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Need Legal Advice in Acquiring a House and Lot From A Relative

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Exalted


Arresto Menor
Good day Attorneys,

Need your help here. My girlfriend's uncle is trying to sell their house and lot to us on an installment basis. Due to unemployment, they failed to pay the monthly amortization for 10 months now and will soon be foreclosed that's why they've decided to sell the property. We have agreed to pay and continue the monthly amortization of P4110.00 for the next 10 years and pay their outstanding balance amounting P42000. On top of that, we also need to pay them the amount of P225,000.00, which will be given on an installment basis for 3 years before we can acquire the house and lot. What are the necessary documents that we need to prepare to protect ourselves just in case they decided to back-out? By the way, his uncle is already married with two kids. I would also like to know the total cost of preparing such legal documents.

Thank you and best regards,
Will Smile

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Exalted


Arresto Menor
Up Smile

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attyLLL


moderator
first, who has he not been paying, a developer or a bank? they are the more important people that you should talk to and allow you to take over. only then should you be thinking about docs with the uncle


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Exalted


Arresto Menor
Thank you for your prompt response.They took a housing loan from Pag-Ibig Fund. We already paid their outstanding balance of P42,000 last April 02 and will continue to pay their monthly amortization for the next 10 years plus the remaining balance of P225,000 on an installment basis. His uncle said that the title of the house and lot will only be transferred to us once we paid the remaining balance in full. I just want to know the kind of document that we need to prepare to ensure that our deal will go smoothly and to protect ourselves as well.

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