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#61 Dr_PepPeR

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Posted 11 February 2008 - 10:12 AM

I am interested in purchasing property and the contact person on the seller's side requires the buyer to submit a Letter of Intent and Offer. The Letter of Intent is supposed to be addressed to the contact person on the seller's side. The property is titled under the name of somebody else, not this contact person. My questions are:

1) What is the Letter of Intent for and how should it be formattted? Any legalities I have to be aware of before executing it?
2) Shouldn't the contact person present some Letter of Authority to Sell the property?

Thanks in advance for your advice dear sirs.


The Letter of Intent is simply the written form of your intention to purchase the property. Unless there is consideration to go with it, it is normally not a legally enforceable document. Normally, it is the agent's proof to the actual seller that he has an interested buyer for the property. As such, there is not format for this, you can simply state that you are interested in buying the property. As for the authority, you may want to see the Special Power of Attorney authorizing the agent to negotiate the sale. I suggest though that when it is time to register the sale, the actual buyer should sign the Deed of Sale.

#62 Dr_PepPeR

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Posted 11 February 2008 - 10:17 AM

My family and relatives are proposing that we separate our apartment into separate titles. Should the surveyor come from specifically anywhere or is it all right to contact a real estate broker and let him handle the nitty gritty?

Thanks.


While the only requirement is that the surveyor should be licensed, I suggest you get someone who can handle the whole thing for you, from surveying to the approval from the Land Registration Authority to the actual splitting of title with the Register of Deeds. Last time I handled one of these there was still a lot of red tape in the LRA side. A little expensive, but you can negotiate the fee. Lesser headache for you.

#63 kristianpaolo

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Posted 11 February 2008 - 09:56 PM

there is this property that was purchased by buyer A from a legit developer that unfortunately went practically bust. buyer A then sold the property to buyer B who finished paying the mortgage. the bank later released the original title to buyer B but it is still under the name of the developer. to transfer the title to buyer A and later buyer B, there is a need to present the deed of sale between buyer A and developer which is nowhere to be found. what is the way out of this situation? thanks poh.

#64 neKnock

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Posted 12 February 2008 - 04:18 AM

While the only requirement is that the surveyor should be licensed, I suggest you get someone who can handle the whole thing for you, from surveying to the approval from the Land Registration Authority to the actual splitting of title with the Register of Deeds. Last time I handled one of these there was still a lot of red tape in the LRA side. A little expensive, but you can negotiate the fee. Lesser headache for you.

Thanks. Saying that we would go through the hassle ourselves, how would the process be different, and how much could we 'save' from red tape?

#65 Dr_PepPeR

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Posted 12 February 2008 - 09:43 AM

there is this property that was purchased by buyer A from a legit developer that unfortunately went practically bust. buyer A then sold the property to buyer B who finished paying the mortgage. the bank later released the original title to buyer B but it is still under the name of the developer. to transfer the title to buyer A and later buyer B, there is a need to present the deed of sale between buyer A and developer which is nowhere to be found. what is the way out of this situation? thanks poh.


I suggest you go to the Housing and Land Use Regulatory Board (HLURB). If the contact details of the developer are not with them, they can advise you on how to solve your problem expeditiously.

Thanks. Saying that we would go through the hassle ourselves, how would the process be different, and how much could we 'save' from red tape?


I asked an examiner from the Register of Deeds if he had any recos for someone who could do this. We agreed on a price for the whole package and finished the subdivision of title in two weeks. I think it would take at least a month (being optimistic) if you try to do this yourselves.

#66 neKnock

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Posted 14 February 2008 - 02:41 AM

Help gladly appreciated. Would post for updates if any hitches happen. Thanks.

#67 spadon

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Posted 15 February 2008 - 05:46 PM

The Letter of Intent is simply the written form of your intention to purchase the property. Unless there is consideration to go with it, it is normally not a legally enforceable document. Normally, it is the agent's proof to the actual seller that he has an interested buyer for the property. As such, there is not format for this, you can simply state that you are interested in buying the property. As for the authority, you may want to see the Special Power of Attorney authorizing the agent to negotiate the sale. I suggest though that when it is time to register the sale, the actual buyer should sign the Deed of Sale.

Thank you sir for the advice. Have a good day.

#68 vince94

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Posted 15 February 2008 - 09:25 PM

Sir,

Can i ask for some legal advise? My father died last year and he left a property which he brought last 1994 somewhere in the Visayas. I was not able to ask the details of it because I was not interested during that time and I was too busy with my work. All the documents of said piece of land are with me including the orig TCT. As i run through the documents, I discovered that there are two(2) Deed of Sales yung una po ay pirmado ng orig na may-ari (who is the father) pero patay na ngayon. Naging complicated po kc before mamatay ang tunay na may-ari he transferred it to his son at etong son na eto ang nakapangalan sa orig TCT although meron etong Deed of Sale din pero hindi napapirma ng father ko because accordingly itinatago daw nya(son) sa asawa nya baka ayaw ng hatian (hula ko lang) kasi nga po ay hiwalay na sila. Here are my questions?

1. Pwede ko p po bang papirmahin sa Deed of Sale ang "son"? Papano kung ayaw niya?

2. anong hakbang po ang gagwin ko para maipaalam sa kinauukulan na ang lupang nabili ng tatay ko ay sa amin na? Natatakot po akong makakuha siya ulit ng panibagong titulo at sabihin niya lang sa Bureau of Lands na nawala nya ang orig na TCT pero sa katunayan ay nasa amin ang orig na TCT. Ano ano po ang dapat kong gawin?

Master I really needed your legal advise and it will not only help me but also my siblings who are all benefactors of this endeavour. Sabi ko nga po dati hindi ako interesado dito becoz of my work but now para po sa mga kapatid ko kaya ko eto ginagawa. Maraming Salamat!

#69 legalavatar

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Posted 16 February 2008 - 02:13 AM

Sir,

Can i ask for some legal advise? My father died last year and he left a property which he brought last 1994 somewhere in the Visayas. I was not able to ask the details of it because I was not interested during that time and I was too busy with my work. All the documents of said piece of land are with me including the orig TCT. As i run through the documents, I discovered that there are two(2) Deed of Sales yung una po ay pirmado ng orig na may-ari (who is the father) pero patay na ngayon. Naging complicated po kc before mamatay ang tunay na may-ari he transferred it to his son at etong son na eto ang nakapangalan sa orig TCT although meron etong Deed of Sale din pero hindi napapirma ng father ko because accordingly itinatago daw nya(son) sa asawa nya baka ayaw ng hatian (hula ko lang) kasi nga po ay hiwalay na sila. Here are my questions?

1. Pwede ko p po bang papirmahin sa Deed of Sale ang "son"? Papano kung ayaw niya?

2. anong hakbang po ang gagwin ko para maipaalam sa kinauukulan na ang lupang nabili ng tatay ko ay sa amin na? Natatakot po akong makakuha siya ulit ng panibagong titulo at sabihin niya lang sa Bureau of Lands na nawala nya ang orig na TCT pero sa katunayan ay nasa amin ang orig na TCT. Ano ano po ang dapat kong gawin?

Master I really needed your legal advise and it will not only help me but also my siblings who are all benefactors of this endeavour. Sabi ko nga po dati hindi ako interesado dito becoz of my work but now para po sa mga kapatid ko kaya ko eto ginagawa. Maraming Salamat!




sorry to butt in again. la lang magawa po.

let me get the facts straight. you have 2 deeds of absolute sale with the following transfers:

A) Original owner ---> son
B) son --> your father

deed of sale A is completely signed and deed of sale B is signed by the seller but not by your father.

is this correct?

if so, strictly speaking, a deed of sale is an act of the seller because it is proof that he has already transferred the property to the buyer, who is named in the deed of sale.

this is valid regardless of whether the buyer signs, provided that it is notarized, because all deeds concerning real property must appear in a public instrument (notarized document)

thus, it will be ok even if your father did not sign. of course, i am assuming this is your typical run of the mill deed of absolute sale.

(i am omitting the issue on the failure of the son's spouse to sign, because i am assuming that the property is paternal rather than conjugal.)

best thing to do is bring the deed of sale with the register of deeds and have the deed annotated, just to prove that you have a claim over the land.

no need to have the deed of sale signed by the "son".nakapirma naman siya sa deed of sale B di ba? ok na yon.

better consult a lawyer, kasi maraming bagay na hindi nakalagay sa facts mo which could vary my answer above.

good luck :-)

#70 vince94

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Posted 17 February 2008 - 01:00 PM

let me get the facts straight. you have 2 deeds of absolute sale with the following transfers:

A) Original owner ---> son
son --> your father

deed of sale A is completely signed and deed of sale B is signed by the seller but not by your father.

is this correct?

Sir, Hindi po tama. Sori hindi ko po inayos ang sentence construction ko. Yung orig owner po pinamana nya sa sarili nyang anak na lalaki tapos yung son na yun ang nagbenta sa father ko bago namatay. So ang lumalabas na owner ng property ngayon ay si Son na pero hindi siya nakapirma sa deed of sale B. Maraming Salamat legalavatar for your time!

Meron k bang mai-refer sa akin na lawyer? preferably sa Visayas para makamura ako. More power to you!

#71 redax

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Posted 18 February 2008 - 07:42 AM

Subukan mo muna papirmahin yung anak na sana pangalan nya ang nakalagay sa TCT. Kung ang nakalagay sa TCT, married na siya, pati asawa papirmahin mo para masmaganda. Kung pumirma kasi sya, problem solved.
Kung hinde pipirma, masama balak o baka may kulang pa para maconsumate transaction, kailangan may proof ka na binili nyo nga yung property dahil malamang kaso yan.

#72 searcher

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Posted 18 February 2008 - 02:24 PM

the owner/seller can actually avoid paying capital gains tax if the original owner/seller purchases another property of equal or greater value within 18 months..


I would like to ask...
If my Mother owns a lot worth 5M
And buys a house&lot named after her and me worth 3M

Will there be savings in capital gains?

#73 j_s_j99

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Posted 19 February 2008 - 12:04 AM

I plan to buy a condo unit published in the newspaper. The condo unit is under financing. What are the steps to follow so that I will be protected from any legal problems?

In the absence of agreement, I understand that the seller should pay for the capital gain tax. How about payment for the documentary stamp and the registration?

How should payment be effected? Is it safe to pay the moment I have the deed of absolute sale? Kaliwaan po ba?

Where can I get clearance if there is court case regarding the property?

How long does it take to tranfer title?

#74 vince94

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Posted 22 February 2008 - 10:12 AM

Subukan mo muna papirmahin yung anak na sana pangalan nya ang nakalagay sa TCT. Kung ang nakalagay sa TCT, married na siya, pati asawa papirmahin mo para masmaganda. Kung pumirma kasi sya, problem solved.
Kung hinde pipirma, masama balak o baka may kulang pa para maconsumate transaction, kailangan may proof ka na binili nyo nga yung property dahil malamang kaso yan.


Maraming Salamat redax! More power!! :thumbsupsmiley: :thumbsupsmiley:

#75 koki2006

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Posted 23 February 2008 - 10:44 PM

mga boss, un father ko died after my grand father pero un mother nya buhay pa, balak kami palayasin sa house n pag aari ng lola ko pra gawin un balak ng lola ko gawan ng donator tax? pa explain naman po at kung may laban ako ano po pde ko ihabol?

#76 Dr_PepPeR

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Posted 23 February 2008 - 11:34 PM

I would like to ask...
If my Mother owns a lot worth 5M
And buys a house&lot named after her and me worth 3M

Will there be savings in capital gains?


Is your Mother selling the lot worth 5M?

I plan to buy a condo unit published in the newspaper. The condo unit is under financing. What are the steps to follow so that I will be protected from any legal problems?

In the absence of agreement, I understand that the seller should pay for the capital gain tax. How about payment for the documentary stamp and the registration?

How should payment be effected? Is it safe to pay the moment I have the deed of absolute sale? Kaliwaan po ba?

Where can I get clearance if there is court case regarding the property?

How long does it take to tranfer title?


Check with the developer/finance company the status of the seller's account with them. Payment of registration costs and documentary stamps are usually borne by the buyer. It is safest to pay when the CCT is already under your name. Before that, why not put the payment under escrow? You can get a clearance from the court where the case is pending. You can also try the HLURB for other cases. Transfer of title can take between three days to four weeks, depending on how good your PR with the Registry of Deeds and the BIR is.

mga boss, un father ko died after my grand father pero un mother nya buhay pa, balak kami palayasin sa house n pag aari ng lola ko pra gawin un balak ng lola ko gawan ng donator tax? pa explain naman po at kung may laban ako ano po pde ko ihabol?


If your lola owns the property then I don't see how you can have a choice.

#77 exodus

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Posted 05 March 2008 - 01:45 AM

since nakakatakot isiping yung 30 yrs kang maghuhulog ng iyong bahay...

halimbawa naka-loan na kami ng 1 million, then after one year nakaipon kami ng 500k, then ibibigay namin lahat yung 500k sa pag-ibig... now pano ba kwentahan dito, yung bang ni-loan naming 1 million maging 500k na lang sya? then yung 500k na lang ang huhulugan namin monthly? or para lang sa interest yung 500k na ibibigay namin?

yung kasing 1 million for 30 yrs, 9,147.39 sya monthly, so x 30 = 3,293,060.4

di kaya pag nagbigay kami ng 500k ay ili-less lang nila yun sa 3,293,060.4?

meron na ba gumawa neto senyu? pls paki-explain naman

TIA



naghihintay pa rin po ng sagut ito :(

#78 rocco69

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Posted 05 March 2008 - 10:04 AM

A check of Pag-Ibig's website [pagibigfund.gov.ph] shows that Section 10 of the "Pag-IBIG Housing Loan Program For End-User Financing (Cir. 219) GUIDELINES IMPLEMENTING THE "ABOT-KAMAY PABAHAY" PROGRAM provides:

10. PREPAYMENT

10.1 - A borrower shall be allowed to prepay his loan in full or in part without prepayment penalty, pursuant to Republic Act 7394.

10.2 - Accelerated payments - any amount paid in excess of the required monthly amortization shall be applied automatically to principal, unless otherwise expressly requested by the borrower.

The treatment of excess payment the borrower prefers must be noted on/properly disclosed in the Pag-IBIG Fund Receipt (PFR).



naghihintay pa rin po ng sagut ito :(



#79 marvino

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Posted 07 March 2008 - 11:31 PM

mga sir tanong ko lang kung may habol b ang tenant na matagal ng nakaocupy sa isang lupa na amoroso(ligaw) at wala na titulo

#80 rocco69

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Posted 08 March 2008 - 09:36 AM

dahil ikaw ay tenant, lumalabas na inaamin mo na hindi ikaw ang may-ari, otherwise bakit ka umuupa (ang umuupa, hindi nagmamay-ari ng lupa). Kaya nga, sa ilalim ng Art. 1436 ng Civil Code:

Art. 1436. A lessee or a bailee is estopped from asserting title to the thing leased or received, as against the lessor or bailor.

Sa madaling salita, hindi maaaring igiit ng nangungupahan na siya ang may-ari ng lupa laban sa kanyang kasera (kasi nga nung umupa ka, inamin mo na siya ang may-ari).

Laban sa ibang tao, pwede siguro, pero laban sa landlord mo, hindi.

mga sir tanong ko lang kung may habol b ang tenant na matagal ng nakaocupy sa isang lupa na amoroso(ligaw) at wala na titulo






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