Government Loan, Buyer on Govt Loan
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 Feb 10 2009, 05:32 PM
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#1
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Senior Member
1,068 posts Joined: Jan 2007  
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Get your own lawyer and draft out below terms.
Ask the seller to put down 10%. If he default, you reap the deposit. After 3 month signing of SPA, charge him 3% interest on the remaining 90% as late payment. By the 5th month, buyer is deem un-interested and he loses the deposit. That will get your property sales execute nicely. These term may look like taking advantage of the buyer but it's meant to protect you, the seller. |
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Feb 10 2009, 08:15 PM
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#2
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Senior Member
1,068 posts Joined: Jan 2007
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QUOTE(bbjslee @ Feb 10 2009, 05:55 PM) Not when I purchase my house. Deposit is deposit, downpayment is downpayment. If both are the same, why different terms? Morever it is a legal binding documents. When I bought my house for 250k, deposit only 5k. 5k is money when you first make offer?Deposit how much depend on the agreed amount between buyer and seller. If a house is 200k, 10% deposit = 20k. If later buyer unable to get loan have to cancel the deal, then seller mah buta buta untung 20k? No such thing.  If yes, the correct term would be earnest money. The buyer would not lose out if he have smart advisor. If you're the buyer, I would recommend you add the below term in your S&P. The seller would return the down payment in the event of the buyer failing to secure the loan. |
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