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My friend is planning to purchase a property from a neighbor. He learned from RD that it has just been foreclosed by a bank and that the owner has 1 year to redeem the property.
If the foreclosed property is still within the redemption period:
a) can my friend (accompanied by the owners) settle the loan from the bank? Will the bank allow it? Will the bank provide the necessary documentation for this transaction between the owners, my friend and the bank?
b) what can you advise to protect himself? What documents will protect him in this case?
c) after settling the account from the bank, the owners want to get the remaining balance from the agreed property price on the same day. Is it advisable to give the balance to the owner even without the title yet being released from the bank? What would you suggest?
If the foreclosed property is still within the redemption period:
a) can my friend (accompanied by the owners) settle the loan from the bank? Will the bank allow it? Will the bank provide the necessary documentation for this transaction between the owners, my friend and the bank?
b) what can you advise to protect himself? What documents will protect him in this case?
c) after settling the account from the bank, the owners want to get the remaining balance from the agreed property price on the same day. Is it advisable to give the balance to the owner even without the title yet being released from the bank? What would you suggest?
