Hello I'm dealing with a problem regarding our property:
In our promise of sale, the Vendor is not the one who exciste on the Title but the Notary accepeted and let us pay him 50% of the property value.
We don't feel secure and well protected aspecially when the promise of sale says the Title will be transfer immediately when we pay off the loan. It could be after 3 more years!
Until that time we stay only with our promise of sale. Isn't against our property rights? How we can sell this property when we haven't been inform up to now the Title will be not ready before end of this year?
Week ago we had potentiall client wiiling to buy our property and pay off our loan but he step back from the deal becouse our Vendor couldn't provide him with one, solid Title! We include in our promise of sale that we may pay off this loan any time in the future without any penalty.
At the time of signing our promise none word was spoken or written the Title corresponding to this property was not ready and as far as we know we have to wait at least 8-9 months until our Vendor is able to present a copy of the Title corresponding to our property.
How we can relese us from the obligation to continue pay the loan?
The Vendor told us he has no obligation until we don't pay off the whole amount, even when we are sure he is not able to provide our buyer with the correct Title.
For your information we bought the house 2 years ago, and the Title are in so called process of subdivision.
Please help!
In our promise of sale, the Vendor is not the one who exciste on the Title but the Notary accepeted and let us pay him 50% of the property value.
We don't feel secure and well protected aspecially when the promise of sale says the Title will be transfer immediately when we pay off the loan. It could be after 3 more years!
Until that time we stay only with our promise of sale. Isn't against our property rights? How we can sell this property when we haven't been inform up to now the Title will be not ready before end of this year?
Week ago we had potentiall client wiiling to buy our property and pay off our loan but he step back from the deal becouse our Vendor couldn't provide him with one, solid Title! We include in our promise of sale that we may pay off this loan any time in the future without any penalty.
At the time of signing our promise none word was spoken or written the Title corresponding to this property was not ready and as far as we know we have to wait at least 8-9 months until our Vendor is able to present a copy of the Title corresponding to our property.
How we can relese us from the obligation to continue pay the loan?
The Vendor told us he has no obligation until we don't pay off the whole amount, even when we are sure he is not able to provide our buyer with the correct Title.
For your information we bought the house 2 years ago, and the Title are in so called process of subdivision.
Please help!