I am so happy to have seen this forum, hope you could share some thoughts regarding my situation.
I am about to buy this property, 3 storey, worth 2.8 million.
I only have 2M cash on hand, and told him I will pay within 1 year thru 12 PDC's.
Here is the problem: the title of the property / lot is in the hands of the bank, because he used this to get loan.
He said that his balance in the said loan is 300K. He also said that the title is named after the bank, since the title (originally named after him).
here are some questions:
1. is it raelly safe to buy this property, legally -wise?
2. Is it true that when you loan using a property as collateral, the owner of the title becomes the lendee (bank)?
3. If ever we finalize and paod for the doc stamps, the 2 million, do I have the assurance that this person has no grounds of.. for example: he will just apply for lost title, to get another one, and loan the title again.
4. Please also give advices on our situation, like additional steps and prevcautions.
many thanks to you sir!