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Selling my Property

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1 Selling my Property on Thu May 19, 2011 12:31 pm

Michael122774


Arresto Menor
I have a property that I am selling and I have a buyer. The buyer has agreed on a said amount of price of 4.3 m. Should the buyer made a loan on the bank and be approved only of a said amount of, let's say 3 m, that would mean that he has to produce the balance of 1.3 m.

Question:

1. Should a sale be made at the amount of 4.3m, would there be a transfer of title to his name even if he is not fully paid yet? Would he be able to obtain that title even if not fully paid?

2. Would I let the buyer move into my property though not fully paid?

3. What does the law say regarding payment of real property should something happen to the buyer or even if he stops payment of the remaining amount? What legal advice would you give to the seller on how should she be protected regarding these instances.

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2 Re: Selling my Property on Sat May 21, 2011 2:38 pm

attyLLL


moderator
one possible solution is to have the bank make a guarantee to you that once title is transferred, they will pay you the proceeds of the loan.

i recommend that you do not accept any money or sign any contract until there is a bank guarantee. once it is issued, you can accept the downpayment and allow him to move him based on your agreement.


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3 Regarding Selling of Property on Sat May 21, 2011 3:18 pm

Michael122774


Arresto Menor
attyLLL wrote:one possible solution is to have the bank make a guarantee to you that once title is transferred, they will pay you the proceeds of the loan.

i recommend that you do not accept any money or sign any contract until there is a bank guarantee. once it is issued, you can accept the downpayment and allow him to move him based on your agreement.

Thank you, I will tell my aunt about this.

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4 Re: Selling my Property Today at 10:28 pm

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