house financing

G

glenda

New member
Jun 25, 2006
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hello, we have ask the question before but have not received a good answer regarding financing our house.
we have a house in the domrep. but due to my wife healthproblems we would like to sell it. At the present time we are living in germany
We have an offer from a finance house who is willing to pay 50% down and the rest in 2 years with 7% interest ( Interest can be monthly paid).
Who could explain the procedure involved in this??and what risk are involved?.
Who keeps the title.?. What I understand I can keep the title
If he puts a renter in the house and he does not pay after the 2 years the 50% how do a put the renters out?. Can he make modifications to the house?
What kind of contract is made?
thank you in advance helping us.
 
Hillbilly

Hillbilly

Moderator
Jan 1, 2002
18,948
514
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Sorry to hear of your family's health problems. It is sad to lose your vacation home.

Where is it? have you advertized the sale of the house in a local newspaper.?? you might get a better offer.

A deal like this needs to have another lawyer involved to look after your interests.

7% interest is not much. I would ask for at least 1% per month on the unpaid balance. This is quite normal and not that expensive. Mortgage companies get 30-36% interest many times for 5 and six year mortgages. At 1% per month you are doing the people a favor.

Of course, you never, ever, allow the title out of your sight!!

You will have to come to the DR to attach a mortgage clause to the title with you as the mortgage holder. this is actually written on the back of the title and signed by notaries and lawyers for the different parties.

I think this is right, but please do contract a good lawyer, a bad one can screw you!!

HB :D:D
 
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