More and more people participate in consortia in Brazil. It is a field that is growing and satisfying a quantum always great consumer.
The consortium is a simple form of buy. The person acquires a quota, pays their monthly fees and contributions to periodic drawings. You can also participate in bidding assemblies and advance installments. When for contemplating, he will receive his credit card, which he or she will say of his acquisition (home, automobile, motorcycle, truck).
However, for the release of your letter of credit, there are some conditions. See what they are!
Inform the administrator the purpose of using the letter of credit
To the administrator, after the draws or bids, he must communicate who the people were contemplated. In turn, the contemplated consortium member must inform the company how it will use a letter of credit.
You can buy a house, an apartment, a land, a sports car, a motorcycle, a truck; hire a renovation service or a construction work; pay off a financing; and assimilating.
Documentation is a requirement to receive a letter of credit
Out of the necessary procedure is that the consortium must be reunited to the documented need for the credit card. It documentation varies according to the asset and the administrator itself.
Personal documentation involves CPF, RG, driver’s license (consortium of vehicles) and documents related to the seller and the property itself are also required. For the most part, you must provide certified copies of some of these documents.
Through this documentation, the administrator will evaluate the consortium member and the product, will do the credit analysis and, finally, release the letter of credit.
If any irregularity is found, it will be necessary to correct it so that the letter of credit is delivered. Among these irregularities, is or inscribed name at Astro Finance.
In this way, the legal security of the operation will be guaranteed.
Consortium members need to offer guarantees
For the release of the letter of credit, the precise company of guarantees of this or consortium member will continue by paying their monthly fees.
These guarantees vary and must be registered in the adhesion contract. Thus, even before participating in the deal, he will be able to assess whether or not he can meet the requirements, offering the requested guarantees.
If either the consortium member, after contemplating, cannot offer the guarantees that have been determined, the amount corresponding to the letter of credit will be deposited in an income account and will be redeemed when the group is closed. During these times, or consortium members must continue by paying their monthly fees.
One of the guarantees can be a guarantor. In real estate consortia, another property of sufficient value may be requested to guarantee the payment of the remaining installments.
Real or personal guarantees are allowed, without being linked to the offered asset, in cases of consortium of services of any nature or when, when using the credit, the offered asset is under production, incorporation or similar situation.
After the guarantees are presented, the administrator will have up to 3 working days to release the funds from the letter of credit.
payment is made directly by administrator
Even with the letter of credit released, the consortium member does not receive money. The if administrator itself is in charge of making or payment of the property or vehicle with the seller, whether an individual or a legal entity.
But the consortium member will be able to negotiate discounts with the seller, if deemed convenient.
There is no deadline for the acquisition of the asset
After contemplation, there is no deadline for the acquisition of the property. If either the consortium member does not use it soon, the correspondent value to the letter of credit will be separated from the common fund resources and will receive income from financial investments until when the consortium member decides to use it.
Are you participating in a consortium? Have you received your letter of credit? Are you preparing to receive it? Make your comment! Share your experience with other blog readers.