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TOPIC: Contracts signed but not notarized

Contracts signed but not notarized 1 year 8 months ago #17713

Hi,

We bid out a foreclosed condominium unit from a bank. Since no one bid for the property, we entered into a negotiated bid with the bank. We agreed to the following terms: 10% downpayment for equity, and 90% to be paid in 15 years with 8% annual interest rate. We have already paid the downpayment, submitted all requirements, and signed all documents provided by the bank - Approved Rates, Contract to Sell, Schedule of Payment, etc. These documents are already signed by both parties, us and the bank. The only remaining tasks is to notarize the Contract to Sell and turn over the key of the condo.

All of sudden, the bank decided to postpone the notarization of the contract and wanted to increase the interest rates to 10%. If we will not agree to this, they will just return our downpayment and cancel the deal.

The questions are: Can the bank do this? Is it legal? Is the Contract to Sell binding even if it is not notarized? We only want the bank to fulfill what was initially agreed and signed on. What steps can we take to make the bank agree to the original terms? It is unfair to us for the bank to increase the interest rates after we have all agreed and signed all documents already. We have the copies of these signed documents.

Please advise. Thank you.

Sincerely,
Princeton
Last Edit: 1 year 8 months ago by Princeton Lee.
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Contracts signed but not notarized 1 year 8 months ago #17717

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The contract to sell is binding even if it is not notarized specially now that it was partially executed. However, you cannot force the bank into a specific performance in fulfilling the terms of the contract to sell. Nobody can be forced to sell. You can ask for damages though.
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The following user(s) said Thank You: Princeton Lee

Contracts signed but not notarized 1 year 8 months ago #17728

Thank you very much Atty. Libayan for your advise about filing for damages. This is the last resort as we do not want to go into legal action as this would be long and costly for us. We still wish for the sale to be fully consumed. I am negotiating with the bank for this. Hopefully it will turn out the best for everyone.

Thank you again and Happy New Year to you and to your family.
Princeton
Last Edit: 1 year 8 months ago by Princeton Lee.
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Contracts signed but not notarized 1 year 8 months ago #17741

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You are welcome!
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Please note that answering your queries in the free legal advice forum does not create an Attorney-Client relationship.
Seek services of an independent counsel when dealing with legal issues. Legal issues need scrutiny and attention.
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