The hazard of buying a property that is owned by a relative

[Alexandoy]

As I had posted in another thread I received an offer from my wife's uncle that his daughter is selling a property that is a vacation house. It is 1,600 square meters with a structure of 1 room with dining area and toilet and bath facilities. The trees are fruiting so it is like a small farm. I got very interested upon reading the message of my wife's uncle sent to my wife's sister. The selling price is 5 million pesos (around $100,000) but if we (as a relative) will buy then the price is only 4 million (that's $80,000 only). I was thinking that I may buy it so I asked my sister-in-law when we could go to there for an ocular inspection. That looked a good buy because the location is in the city although nearer the rural area there.

This morning I was already planning about the trip when I received a message from my wife's sister. The property is not for sale anymore. The reason is obviously an alibi that the daughter does not need the money. But I believe that the selling price is the crux of the matter. That's how relatives deal with relatives.

 

[Kingsley]

This is indeed an interest one has most people too will not have a very palatable story to share concerning their experience of acquiring property own by a relative or on the family land. when it comes to acquiring property from a brother or sister who are relative here in Africa, mostly opin my region here we are always careful because such always leads to dispute amongst the family members. Because it normally happens that at some point your personal property may eventually end up in the hands of your relative and it will no longer be yours and this is a very case scenario but in some worse cases it could lead to loss of life or having a strange illness, and in some other cases thag same property can be resold to other people and the proceeds will not be given to you the original owner of the property. It will either be shared amongst the relatives and if you are not fortunate enough you will not get a dime from the proceeds. All those are still a very good case scenario if one's life and health is still very intact. It is not really advisable to acquire such on a family basis.