We have a newly built landed home that we plan to sell. A buyer has made an offer, but I find some parts of the arrangement suspicious.
The buyer proposes:
- By 15th September: Sign the SPA and pay a 10% downpayment, then immediately take possession to move in.
- Between 15th September – 15th December: During the 90-day completion period, the buyer will pay the remaining 90% balance.
My concern is that handing over the property after only receiving 10% payment—even with all the legal documents prepared—seems risky. If the buyer does not pay the balance, it could lead to lengthy court processes.
Is this kind of arrangement common or advisable ? Has anyone had experience with this, and would you recommend rejecting such terms?