Guaranty fund NARKS protects clients of member real estate agencies of the National Association of Real Estate Agencies in Slovakia (NARKS). This fund was established upon a resolution of the 20th conference of NARKS. Its main goal is the protection and exercising of rights and protected interests of clients of NARKS members.
The fund also provides for a higher professional level of provided services to clients and simultaneously provides them with financial guaranty in accordance with conditions stipulated in the Guarant Fund Statute. By adopting the Guaranty Fund Statute NARKS declares its genuine interest in raising security comfort level of clients when cooperating with a member real estate agency.
NARKS Guaranty Fund is created from reserves of NARKS, namely in the amount of 50,000 euros. It is increased annually by contributions of members by 10 %. The maximum amount of the fund is 100,000 euros, whereas also sponsors may contribute to the fund by a non-returnable financial contribution.
Guaranty fund shall be used when bodies of NARKS learn about an erroneous action of a member real estate agency, resulting in financial claim of a client towards it, and the real estate agency fails to compensate the client despite being asked to provide a remedy. NARKS then compensates the client instead of its member in relevant cases. NARKS takes over the burden of a receivable towards its member, and thus facilitates and accelerates the whole process, while the matter shall then be resolved internally. All receivables of a client of a member real estate agency shall be paid. In accordance with the Guaranty Fund Statute it is possible to exercise a claim for compensation in terms of contractual conditions of a particular business, whereas the maximum amount of guaranty of a receivable for a client per business deal is amounting to 5,000 euros.