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Contract to Sell

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1 Contract to Sell on Sun Jul 24, 2011 11:46 pm

babes


Arresto Menor
Hi, have a question regarding contract to sell. My husband and I recently entered into a contract to sell our house in the . Actually we are both working overseas . the contract to sell made simple and we put our trust into the buyer because of a common friend. The contract stated that the buyer has to pay in installment basis we outlined the schedule. After signing the contract and here comes the first monthly payment, buyer failed to pay and won't answer any of our emails. But already occupying the house. We are worried that if he cant fulfill his obligation this early. He might have a problem fulfilling the whole obligation. Can you advice me what's is the remedy for my problem. I have read something the in the internet that contract to sell is not rescissible, if so what is the other remedy available for us seller in this kind of situation . Can we get back the ownership of our house and not push through with the contract.

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2 Re: Contract to Sell on Tue Jul 26, 2011 11:01 pm

attyLLL


moderator
does your contract say that you retain ownership until it is fully paid?


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3 Re: Contract to Sell on Wed Jul 27, 2011 3:56 pm

babes


Arresto Menor
That's another problem atty. because I know that in the contract to sell we signed it says that ownership transfer upon paying the initial payment of otherwise agreed by both parties.
He already answered our email but we still want to get back the property. It was too late for me to analyse and find out that most of the conditions in the contract favor the buyer, so stupid of me . What can I do if he doesn't agree to make the contract null and void or ineffective can we make ammend the contract to sell that already signed . Or can we refuse to accept the initial payment that he promise to pay.

Thanks,

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4 Re: Contract to Sell on Wed Jul 27, 2011 11:28 pm

attyLLL


moderator
your remedy is to file a petition to rescind the contract. or you can negotiate so you will have new terms.


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5 Re: Contract to Sell on Sat Jul 30, 2011 2:58 am

babes


Arresto Menor
Thanks Atty....

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6 Re: Contract to Sell Today at 3:55 am

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