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✎ EN Looking for expert lawyer to protect house purchase for my Filipino partner

Discussion in 'Philippines' started by ossi, Aug 10, 2022.

  1. ossi

    ossi New Member

    Joined:
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    City:
    HuaHin
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    Thailand
    Nationality:
    German (DE)
    Languages:
    Deutsch,English
    I have an important question for myself. I bought a house for my Filipino Partner in Bacolod, but I fear I signed a bad sales contract. I paid 70% in cash and for the remaining 30% (1.45 Millionen pesos) the seller gave me a so-called house credit, with a 16% interest rate. In this contract, there is mentioned that if I am not able to pay back the loan for more than 90 days, the seller takes back the house. OK, this is understandable, but afterwards I heard that the seller will not pay back the already paid 3.3 Million pesos. I contacted the seller and he answered shortly yes, I won´t get back any peso, this would be common praxis in the Philippines.

    Since I would like to cover the worst case it means in case something happens to me, my partner has to move out without getting one peso. This I would like to avoid and search for insurance by which I can insure this loan of 1.45 Millionen so that my partner is safe. I also contacted more than 10 Banks in Germany but since I am 77 no Bank is willing to give me a Bank Kredit in order to reschedule this house credit.

    The most important point is whether the seller is permitted to keep the already paid money and can sell the house again for a double price. Is there the possibility to find an expert lawyer familiar with this topic or is in the Philippines an insurance by which I can insure the housing credit?
     
    #1 ossi, Aug 10, 2022
    Last edited by a moderator: Aug 10, 2022
  2. Cyrilexpat

    Cyrilexpat Administrator
    Staff Member Editor

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    Hmmm indeed this is a bad deal as if you don't pay the 30%, the former owner gets 100% of the house (hence it's even better for them if you don't pay!). Normally the house should be valued and then when sold the owner should get only the 1.45 Millionen pesos + procedure fees, and you get the remaining...
    You definitely need to get financial expertise in your case.
    Here are a few links:
    https://lawzana.com/real-estate-lawyers/philippines
    https://lawyerphilippines.org/property-law/
    https://www.hg.org/lawyers/philippines/property-law
     
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