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How safe is the letter of guarantee to the seller

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Arresto Menor
Gusto ko lang sana malaman kung gano kasafe tong letter of guarantee para sa seller, ang sabi kasi ng buyer sakin hangga't di natratransfer yung title sa pangalan nila di magrerelease yunh bangko ng pera, pano kung natatransfer na yung titulo sa pangalan nila at naisipan nilang magbackout, ano mangayayare samin? thankyou bago lang kasi ako sa mga gantong usapan, natatakot kasi ako baka may lokohan na mangayare.

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Prision Mayor
The letter of guarantee is provided by the funding institution to the seller. Proceeds are also released to the seller. It's true that banks won't release the loan prior to transfer. Your security as seller comes from the notarized documents, if buyer decides to back out, you may sue for breach of contract. To be safe don't let the buyer move into the property yet until all the documentation is complete.

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