Contract by Purchaser to Retain Part of Purchase Money
When can a Purchaser Retain a Portion of Purchase Money?
Selling and buying of property is a part of the real estate world and this is the sole reason for the existence of real estate business. Real estate is a huge field and the chances of being cheated are also quite high. It totally depends on you to save yourself from being robbed of your hard earned money through various malpractices adopted by frauds in the real estate world.
Have you ever heard about the contract by purchaser to part of purchase money? Well, such a contract is issued when purchaser finds out that the property he or she is planning to buy is still under mortgage. So, through a contract, purchaser agrees to buy the property immediately only if he or she is allowed to retain a part of purchase money till the seller manages to discharge mortgage upon the premises.
As a purchaser you should always stay alert. Many a times, sellers do not clearly convey to the buyer that their property is under mortgage. As a result, buyers buy the property and end up being at loss. This is why, it is very necessary to carry out an investigation about the property you are considering to buy. If you find that the property is still under mortgage then you can issue a contract clearly stating the reason for you to retain a part of your purchase money and what will be done if the seller is able or unable to discharge the mortgage.
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