How to properly sell a house in installments?

The real estate market is half asleep today. And this is understandable: the crisis, low income, volatile exchange rate, while housing prices remain high. Another reason is that banks stopped financing and issuing long-term mortgage loans.. Clients, who have the entire amount for buying an apartment, cottage or a plot in the Odessa region is less than half.

What options for solving this issue exist?

What is an installment plan between individuals and how is it issued?

Buyers have on hand half or part of the total cost of the object, put up for sale. One side needs to sell, the other is to acquire. Based on the current situation, realtor offers sell real estate in installments. Such options are offered by many developers, money is deposited at the start of construction.

Payment by installments between individuals is a standard sales contract, in which there are clauses from the condition and date of full settlement. There is no big difference in decoration, the only thing, the buyer does not receive the full amount, it will come to him in parts for a certain period. In this situation, both sides benefit.. But there are certain risks. More about this.

How to properly sell a house in installments to a seller?

Salesman, by entering into a deferred payment agreement, risks, no less for the buyer. The new owner can resell the house to third parties, stop paying monthly fees, etc.. The problem will have to be solved through the courts., and this is a long time, troublesome, not cheap and no 100% guarantees of a positive result.

The first advice on how to secure the deal is to register it in the contract, that full ownership is after the last payment has been made. The second is to write down the conditions of return in great detail., considering all the nuances: order, timing, monthly date and amount to be paid, interest, if they are provided, etc.. If the condition is not met, indicate penalties or additional property of the buyer (transport, piece of land, cottage or private house), which will be transferred to the seller. If the transaction is in foreign currency, it is indicated at what rate or in what currency the refund is made. It is worth insuring the object for sale, specifying a certain list of the main risks. It is quite possible to minimize risks and sell a house even in a crisis..

What is the risk of the buyer?

We examined in detail, how to sell a house in installments, with minimal risks. Buying is also at risk, giving part of the money and not becoming a full-fledged owner of the living space. Odessa is a wonderful resort town and become an owner country house dream of many. But not everyone has the required amount on hand.. If you are lucky, and real estate office offered options for houses in installments, do not immediately lose your head with joy. There are a lot of pitfalls, worth knowing about.

We advise you to find out the real reason for the sale of real estate with a deferred payment. Request documentary evidence: if money is needed for treatment - a certificate from the hospital, for loan repayment - loan agreement, etc.. If there are no such reasons, you should be wary. Request a full package of documents for a future purchase: building title documents, to the ground, for the presence of registered people, equity holders.

It is not recommended to conclude preliminary agreements, if there are still unclear points. When inspecting the property and its condition, should be compared with the latest BTI certificate, and not with a sales contract. There may be illegal buildings or redevelopments.

If a decision is made and everything is clarified, it is worth prescribing everything to the smallest detail in the contract, and document subsequent payments. If a bank check, prescribe the purpose of payment, if the payment is in cash - issue a receipt. And keep all documents until full settlement and final re-registration of the house.

We recommend that you familiarize yourself: What to look for when buying an apartment?

Step-by-step instructions for making a home installment plan

1. Make an appraisal at home by professionals. Each side can make their own assessment and compare, finding a middle ground.
2. It is worth involving a loan officer and a lawyer in the registration.. The correct calculation of the monthly payment and well-written documents are very important.. It is worth pointing out the options for solving possible unforeseen situations, draw up not only a sales contract, as well as the act of acceptance and transfer.
3. Check the buyer's solvency and credit rating.
4. Execute all documents in accordance with the law.

Become the owner of your home, even if you need to deposit money for it every month. You pay for your, not for rented accommodation, several years will pass and you are the rightful owner. Invest in your future.