# Purchase of real estate partly financed by bank loan



## Lunkan (Aug 28, 2020)

Purchase of real estate partly financed by bank loan, with seller DONT have bank contact as some real estate agents have.
I suppouse banks in Phils dont pay out loan before title become in buyer's name and seller dont want to sign such transfer if they arent guaranteedget paid 
Do banks even handle applications before that? 
So how is it solved in Phils?

I wonder because I try to assist a Filipino how to get it done and phoning/email/chat with banks havent given any other answers that not answering the questions...


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## bigpearl (Jan 24, 2016)

Lunkan, the seller doesn't know his/her finance company/bank? Who is paying the mortgage? Sounds very sus.
Only my experience but the title doesn't change hands until the mortgagee is paid out to clear the title to go to the purchasers name. Same as most countries I would think.

Does your Filipino friend have an attorney here? Sounds like not and little will be achieved without one.

Good luck with this issues Lunkan.

Cheers, Steve.


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## Lunkan (Aug 28, 2020)

bigpearl said:


> Lunkan, the seller doesn't know his/her finance company/bank? Who is paying the mortgage? Sounds very sus.
> Only my experience but the title doesn't change hands until the mortgagee is paid out to clear the title to go to the purchasers name. Same as most countries I would think.
> 
> Does your Filipino friend have an attorney here? Sounds like not and little will be achieved without one.
> ...


 Yes I know mortages has to be paid before transfer title, 
but the seller dont have any mortage, has been in family many years, its rather big land owner family.



bigpearl said:


> Does your Filipino friend have an attorney here? Sounds like not and little will be achieved without one.
> 
> Good luck with this issues Lunkan.


 Thank you. We can solve the legalities checkings ourself, I know how to do that part but not the bank part. 
A big part of Filipino lawyers screw up things, so I try to avoid them 
Some lawyers seem even to be specialists at screwing up  when foreigners are their clients. (As with the crazy often making "solutions" with Dummies to get around "The Anti-Dummy law!!! which of course doint function...) 
But* this buyer is Filipno*, but he is tribe and many Filipinos try to scam tribe people perhaps even more than they try to scam foreigners. (Only this guy have been scammed twice e g not geting pay for work.) And sometimes scammers are supported by officials! (E g now a Filipino try to just take a coconut farm, which have been in this family at least two generations back, because it was the grandfather who planted coconuts and officials say the one get it who develop it most FROM NOW!!!)  This family tried to solve it by going to court, but the court MOVED IT AWAY from the island where thje land is...

*Mainly I wonder if the lender to buyer bank solve the time gap in title transfer between the seller and buyer?*


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