help, mt799 and mt760

Hi. I'm currently in talks with a buyer of our property; the proposal of the buyer is to buy the property using sblc and is requesting us to put up 1 percent of the face value in an escrow to be released upon the receipt of the mt799. are there cases that the mt760 did not follow the mt799 because the buyer got the 1percent advance already?
What can we do to safeguard ourselves from potential loopholes on this transaction?

[AlanJones]

I don't have a clue what country you are in, but why would you want to enter some strange arrangement like that? It screams of a scam - you're selling the property, you shouldn't need to be putting any money anywhere or messing around with complex financial instruments. The buyer should be transferring the money to your solicitor who then completes the sale.

I suggest that you get proper advice from your financial adviser, bank or solicitor rather than looking for answers on the internet.

thanks for the reply. I'm from the Philippines and the buyer is taking a loan on a bond issued by barclays; they need to have a reason on the loan application so what they are telling barclays is that it is for the purchase of properties. yeah we are also talking to financial advisers but i also wanted to know if we could get further clarity in forums such as this.

Barclay's does not have Philippine approval to do business. What ever transaction you are involved in is a scam, at best highly questionable.

http://www.barclays.com/about-barclays/ ... world.html

you are selling the place. The buyer needs to afford the down payment and mortgage. The only thing you need to do is hire your own lawyer, receive the cash at settlement, and sign the documents at settlement.

[AlanJones]

thanks for the reply. I'm from the Philippines and the buyer is taking a loan on a bond issued by barclays; they need to have a reason on the loan application so what they are telling barclays is that it is for the purchase of properties. yeah we are also talking to financial advisers but i also wanted to know if we could get further clarity in forums such as this.

What does any of this have to do with you needing to put money in escrow?

How the buyer gets the cash is up to them and not your problem. Their lawyer talks to your lawyer and on completion date (or whatever it is called in the Philippines) the lawyers arrange everything, you end up with the cash and the buyer ends up with the legal ownership of the property - anything else is as HB said dodgy at best.

the money in escrow is the "shall release One Percent (1%) of the face value of the STANDBY LETTER OF CREDIT (SBLC) representing insurance, security and clearing settlement fees or charges, for the assignment of the STANDBY LETTER OF CREDIT (SBLC) and transmission via SWIFT MT-799 (Pre-Advise) and the SWIFT MT-760 " i will post the draft of their contract

2. CLOSING PROCEDURE:

2.1. The FIRST PARTY and the SECOND PARTY execute, sign and initial this Agreement which thereby automatically becomes a full recourse commercial agreement or contract. Thereafter, both parties to provide each other passport copies of their authorized signatories, Board Resolution and other necessary compliance requirements.

2.2. The SECOND PARTY, within two (2) banking days from the signing of this Agreement and after satisfactory due diligence on the xx.xx amount money. ) STANDBY LETTER OF CREDIT (SBLC) of the FIRST PARTY on the EUROCLEAR with ISIN xx.xx the SECOND PARTY shall release One Percent (1%) of the face value of the STANDBY LETTER OF CREDIT (SBLC) representing insurance, security and clearing settlement fees or charges, for the assignment of the STANDBY LETTER OF CREDIT (SBLC) and transmission via SWIFT MT-799 (Pre-Advise) and the SWIFT MT-760 (For final authentication and verification). The One Percent (1%)
will be placed under an Escrow Account to the designated Transaction Bank recommended by the SECOND PARTY under the Joint Signatory Control of both parties to be released only to the FIRST PARTY without recourse or further delay upon receipt, authentication, and verification of the delivery of SWIFT MT-799 (Pre-Advise

2.3. Within three (3) banking days after the xx.xx is already deposited in an Escrow Account in the designated Transaction Bank recommended by the SECOND PARTY under the Joint Signatory Control of both parties, the FIRST PARTY shall cause the transmission of xx.xx Standby Letter of Credit (SBLC) via SWIFT MT-799 to the designated Transaction Bank recommended by the SECOND PARTY more particularly described as follows:

Bank Name :
Bank Address :
SWIFT Code :
Bank Officer :
Account Name :
Account No. :
Beneficiary :

2.4. That within two (2) banking days after receipt and authentication of the xx.xx STANDBY LETTER OF CREDIT (SBLC) by SWIFT MT799 (Pre-Advise), the SECOND PARTY will instruct the designated Transaction Bank recommended by the SECOND PARTY to deliver the said SWIFT MT-799 (Pre-Advise) to our designated LENDER’S BANK in Morocco named ATTIJARIWAFA BANK, MOROCCO.

2.5. Then within two (2) banking days the FIRST PARTY will instruct the Issuing Bank BARCLAYS BANK PLC., LONDON, UNITED KINGDOM to deliver the SWIFT MT-760 for final authentication and verification by the designated LENDER’S BANK in Morocco named ATTIJARIWAFA BANK, MOROCCO.

2.6. Thereafter within two (2) banking days after the final authentication and verification by the designated LENDER’S BANK in Morocco named ATTIJARIWAFA BANK, MOROCCO of our SWIFT MT-760, the FIRST PARTY will instruct the LENDER’S BANK to transfer the funds by Cash Wire Transfer or by SWIFT MT-103
2.7. That within three (3) banking days after receipt of the FIRST PARTY of the Loan to Value of Ninety Percent (90%) of the STANDBY LETTER OF CREDIT (SBLC), the FIRST PARTY will authorize the release of the amount equivalent to xx.xx ) for the cash payment of the property of the SECOND PARTY and the balance will be transferred simultaneously to the account of the FIRST PARTY which also automatically dissolve the Escrow Account.

2.8. Succeeding tranches will follow to be agreed by the herein parties but subject to amendments approved by both parties.

[AlanJones]

To me it screams of a scam and doesn't seem to have anything to do with you selling a property to the person - is this a residential property sale or a commercial one?

Also, who is drawing up this contract and what has your lawyer said about it?

Like allan says, it smells of week old fish that has not been refrigerated.

There is absolutely no reason for you to put up any money at all, as all of the funds will be coming to you.

If there is a mortgage ( outstanding loan) on the property / building, then that is between you and your attorney, and is none of the buyer's business at all. The only thing you need to give them is a clear title to the property.

If you don't have a lawyer, you better get one. if you are trying to sell this property on your own with no professional assistance ( realtor and attorney) then you will be scammed, period.

If you do have an attorney / realtor, and they are OK with a document like this, then you better find different ones, and possibly submit them to the proper authorities. Have you checked them out?

The attorney can be found here: http://www.ibp.ph/ibp%20website/html/ibp_lawlist.html (if he is a real attorney) I'm sure the realtor is a simple search away s well.

Please post the complete header information from that email you posted. Remove your personal data before you post it. See the bottom of my post on how to reveal complete headers if you don't know how to show them in your email program.

and again, let me state, Barclay's bank does not do business in the Philippines.

the property is a condominium project, amount is significant. the contract is a draft submitted by the buyer to us for review

what part of you should never have to put money up front when you are selling something is so hard to understand??

Do you understand Barclay's bank can not legally do business in the Philippines?? This is why they want you to wire money to them. Its called an advanced fee fraud !!!!

Do you have a realtor / broker working for you? Do you have an attorney / barrister working for you??

Please post the complete email headers like I requested earlier, and answer the above questions .

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Sent from my iPhone

Begin forwarded message:

> From: K-Phil International Holdings <[email protected]>
> Date: April 17, 2015 12:44:10 AM GMT+08:00
> To: name
> Subject: DRAFT AGREEMENT
>
> DEAR name,
>
> PLEASE FIND THE ATTACHED DRAFT AGREEMENT.
>
> REGARDS,
> name

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<html><head></head><body bgcolor="#FFFFFF"><div><br><br>Sent from my iPhone</div><div><br>Begin forwarded message:<br><br></div><blockquote type="cite"><div><b>From:</b> K-Phil International Holdings &lt;<a href="mailto:[email protected]">[email protected]</a>&gt;<br><b>Date:</b> April 17, 2015 12:44:10 AM GMT+08:00<br><b>To:</b> <a href="mailto:[email protected]">[email protected]</a><br><b>Subject:</b> <b>DRAFT AGREEMENT </b><br><br></div></blockquote><div><span></span></div><blockquote type="cite"><div><div dir="ltr"><div>DEAR ,</div><div><br></div><div>PLEASE FIND THE ATTACHED DRAFT AGREEMENT FOR name.</div><div><br></div><div>REGARDS,</div><div>GRACE &amp; RAY</div></div>
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Sent from my iPhone

Begin forwarded message:

> From: K-Phil International Holdings <[email protected]>
> Date: April 17, 2015 12:44:10 AM GMT+08:00
> To: name
> Subject: DRAFT AGREEMENT
>
> DEAR name,
>
> PLEASE FIND THE ATTACHED DRAFT AGREEMENT.
>
> REGARDS,
> name

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<html><head></head><body bgcolor="#FFFFFF"><div><br><br>Sent from my iPhone</div><div><br>Begin forwarded message:<br><br></div><blockquote type="cite"><div><b>From:</b> K-Phil International Holdings &lt;<a href="mailto:[email protected]">[email protected]</a>&gt;<br><b>Date:</b> April 17, 2015 12:44:10 AM GMT+08:00<br><b>To:</b> <a href="mailto:name</a><br><b>Subject:</b> <b>DRAFT AGREEMENT </b><br><br></div></blockquote><div><span></span></div><blockquote type="cite"><div><div dir="ltr"><div>DEAR name,</div><div><br></div><div>PLEASE FIND THE ATTACHED DRAFT AGREEMENT FOR.</div><div><br></div><div>REGARDS,</div><div>GRACE &amp; RAY</div></div>
</div></blockquote><blockquote type="cite"><div></div></blockquote></body></html>
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[AlanJones]

> From: K-Phil International Holdings <[email protected]>

This confirms that it is a scam - legitimate businesses operating internationally do not use Gmail addresses.

There is no buyer and no mt799 or mt760, the scammer just wants to steal the 1% from you.

thanks for all your help