payment 2 times to buy a house, safe for the seller ?

[noopin2014]

Hi,

My wife want to sell his house, a buyer suggest to buy by paying 50% of the selling amount now and the 50% lelt in 1 year. Do you think it's safe for her ? I mean if the buyer live in her house and find a reason for not pay the 50% left (for example leak in the roof) and complain and doesn't want to leave the house what happen ? We could will do in this case. Does she's protected and sure to get 100% of the selling amount ?

Thanks you so much for your advice

[oxo1947]

Yes it's safe if done properly----- it's called Kai Far........I have probably spelt it wrong. Kai Far means the house stays in her (your wife's ) name, but that she has loaned the money (other 50% ) at .zero % -or whatever you have both agreed on, if the balance is paid on or before that date your wife must relinquish the house to her, if not paid then the women loses her money & has to leave the house.

This is how the loan people (not banks) work---its done at the land office. Ask them.

Try not to let them talk her into the 2nd system called jum nong --its a legal system--more like a mortgage-- but not as clear cut as Kai Far, which also would have the benefit of both parties not having to pay any land tax for another year (it gets cheaper every year for the first 5 years) as there is no change in ownership.

[noopin2014]

Yes it's safe if done properly----- it's called Kai Far........I have probably spelt it wrong. Kai Far means the house stays in her (your wife's ) name, but that she has loaned the money (other 50% ) at .zero % -or whatever you have both agreed on, if the balance is paid on or before that date your wife must relinquish the house to her, if not paid then the women loses her money & has to leave the house.

This is how the loan people (not banks) work---its done at the land office. Ask them.

Try not to let them talk her into the 2nd system called jum nong --its a legal system--more like a mortgage-- but not as clear cut as Kai Far, which also would have the benefit of both parties not having to pay any land tax for another year (it gets cheaper every year for the first 5 years) as there is no change in ownership.

Very good, thanks Oxo1947