Last year, I made a deal to buy a pre-owned condo directly from an owner. The arrangement is that I will loan the payment from the bank (through a housing loan). The deal did not push though due to some difficulty with the loan approval, etc. To cut the story short, we agreed to cancel the deal and he will refund the money I gave him in half, which is around Php150,000. He asked me to give him 3 years to pay this. My question is, what legal letter/document should I come up with so that I can assure that he'll pay me within the next three years.
Also, he promised that he will pay me once the condo is sold.