I just want to seek advice regarding our plan to buy/assume a condo unit currently mortgaged in a bank. Actually the title of the said unit has not been totally processed and transferred to the original buyer. According to the developer, it is still in process at Registry of Deeds. We have been told with the following:
1. First step that we should do is to coordinate with the developer and apply for the transfer of name to ours. There, we(original buyer and I) have to sign necessary documents like, Deed of Assignment, Transfer of Rights, and Quick Claim and pay for the transfer charges.
2. Only then, we can assume the balance in the bank. Upon full payment, the developer should submit to the bank, the necessary documents needed like the Deed of Assignment, Transfer of Rights, etc...for the bank to be able to transfer the name of the title into our name and not anymore to the name of the loan borrower.
Are these the proper steps? Are we protected with this kind of arrangement?
Thank you in advance. More power.