I'm currently purchasing a property into a Pty (Ltd). The bank requires me to sign a surety which is understandable as there is no trading history etc.
The surety has been limited to the amount of the loan plus any interest accrued, which I am happy with.
However there is no mention of it being limited to this specific property purchase or bond account number or anything like that. Does anyone have any experience of this, or advice on what clause should be added to limit it to this specific transaction?
We intend to purchase more properties into this entity over the medium term, and I don't want to create a situation where I now have multiple open ended sureties which could all potentially be applied to one transaction that goes bad in the future.
Any advice would be greatly appreciated.