Advice Needed Please

Ballyboffin


Joined: 25/08/2007
Posts: 903

Message Posted:
18/11/2011 17:35

Have any of you had any experiences of selling property by accepting half of the price upfront and the buyer paying the rest off over a year?

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
18/11/2011 17:43

dont do it bally , you will leave yourself wide open ?

davpat


Joined: 23/08/2011
Posts: 225

Message Posted:
18/11/2011 17:55

Fraught with danger,dont even contemplate that as an option.

philbailey


Joined: 17/01/2011
Posts: 3534

Message Posted:
18/11/2011 17:58

If you have deeds

keep them till full payment

but they may have squatters rights?

scoobydoo


Joined: 10/11/2008
Posts: 2434

Message Posted:
18/11/2011 18:04

I suppose it could be considered if you stayed in the property during the year that they are paying and therefore they cannot squat and a deadline for payment was written into the contract, this was suggested to us once.



We declined the offer as we were worried that if we went on holiday what would happen? Would they move in? Then you have the problem of squatters.



It depends how desperate you are to sell.



Personally, I would get full payment and not get involved.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
18/11/2011 18:28

Yes I have read of such cases. Some even supported by Estate Agents and Advocates and written contracts. The problem with this is that there is no guarantee of getting your money. You must be aware that getting a case into court takes years in the TRNC and even then the courts decision cannot always be legally enforced? Yet if things go wrong you would need legal action to get the rest of your money or an eviction order.



I'm with all the above posters on this one Bally, you leave yourself just too vulnerable. Why not turn the tables and ask for a deposit and agree you will hold for a year until they have the full asking price?

scoobydoo


Joined: 10/11/2008
Posts: 2434

Message Posted:
18/11/2011 18:40

Re msg 6;



The deposit would have to be very large to hold a house for a year, something that would seriously hurt the buyers if they backed out.

philbailey


Joined: 17/01/2011
Posts: 3534

Message Posted:
18/11/2011 18:54

If you were in the uk

and some tried to buy your car that way

would you do it?

Ed1957


Joined: 03/09/2011
Posts: 377

Message Posted:
18/11/2011 19:22

Let the banks take the risk, why can't the purchasers take out a loan for the missing 50%

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
18/11/2011 20:17

Ballyboffin. Don't even go there! It's money up front or no deal.

Tango1


Joined: 19/02/2011
Posts: 1151

Message Posted:
18/11/2011 20:21

Listen to all the other messages above. Don't do it, you'll regret it until doomsday and beyond!!

Ballyboffin


Joined: 25/08/2007
Posts: 903

Message Posted:
18/11/2011 21:34

Thank you for all the postings. I do appreciate you all taking time. Bradus message 6, will try that and see what happens.

hodgeliz


Joined: 16/10/2010
Posts: 278

Message Posted:
18/11/2011 22:11

I know somebody who had to leave the TRNC for health reasons, sold the villa accepting half payment with the rest to follow in two months, that was over 2 years ago, the *new owner* from down under has possession and has not paid another penny, its going through the courts now but is taking forever

DONT DO IT

cyprusman3



Joined: 09/06/2009
Posts: 297

Message Posted:
18/11/2011 23:12

don#t sign it over till your paid ion full coz the moment its signed over u won't see another penny !!!

blade


Joined: 19/06/2010
Posts: 1286

Message Posted:
19/11/2011 11:18

We had an offer like this and told the guy where to go. This is the TRNC you can't trust anyone.

Ballyboffin


Joined: 25/08/2007
Posts: 903

Message Posted:
19/11/2011 11:44

Thank you all for your input on this. blade message 15, our sentiments exactly.



Bradus message 6 is right. This was put to us by an estate agent who says that there would be a contract drawn up by our advocate to safeguard us from any pitfalls and if the buyer defaults on payment the villa would be returned to us within 8 weeks.......???



The buyer wants to move in straight away and buy the house as it sits, furniture included. According to the agent, they have done this before without any problems.

ttoli


Joined: 24/03/2007
Posts: 1172

Message Posted:
19/11/2011 12:52

I know of two people that have gone down this route and never seen another penny.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
19/11/2011 13:22

Another TRNC scam?



Why would any honest Estate Agent or Advocate encourage this? There are just too many loopholes! What if they do not get PTP? Or can't get the rest of their money? Do not pay monthly but ignore the 8 weeks rule? You will be left with expensive legal fees and no access to your home, not to mention the stress this would bring.



It's a win, win situation for the Estate Agent that gets his commission, the Advocate that gets his fees and the prospect of further business and the buyers that could end up with a 50% discount.



For you its just a lot of what ifs and very little protection. Sadly as Blade suggests, you just can't trust anyone in the TRNC. If they are short of the asking price then this situation will occur no matter what they buy. Therefore a genuine buyer would wait, knowing that they will get their house for just a few more months of waiting.

Ballyboffin


Joined: 25/08/2007
Posts: 903

Message Posted:
19/11/2011 15:07

It is a definate NO then......



We are not desperate to sell, we have the Pre-74 Turkish Title deeds in our name and all taxes are paid. I understand that we will be able to do a straight transfer of the Kocan to another foreigner.



What of other people though, who for one reason or another NEED to sell their property ? If the estate agents and advocates are recommending this practise to be 'Safe' ... How many people will go down this road ?