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Selling a property in Xiamen

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

I would not entertain that at all.

Could open a can of worms for you once he has title.

Thanks Stumpy. Yeah doesn't sound right.

As he is a local you will be well behind the 8 ball if it came to court too.

Ohiyoo :

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.

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

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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