Half price Aprartment

tucobird


Joined: 15/10/2009
Posts: 45

Message Posted:
01/03/2011 22:16

We are selling our apartment, we have a potential puchaser but they want the keys and move in after paying half the amount. and promise to pay the rest in two instalments, although we wont transfer our title until full amount paid. Can anyone see any problems ahead?

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
01/03/2011 22:27

potential problems , are you drunk ? or just niave ? if they cant pay the full amount at time of sale , why would you even think of giving them the keys ?

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
01/03/2011 22:29

I'm with Rowlo. They either pay in full or look for another buyer.

Harold2555



Joined: 19/04/2008
Posts: 1139

Message Posted:
01/03/2011 22:32

Certainly the above advice seems best but I just wonder if the system that appears to have shafted so many unfortunates in terms of mortgages on apartments sold could give some extra security?



I am not recommending this just an academic enquiry really.



H

Blackbird



Joined: 11/08/2009
Posts: 1432

Message Posted:
01/03/2011 22:36

I agree with No1 and rowlo..let them have the keys when the final payment has been paid!

tucobird


Joined: 15/10/2009
Posts: 45

Message Posted:
02/03/2011

that is where my thoughts are

fosterscan


Joined: 27/02/2010
Posts: 541

Message Posted:
02/03/2011 00:07

tucobird i think you should take that offer at least you will have half the money and that's all it will be worth in a couple of years how things are going.Then if they do pay the installments your quids in if not you got no worry of getting rid of it.

Blackpoolfan


Joined: 03/12/2008
Posts: 1568

Message Posted:
02/03/2011 00:36

Message 7,



Love your optimism fantastic

Blackpoolfan


Joined: 03/12/2008
Posts: 1568

Message Posted:
02/03/2011 00:39

How are they going to pay???? If they were for example waiting to sell a property or sell an asset then i would want a legal charge on it until the balance was paid and made as legally tight as possible.



If not i wouldn't touch it, good luck

Blackbird



Joined: 11/08/2009
Posts: 1432

Message Posted:
02/03/2011 01:23

Message 7, are you the buyer?

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
02/03/2011 02:05

possession is 9/10 th's of the law and if the buyer is TRNC citizen its 100% and you are the weakest link

;-));-));-))

MsGarnet


Joined: 04/01/2009
Posts: 989

Message Posted:
02/03/2011 02:07

I would ask what security they have - if they have property or an expensive car or boat or jewellery - say - then you must take a lean on that - you MUST have some security - or as others have said - why would they pay the rest? What incentive would they have to do so? what reason have they given for NOT having the full amount now, and what reason have they given to explain how they WILL have the two further tranches on the required dates ahead.........I CERTAINLY wouldn't give them the keys to move in, I know one has to have faith at some juncture in our lives, and gut instinct counts for a lot - only you know how you feel about them as people.......

tucobird


Joined: 15/10/2009
Posts: 45

Message Posted:
02/03/2011 14:46

Thank you all for your comments, the buyers are not TRNC citizens so not able to get a mortgage locally, I have today informed them through my solicitor that I am not prepared to hand over the keys until they have the final payment. As some of you have said what security have I got that they will pay and feel I have the risk in this transaction. I cannot see why they cannot rent somewhere until all payments are made as I have said I am happy to wait. What I am not willing to do is give our apartment away for half price, we are already taking a loss on it as we all know the state of the market at present. Its fully furnished, all utilities connected, taxes paid and we hold the Kocan....

TRNCVaughan


Joined: 27/04/2008
Posts: 4578

Message Posted:
02/03/2011 14:49

How about you rent it to them until they can buy it?

tucobird


Joined: 15/10/2009
Posts: 45

Message Posted:
02/03/2011 14:52

Have thought of that TRNCVaughan, but isn't that the same as them taking possession after the 2nd payment, they could still not pay the other installments or rent and I will have to evict just the same?

bazilbrush


Joined: 29/03/2008
Posts: 404

Message Posted:
02/03/2011 14:56

Nobody should ever do it, you will never see the money, believe me I know I have seen it before. They can have a cheap home for many years at low cost to them.

benoppy


Joined: 17/10/2008
Posts: 176

Message Posted:
02/03/2011 15:05

they want you to trust them why not turn the tables and let them pay like that but you keep every thing until the last payment has been made then you cant loose for added security wye not arrange that through a solisitor after all you dont want to loose a sale

tucobird


Joined: 15/10/2009
Posts: 45

Message Posted:
02/03/2011 17:52

benoppy thats exactly what I suggested to them via my solicitor, haven't heard anything back.........

Blackie


Joined: 20/12/2007
Posts: 129

Message Posted:
02/03/2011 19:35

If you have a British Solicitor in board it would be possible to set up an escrow account for the money controlled by your solicitor. When the last payment is made you hand the keys over or if there is a problem the money goes back to the buyer, a time limit should be put on this process.

martinD41


Joined: 06/09/2010
Posts: 3001

Message Posted:
03/03/2011 11:03

msg1......... remember the old TRNC adage."Trust Nobody"

Pugwash


Joined: 06/09/2010
Posts: 1797

Message Posted:
03/03/2011 11:07

No way would I do this I know of two people who have done similar and both have never received any further money

monster_men


Joined: 01/03/2011
Posts: 3

Message Posted:
03/03/2011 14:59

is said to be tourists this year

Sundance


Joined: 15/07/2010
Posts: 213

Message Posted:
03/03/2011 15:21

If they realy want your apartment enought, they will find the money, I would if it was me,



Good Luck



Sundance

Garythegeezer


Joined: 05/02/2007
Posts: 102

Message Posted:
03/03/2011 17:05

DO NOT DO IT, YOU WILL BE STUNG!

Sundance


Joined: 15/07/2010
Posts: 213

Message Posted:
03/03/2011 17:25

Gary you sound like a top geezer to me, lets hope they take your advice,



Sundance

tucobird


Joined: 15/10/2009
Posts: 45

Message Posted:
03/03/2011 17:47

Funnily enough they have now agreed that they will NOT get the keys and possession until my solicitor has all the money.... do you think they were trying it on, the reply in message 20 should be the mission statement for anyone doing anything in the TRNC......... TRUST NO-ONE.

Garythegeezer


Joined: 05/02/2007
Posts: 102

Message Posted:
04/03/2011 00:33

This is exactly the same offer we had when we were selling our place, we refused.

We eventually sold our place the good old fashion way, you pay in full we sign the deeds to you.

tucobird


Joined: 15/10/2009
Posts: 45

Message Posted:
05/03/2011 13:22

Got a email from our solicitor yesterday saying that our buyers could be pulling out so i don,t think they had the the funds in the first place so their plan to get a cheap apartment back fired i think.

martinD41


Joined: 06/09/2010
Posts: 3001

Message Posted:
05/03/2011 13:46

well done tucobird ............It always smelt fishy to me

suehowlittle


Joined: 31/10/2010
Posts: 1202

Message Posted:
05/03/2011 14:36

What a relief. Better to lose the sale than lose your shirts.



I am sure you could not have moved into the place without paying for it.



Why would anyone else be any different.



I would rather demolish my house than let some crook have it and lose my hard earned savings.



You had a lucky escape.

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
05/03/2011 16:13

I agree with suehowlittle. I know you lost a potential buyer but sadly this place kills our trust now. Good luck with selling the proper way. x

tucobird


Joined: 15/10/2009
Posts: 45

Message Posted:
07/03/2011 01:20

thks for all your comments and support, will let you know if I get to hand the keys to a genuine buyer....

akayoptic


Joined: 04/03/2011
Posts: 125

Message Posted:
07/03/2011 13:26

where abaout is the apartment, how old, how many rooms and the selling price please

tucobird


Joined: 15/10/2009
Posts: 45

Message Posted:
07/03/2011 22:16

akayoptic, please e-mail me off forum and I'll give you more details tucobird@talktalk.net

Blackbird



Joined: 11/08/2009
Posts: 1432

Message Posted:
07/03/2011 22:30

tucobird, in one way I am sorry you lost the sale, but glad you didn't give in to an unreasonable arrangement that could have cost...

tucobird


Joined: 15/10/2009
Posts: 45

Message Posted:
09/03/2011 17:21

Another buyer has come forward, so perhaps better luck this time........ mind you it has made me wonder if selling to cheap now with the buyers queing up.....