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Need Advice in Buying a Property

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1 Need Advice in Buying a Property on Tue Sep 06, 2016 3:24 pm

mishap_18


Arresto Menor
Hi, i'm new here. Very Happy

we are planning to buy a resale lot. our agreement (buyer and seller) is that we will settle the total contract price within 4 months which will be stated in the Contract to Sell. however, i saw some articles about the scenario in which the seller died before the settlement of transfer of title or DOAS. With that, I thought of our current situation, I'm wondering how we can protect our money in case of unfortunate event.

1. What are the possible options to protect our money in case any unfortunate event happened to the seller (she is currently at old age)?
2. Can we indicate a clause or condition in the Contract to Sell to cover this scenario?

I hope you can advise.

Thanks!

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2 Re: Need Advice in Buying a Property on Tue Sep 20, 2016 2:36 pm

payoneer


Arresto Menor
mishap_18 wrote:Hi, i'm new here. Very Happy

we are planning to buy a resale lot. our agreement (buyer and seller) is that we will settle the total contract price within 4 months which will be stated in the Contract to Sell. however, i saw some articles about the scenario in which the seller died before the settlement of transfer of title or DOAS. With that, I thought of our current situation, I'm wondering how we can protect our money in case of unfortunate event.

1. What are the possible options to protect our money in case any unfortunate event happened to the seller (she is currently at old age)?
2. Can we indicate a clause or condition in the Contract to Sell to cover this scenario?

I hope you can advise.

Thanks!

You can most certainly place any provision "protecting" your rights in the Contract to Sell with the Seller. It is however best to avail of the services of a competent lawyer in order for a proper Contract to Sell may be drafted and further advice be given to you for the protection of your rights.

Thanks!

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