With the crisis of economy people cannot just buy of property easily nor acquire a bank loan to buy properties.
Bank will not just release loans easily as they have been in the past. Couples that strongly firmed their status with banks can easily get loans. But, not to young couples or individual with a limited credit history.
However it does not stop young couples and individuals to buy properties particularly land or house and lot. There are new ways of buying property from private seller of properties and from developers through banking finance. It may an old style of purchasing a property that comes back in style as many couples will like to have their own property. It is a process of housing programs offered by banks. This is a process of buying a property to an agreed period of time with the buyer and the seller or developer but with the involvement of the bank. It is a legal procedure of buying property only the buyer cannot have the title of deeds transferred on his or her name unless all obligations at the bank are fully paid and the seller or developer still have to pay the taxes etc. of the property not the buyer. If ever either party is not certain the legality of the contract they can ask guidance of a lawyer about this matter.
However when this kind of transaction of buying property was granted by bank and both parties the buyer and the seller or developer as legal document contract will be executed by a lawyer for legality and security of the buyer and protection of the seller, owner of property or developer. The bank will serve as the middle taking of the paying of the property although most bank pay it in full to the seller or developer and charge interest to the buyer with the collateral which is the property that the buyer is interested in.
The land contract forms consist the name of the buyer, the seller or the developer company as well as the bank name and branch that involves with the transaction. The capability of the buyer to pay the monthly amount was stated and to be paid to the corresponding bank until the agreed period of time until then the transfer of title of deeds be conducted and the ownership will be transferred to the buyer to complete the legality of the transaction being made.
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