement, are the same. Section 1 (a) of the Guarantee Act simply defines that “a guarantee is an obligation of a person to fulfill another person’s obligation towards a third person”, in our case the guarantor is obligated towards the landlord, to fulfill the tenant’s obligations.
A letter of guarantee is a contract in which the guarantors undertake to pay the owner money, in case the tenants do not do so. However, according to the definition in section 1 of the Guarantee Law, a written bond can contain non-financial charges, such as a commitment to water a garden, care for animals, and more.
But in the vast majority of guaranties, it is a monetary payment.
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Apartments in Israel
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Average price for a 4 room apartment in Tel Aviv
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Rise in the price index of input in residential construction from the year 1956 to 2021