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Selling by instalments
Bluetoonmum
Posts: 3 Newbie
We have been trying unsuccessfully to sell an apartment in Spain for a few years now. We have dropped the price considerably and have been contacted by at least 10 potential buyers who want to buy by instalments over a period of 5 years. We have declined all these offers but wonder now if it will be the only way to sell. Has anyone heard of or had experience of this? We understand that the buyer is responsible for all utility, insurance payments etc but deeds not exchanged until final payment.
We are concerned about:
The buyer not fulfilling obligations with regard to community payments, electricity etc which they would be responsible for.
In the event of both our deaths within the 5 years would payments pass to heirs.
I believe there are clauses in contract to account for non payment i.e. apartment passes back to us.
It seems like a minefield but have had so many requests it appears to be an acceptable method.
Any advice?
We are concerned about:
The buyer not fulfilling obligations with regard to community payments, electricity etc which they would be responsible for.
In the event of both our deaths within the 5 years would payments pass to heirs.
I believe there are clauses in contract to account for non payment i.e. apartment passes back to us.
It seems like a minefield but have had so many requests it appears to be an acceptable method.
Any advice?
0
Comments
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Are these "buyers" companies or private individualsEx forum ambassador
Long term forum member0 -
Most are agents representing clients and some are individuals. I spoke to one on the phone and he put forward a very convincing case.0
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Ex forum ambassador
Long term forum member0 -
Let's put it this way...
Do you really want to lend these total strangers a couple of hundred thousand euros for five years? If they were remotely credit-worthy, they'd get a mortgage, right...?0 -
I would know the answer if it were in the UK (which is what we mainly talk about round here). You'd probably be better to ask on a forum about Spanish property.0
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