A endorsement It is a way to ensure the payment of your obligations, therefore it is important to know more about this topic. In this opportunity Procedures and requirements, Bring you an article with everything you need to know, about the guarantee, the necessary requirements, among other aspects of interest.
What is an Endorsement?
A endorsement It is an established contract, through which a unilateral joint payment commitment is acquired. In this contract, a third person is benefited in the payment of certain obligations.
It exists in Bank guarantee, which consists of a kind of private guarantee, where the guarantor is a bank, savings bank, a credit union, among others.
Three people participate in this procedure, which are constituted by: The requesting agent (debtor), the person who offers the requested help (guarantor) and finally the person who benefits from the guarantee, in the event that the guaranteed party does not comply with the corresponding obligations.
A endorsement It is regulated by the legal rules of finance. The guarantor is considered a guarantor of“Foreign or non-belonging obligations”, because it is an instrument by which an external person acquires the commitment to cover the payment of the debt, including its interests if applicable.
What is a surety?
It is known as guarantor, to that person who responds for another, in the event that the same does not comply with the payment of its obligations.
A surety can manifest itself in two categories:
- Associated Natural Person: Person close to the main debtor who has the economic possibilities to respond for the debt, if necessary. Family and friends belong to this category.
- Moral people: In this group are the companies that offer this service. Intended for those people who do not have a relative who can be their guarantor.
The endorsement and the guarantor are not the same, because there are certain aspects that differentiate them. We will present these aspects below:
- The endorsement it is a term in commercial matters. Used in credit titles, to refer to that person who acquires the commitment to pay the obligation of another person. Instead the guarantor It is a term used in civil matters. Established through a bond contract, where the person agrees with the creditor to cancel for the debtor, in case he does not do so.
- If the guarantee of a debt is requested through a promissory note, you will be the guarantor. If you request to guarantee a lease, you will be the guarantor.
- The guarantor is not forced to cancel the payment to the creditor, without having previously sued the main debtor. In the case of the guarantee, it is fully obligated jointly and severally with the main debtor, for the cancellation of the corresponding debt, being requested by the creditor directly.
Requirements to be a guarantor or guarantor
To be a guarantor or guarantor, you need to meet certain requirements, which are presented below:
To be a guarantee
- The main requirement is that the guarantor proves that he has the necessary conditions for the payment of the debt.
- The guarantor must have the following documentation: Identification document, CURP, some proof of address, document that serves as proof of income, copy of the last property, copy of the deed of the property that is in guarantee and a commercial value letter of said well.
To be a guarantor
- To be a guarantor, you must be of legal age.
- Said person must have the necessary resources to cancel the debt and not only that, but also his solvency must make him exceed the amount of the debt and even better if he has no debts.
- He must have a stable income.
- The guarantor must have properties free of charge.
Why do you ask me for a guarantor to rent a property?
To lease a property, a series of requirements are requested, among which a guarantor is requested. This requirement is due to the need for the support of a third party who can take over the obligations of the future tenant, in the event that he / she lacks the assigned obligations and cannot respond for them.
In México there are a large number of entities that provide financing services, among which we can highlight:
- Super Business Credit: It is designed for the small taxpayer regime, which requires working capital, payment of services, among others.
- Agile Credit Coverage: This is a credit that is issued through a credit card in order to substitute credit with suppliers, buy supplies and reduce operating costs.
The card HSBC Companies is aimed at those that have a business activity and legal entities to meet capital needs.
Let’s share Bank
- Merchant Credit: This credit is issued for those groups between 5 and 8 people who need capital to invest.
- Credit Grow your Business: This credit is intended to cover short, medium or long-term working capital, it can also be used to invest, improve the business, among others./su_list]
Banorte Financial Group
The Banorte Credit is offered, which is intended for working capital, machinery, construction, among others.
- Micro-business Credit Card: It consists of a line of credit in a checking account, aimed at legal and physical persons who have work activities.
- Equipment Credit: This credit is established for the purpose of acquiring machinery, equipment and transportation.
- Working Capital Credit: Intended for the acquisition of slow recovery inventories.
What does a Guarantee guarantee?
An endorsement guarantees the payment of an obligation that a person has, through a third party, in the event that he or she cannot take over the assigned obligation.
The goal of a Endorsement is that the debtor is prepared to respond to the corresponding obligations. Its main function is based on being a guarantee so that the person guaranteed can acquire the obligation, because if the main debtor does not cancel the loan, said payment can be demanded from the guarantor.
What is a lease bond?
The lease deposit, It consists of a contract that is established between a surety company and the parties involved in the process, where it is specified that the surety entity acquires the responsibility of canceling the tenant’s debt, in case the tenant is unable to do so.
This is a procedure that offers different benefits, among which it can be mentioned that the owner will obtain the legal guarantee to enforce his rights and also that the process will be much faster.
To purchase a lease bond It is necessary that a contract be established, specifying the terms, income tax, services, among others.
Make sure you meet the necessary requirements and become an Endorsement
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