My ex-BF to buy out my half of our condo in installment...how can I protect myself in case of default?

good day!

my ex-BF and I bought a condo 5 years ago and the title is in both our names.

unfortunately, we broke up last week and agreed na iba-buy-out na lang nya ang share ko para sa kanya na lang yung condo.

however, because of his financial situation, hindi nya ako kaya bayaran ng buo at huhulugan na lang nya every month. based sa initial computation, baka abutin ng 16 years before he is able to pay in full.

sabi ko, kelangan in writing lahat ng napag-agreehan namin. ang tanong ko lang, anong klaseng document/s ang kailangan namin pirmahan para ma-protektahan ako in case in the future bigla na lang sya mag-default sa mga bayad nya.

for now, we verbally agreed na if mag-default sya ng 1 year, automatic na magiging sa akin lang ang condo.

i hope someone can help. thanks!

Have you discussed this with the real estate agent or developer? They may have better suggestions to protect your interest. Share it with us.

hi centro! to be honest, the reason why i posted it here is because i wanted to see if i could get legal advice.

i see no point in including the real estate agent or developer since the condo is already fully paid and the title is already in our names so out na sila dun. in my experience, they are not helpful at all with concerns that do not involve them.