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Letter of Guarantee from the bank

luranski · 14 · 12594

luranski

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on: Dec 30, 2011, 10:51 PM
Guys I have seller and I offer to pay the 20% of the selling price in cash and 80% thru bank loan. The bank issued the letter of guarantee to the seller with our signatures and now, pumasok na yung lawyer ng seller, so nagkakagulo na kami kasi di mag meet yung agreements namin. So, I plan to back out but the said lawyer is threatening me that I have already signed the letter of guarantee and as such, there is somehow a sale made. No contract to sell yet nor deed of absolute sale.

If I back out totally, can they sue me? thanks...


kiko2007

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Reply #1 on: Dec 31, 2011, 12:51 AM
from what i know, and im not a lawyer ha:

letter of guarantee is valid for 1 month only if i recall. ask the bank who issued it. as long as wala ka pa pinipirmahan, no sale pa yun.


luranski

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Reply #2 on: Dec 31, 2011, 01:09 AM
from what i know, and im not a lawyer ha:

letter of guarantee is valid for 1 month only if i recall. ask the bank who issued it. as long as wala ka pa pinipirmahan, no sale pa yun.

the letter is valid until feb 2012. ang napirmahan ko lang sir is the letter of guarantee itself. no contract to sell or deed of sale. can i still back out or the seller can sue me? thanks.
« Last Edit: Dec 31, 2011, 01:21 AM by luranski »


kiko2007

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Reply #3 on: Dec 31, 2011, 02:21 AM
y not let the LOG expire? since may dispute, mgmatigas k n lng sa gusto mo. :) if di sila pumayag til feb, opt out. :)

di ba uubra ang ganun?


luranski

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Reply #4 on: Dec 31, 2011, 02:35 AM
The seller with her attorney wants me to make a downpayment na 1st week of jan. They are pressuring me. Parang they are telling me that i cannot back out or they will sue me. Eh ang hawak lang naman nila na document is yung letter of guarantee nga from the Bank, where I got the loan. the said letter guarantees the seller that the bank will pay for the remaining balance of the selling price per my instruction and after the transfer of the title to me.

Gusto ko lang ma-clear if the seller, not the bank, can sue me if I back out. Sinasabi kasi nila na parang yung letter of guarantee is in effect may deemed sale na daw. For me, it is not since it only guarantees that I have an approved loan from the bank and as such, not a sale per se.

Am i correct po ba? Thanks


DonT

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Reply #5 on: Dec 31, 2011, 06:43 AM
Pabayaan mo na lang yan. If you have credible grounds kung bakit ka magbackout sa agreement nyo, ok lang yan.

Balikan mo ang conditions ng sale nyo. If there was something na you missed or they did not inform you...or some conditions which they suddenly came up with after your nego..then the basis of your agreement has changed.

Base on the little info you have posted...they are just trying to get you to give the downpayment. Who cares what happens next. Madami kasi mag benefit kapag nakapagbigay ka na ng downpayment....and thats there motivation to make verbal threats...even without basis...they have to try. wala mawawala sa kanila...sa iyo medyo malaki.

And as you said...wala naman kayo "Contract" or "Agreement" na notarized or legal.


luranski

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Reply #6 on: Dec 31, 2011, 05:40 PM
Pabayaan mo na lang yan. If you have credible grounds kung bakit ka magbackout sa agreement nyo, ok lang yan.

Balikan mo ang conditions ng sale nyo. If there was something na you missed or they did not inform you...or some conditions which they suddenly came up with after your nego..then the basis of your agreement has changed.

Base on the little info you have posted...they are just trying to get you to give the downpayment. Who cares what happens next. Madami kasi mag benefit kapag nakapagbigay ka na ng downpayment....and thats there motivation to make verbal threats...even without basis...they have to try. wala mawawala sa kanila...sa iyo medyo malaki.

And as you said...wala naman kayo "Contract" or "Agreement" na notarized or legal.

Thanks brother! =)


vicces

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Reply #7 on: Dec 31, 2011, 09:56 PM
tama si sir dont. elements ng anumang contract ay -- consent, object and consideration. dapat may "meeting of the minds" or nag-agree kayo sa lahat ng bagay na may kinalaman sa specs nung object, yung price, mode of payment, etc. kung merong isang hindi present, hindi pa yan legally binding. hayaan mo na lang maglapse ung letter of guarantee. play hardball, pag nangulit or ithreaten ka ni attorney, ithreaten mo rin sya ng disbarment complaint, sabihin mo Rule 19.01 CPR. :hihi:

« Last Edit: Jan 01, 2012, 02:54 PM by vicces »


bauer

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Reply #8 on: Jan 02, 2012, 10:52 PM
Wait the seller's lawyer is probably right. You might have a legal problem when you back out.

Ang mahirap paniwalaan eh Kung paano na issue bank guarantee at nagkaroon sila ng kopya.

In the first place the bank guarantee will only be issued if you have signed a contract to sell.

Anong negotiation pa with the lawyer of the seller when supposedly all documents are in order?

Di pa ba ready 20% share mo SA bibilhin?  Then it is the main problem


mark_ruiz2005

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Reply #9 on: Jan 14, 2012, 12:05 PM
If the Bank has already issued a letter of guaranty in favor of the Seller then there is a document that the Seller and Buyer have executed. In such a case, there is a "meeting of the minds" between the seller, the buyer and the Bank itself, considering that the Buyer has already conformed to the conditions stated in such letter of guaranty and the Bank issued the guaranty in favor/addressed to the Seller. Now, as standard conditions in such guaranty, the Bank normally states therein that the loan of the Buyer-Borrower has approved and the release of loan proceeds or the guaranteed amount shall only be released to the Seller upon registration of the bank's lien on the Title under the name of the Buyer. Thus, if the Buyer will not pursue the transaction, the Seller has the right to sue the Buyer and claim for damages. Please take note also that not all agreements/contracts should be in writing or notarized to be valid, binding or effective. 


bajoyjoy

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Reply #10 on: Jan 14, 2012, 01:18 PM
^the story of the advice-seeker luranski seems incomplete or inconsistent cos its indeed weird that there is a letter of guaranty issued yet he insists theres no agreement yet between him and the buyer. if theres no contract as he claims then u can still back out. but assuming there is really a binding contract entered into, then i think mark_ruiz gave the most straightforward and complete advice, all bases covered... u a realtor, lawyer, banker, millionaire or all of the above? :D


naldcagape

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Reply #11 on: Jan 14, 2012, 11:53 PM
Like what bauer and mark_ruiz2005 said, the LOG is only released when all docs are in order. You already have an agreement with the seller. What's the problem with the lawyer?


mark_ruiz2005

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Reply #12 on: Jan 15, 2012, 11:06 AM
^the story of the advice-seeker luranski seems incomplete or inconsistent cos its indeed weird that there is a letter of guaranty issued yet he insists theres no agreement yet between him and the buyer. if theres no contract as he claims then u can still back out. but assuming there is really a binding contract entered into, then i think mark_ruiz gave the most straightforward and complete advice, all bases covered... u a realtor, lawyer, banker, millionaire or all of the above? :D

@bajoyjoy, thank you, you are correct, im a realtor but not a lawyer, banker but not really a millionaire.. cheers!!

Post Merge: Jan 15, 2012, 11:16 AM
Please take note also that whenever your signature is required, there is a presumption that you agree or conform to the conditions stated in the contract/agreement. The fact that the Buyer signifies his conformity to the bank's letter of guaranty, there is a binding contract between the parties and the contract is deemed perfected. There is already a sale by virtue of an agreement and fulfillment of an obligations/conditions under the contract.
« Last Edit: Jan 15, 2012, 11:16 AM by mark_ruiz2005 »


sneaker23

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Reply #13 on: Jan 27, 2012, 12:11 AM
@luranski

care to update us especially for those who spent time in giving you crystal clear advice.


 


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