real estate fullpayment

H

HIRAM

Member
Mar 19, 2005
162
0
16
Dear All,
What is your response on this question :

I am buying an appartment at cabarete, I signed the "Contrado de promesa sinalagmatica de venta" and I will make my 10% downpayment on the account of the notario.
The owner asked me to pay the fullpayment on his account in Miami and I have to send the bank documents of the wire transfer to the notario.
Is this normal or do I also have to pay the fullpayment on the account of the notario ?

Thank you so much foryour thoughts,

Best regards from Hiram
 
F

Fabio J. Guzman

DR1 Expert
Jan 1, 2002
2,359
252
83
www.drlawyer.com
Both parties in the deal, seller and purchaser, have the right to protect themselves. The best way to do this is to have the seller sign the deed of sale and the buyer make his payment simultaneously at closing.

If this cannot be done for some reason, the only reasonable alternative is to have a trustworthy third party, for example an escrow agent or an attorney, hold the funds until the seller signs the documentation.
 
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