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,