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4 years ago

Mechanics of payment to purchase an apartment

4 years ago
Hello,

I am in the middle of closing a deal on a depa. The buyer is asking for the deal to happen in 3 payments. The first is the 7.5% arrs to him. The 2nd is 70% to him to cover to pay off the mortgage. And then 2 weeks later, once the title is clear, the remaining payment of 22.5% .

Is this a common practice in Bogota?
There is a realtor involoved. There will be a compraventa but how do i know he will pay off the mortgage with the 70% payment if I sent it directly to him? There is no such thing as an escrow account in Colombia?

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