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buying a Property -- Some queries

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1 buying a Property -- Some queries on Wed Nov 03, 2010 6:41 am


Arresto Menor
Good day Atty!

I am so happy to have seen this forum, hope you could share some thoughts regarding my situation.

I am about to buy this property, 3 storey, worth 2.8 million.

I only have 2M cash on hand, and told him I will pay within 1 year thru 12 PDC's.

Here is the problem: the title of the property / lot is in the hands of the bank, because he used this to get loan.

He said that his balance in the said loan is 300K. He also said that the title is named after the bank, since the title (originally named after him).

here are some questions:

1. is it raelly safe to buy this property, legally -wise?
2. Is it true that when you loan using a property as collateral, the owner of the title becomes the lendee (bank)?
3. If ever we finalize and paod for the doc stamps, the 2 million, do I have the assurance that this person has no grounds of.. for example: he will just apply for lost title, to get another one, and loan the title again.
4. Please also give advices on our situation, like additional steps and prevcautions.

many thanks to you sir!

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2 Re: buying a Property -- Some queries on Wed Nov 03, 2010 12:21 pm


STOP! if it is really true that the title is in the name of the bank, then it is the bank who is now the owner of the property. he may have defaulted on the loan and the bank foreclosed on the mortgage. the redemption period may be over and this seller no longer has any rights to the property.

your first step is to verify with the bank and the register of deeds as to the status of the property.

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