Hi,
I have never sold a property before.
When I sell a property during settlement,Let say there is a balance amount that needs to be paid to me after subtracting the bank loan...
How will I get paid for that amount?
I will assume be bank cheque or bank deposit.
In the case of bank cheque if the purchaser is through a bank loan of the buyer I don't really have to worry about it.
But if its from a buyer that is buying using his own cash.
I assume he will prepared his bank cheque through his/her own bank.
What happens if the bank cheque is fake?
We wouldn't know it until we bank in the cheque.
In short my questions is will there be any recourse from my end after the title has been signed over to the new owner but the new owner fail to pay the funds to the buyer due to any reasons.
Thanks
Thanks
I have never sold a property before.
When I sell a property during settlement,Let say there is a balance amount that needs to be paid to me after subtracting the bank loan...
How will I get paid for that amount?
I will assume be bank cheque or bank deposit.
In the case of bank cheque if the purchaser is through a bank loan of the buyer I don't really have to worry about it.
But if its from a buyer that is buying using his own cash.
I assume he will prepared his bank cheque through his/her own bank.
What happens if the bank cheque is fake?
We wouldn't know it until we bank in the cheque.
In short my questions is will there be any recourse from my end after the title has been signed over to the new owner but the new owner fail to pay the funds to the buyer due to any reasons.
Thanks
Thanks