Hi, i would like some advice from a local in Xiamen. I have an apartment in Xiamen and have recently found a buyer. One of the terms that the buyer have suggested was that he can pay 70% of the property to us first and we give him the title of the property. After he gets the ownership of this property. He will go to the bank and refinance to borrow the remaining then pay the rest. Is this a normal way of doing things there? It would great to get some advice from a local there as i am from Australia.
Thank you
Selling a property in Xiamen
Ohiyoo
19 March 2016 05:25:10
2
stumpy
19 March 2016 22:56:24
17632
I would not entertain that at all.
Could open a can of worms for you once he has title.
Ohiyoo
19 March 2016 23:03:23
2
Thanks Stumpy. Yeah doesn't sound right.
stumpy
19 March 2016 23:11:34
17632
As he is a local you will be well behind the 8 ball if it came to court too.
Fred
20 March 2016 01:41:08
27497
Ohiyoo wrote:that the buyer have suggested was that he can pay 70% of the property to us first and we give him the title of the propert
Once he has title, you're likely to be up poop creek without a paddle.
No way should you even consider this.
Jeff Ngoi
21 March 2016 04:25:10
44
Better engage a reliable lawyer to help you handle the legal papers and don't entertain any special request from the buyer.
Good luck.
Jeff
nikocord
27 June 2016 03:56:09
69
This post is already old, I know. But the process Ohiyoo described is the normal way of buying a flat here, if the buyer takes a loan on the flat. The reason is simple: You can only get the loan if you have the House Certificate.
So, unless you can find a buyer who has enough money in his account to pay 100% at once, you will have to go this way.
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