I am hoping that I could seek some advice in purchasing a property.
I am planning to buy a lot and the property is owned by someone who is close to our family. It is a titled lot under the seller's name. According to the lot seller, we will only have the lot original title once we are fully paid. Is that how it works? If something occur along the way while the property is not yet fully paid, we won't have any proof of purchase to present if worse comes to worst. What are the documents or contract that we need to require to the seller as a proof? We will be paying it in a installment basis. Pls note that seller is not in real estate, its like we are purchasing a lot to a relative. Only payment receipt form will be our proof of payment.
I will appreciate if you could help me on this matter. Many thanks.