Personal Suretyship Rules Rotterdam

In Rotterdam, the bustling port city of the Netherlands, a personal suretyship differs from a security deposit due to joint and several liability (art. 7:850 DCC). For Rotterdam residents involved in local real estate deals, such as properties in districts like Kralingen or the port areas, the suretyship must be recorded in writing with explicit mention of the maximum amount and the duration. Rotterdam banks and mortgage lenders, such as those on the Coolsingel or in the Erasmuskwartier, often require joint and several co-suretyship from partners for mortgages on Maasstad homes. Spouses must both sign (art. 1:88 DCC), especially relevant given the high real estate prices in Rotterdam-South. Limitations apply: no suretyship for consumer purchases without advice rights, such as purchases via Rotterdam real estate agents. Discharge from the suretyship is possible upon performance of the principal debt, with review by the Court of Appeal Rotterdam for reasonableness – a court known for strict assessments in port- and shipping-related matters. Practical example from Rotterdam: draw up a suretyship agreement with unilateral recourse and notification obligation, crucial in bankruptcies of local entrepreneurs in the Rotterdam port. The right of recourse remains intact, but pay attention to the specific procedures at the District Court Rotterdam.