We sign a Promise of Sale contract at the lawyer.
The Title:
The contract says that the transfer of the Title will be done immediately when the loan will be paid off.
Two years later when we decide to sell it and find a buyer we find out that the Title is in the process of subdivision, so the new Title corresponding to our size of the plot will be issue probably after 8-9 months from now. The Seller should be ready with the Title at the time we sign our contract.
In that case we got proof our Seller can?t provide our future buyer with the right Title and guaranty him it will be transfer immediately to his name.
The contract is set up this way: first pay off then wait until the seller fulfills his obligation (transfer the Title to our name).
We include in this contract our stipulation, which says? we can pay off any time without penalty?. Now when we had a buyer willing to pay off our loan, our seller wasn?t able to provide us with the copy of the new Title (the one which is the final result of subdivision process because is still in process).
Approved plans:
The contract says the plans are integral part of this contract, but we haven?t got them from our lawyer, real estate agent or developer.
It is not about reading the contract and not understanding, or doing something without head.
Try to understand our point of view:
When you go to the real estate agent you assume everything is check out and all the offers posted there are ?clean?.
When you go to the Lawyer/Notary and he confirm to you that this transaction is. ?clean? you give a trust.
We did read the contract and ask the questions.
Can?t you see the way the contract was set up provided the developer with the time to process the subdivision and issue of the right Title without giving us any symptoms something is missing.
When you take the mortgage and buy the house almost all around the world the legal and safe way is to buy through real estate Company with the license to operate on the market and good reputation and you let trusty lawyer to process the paperwork.
That?s the way we have chosen in our case.
But in this country when the Agent get well paid by Seller, why he should come up with something what could be solved with the bit of luck even without we could see it.
Hope now we made ourselves more clear.