The same applies to the sale of vehicles in the medium term. Any restrictions on mortgage credit must be taken into consideration and the Bank`s written agreement on the possible creation of an acceptance balance should be obtained. Otherwise, it can be considered that the original buyer violates the obligation typically defined in Chattel`s mortgage, namely that the borrower (here seller) cannot remove from his property or from the address indicated the mortgaged property (the vehicle) without the prior written consent of the borrower (bank). If you buy real estate by taking credit, take care of someone else`s mortgage payment and pay the actual sale price of the property at the same time. For example, the value of a private home is P5 million, with an outstanding mortgage balance of P2 million. Depending on your negotiations with the seller, you may only be able to get the house for a million pesos or something like that, since you take responsibility for paying the debt of P2 million to the creditor for the next few months or years. Since adopted equilibrium agreements are often concluded without a formal contract, sorting out these scenarios is very chaotic, tedious and requires a lot of fingers. The practice even made the evening news: with the risk of refusal and verification a posteriori, many Pasalo agreements are concluded without any banking knowledge. „No need for bank authorization“ is actually a red flag rather than a sign of comfort. The pandemic has had many effects, including the closure of businesses and the loss of the livelihoods of many of our compatriots, including the OFW.

This has led to thousands of properties, especially condominiums and vehicles, being put up for sale as „pasalo“ or on a balance of acceptance basis. Marketing is simple: the buyer can turn his hands of time by buying the valued property at the time of purchase, usually by reimbursing the seller for the count and other shock absorbers already paid. The seller, on the other hand, benefits from recovering his „investment“ and avoiding the trouble and embarrassment of a seizure. Here is an overview of the house and draw process „Pasalo“ (accept balance). I was asked what the process was to sell a house and land on „balance“ during a live FB hosted by Boost Gio. I gave an overview with an example of where I sold our house (with Pag-IBIG wohnkredit). In Bank of the Philippine Islands v Domingo (25 March 2015, G.R. No. 169407), the Domingo couple bought a car by obtaining a loan from BPI`s previous bank, FEBTC. They obtained BPI`s written agreement to sell the car to Domingo`s creditor, Carmelita, who took over the balance of payments of the car in question. .

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