The Legal Side of Real Estate

[TheSmilingBandit]

i recently bought a small condo unit at P500K+ 3 years ago. they said the value of my unit is now P700k+ and every year it will increase. my question is: is there a time that my condo unit will start depreciate? 25 years? 30 years? thanks!

LOL, that's fairly unique. In truth any improvements begin to depreciate as soon as it is constructed. However, depreciation may or may not affect the market value of a property. As for your condo unit, in all likelihood you probably bought it during a preselling deal? When construction has finished, often the value increases, except that there is currently a glut in condominium construction which may mean that while the book value has increased, the market value may not have. Its hard to generalize of course, but without more details, answering your question is difficult.

[pintor]

Good Day to All,

 

I would like to seek advice/opinion regarding a property that is for sale.

 

Description

1.Land Title of the Property is still in the DEVELOPERS Name

2.Property is not yet fully-paid.

3.Assumed that balance will be paid then it wil be ready to be transferred to the PRINCIPAL

4.The PRINCIPAL is the DAUGHTER (Single that time)

5.DAUGHTER works overseas and execute a SPA and assigned her MOTHER to perform her duties in-behalf in acquiring the property.

6.From that time till today DAUGHTER gets married and is now separated.

7.Now, MOTHER is selling the property and to be able to do that she will be requiring a SPA from her DAUGHTER to Sell the property.

8.In order to minimize the cost of Capital Gains as suggested by AGENT is that to transfer the TITLE directly from the DEVELOPER to a prospected BUYER provided that it will be allowed by the DEVELOPER.

 

Supporting Description

1.Current name of DAUGHTER retains her former husband's surname.

1a.DAUGHTER is maybe separated but still retains her husband's surname in order for her to stay abroad OR DAUGHTER and her former husband still did not go to the legal process of separation.

 

Question

1.Can DAUGHTER execute a SPA abroad via Consular Office using her Single's Name?

2.If "Question 1" is not possible then she will execute a SPA with her current name. Will this SPA be honored?

3.In "Description 5". That SPA is now with the DEVELOPER. If MOTHER can have a copy of that SPA, will MOTHER can used that SPA provided that an AUTHORITY TO SELL will be made by the DAUGHTER?

4.In executing an AUTHORITY TO SELL.

4a.Does it need to be notarized via the Consular Office?

4b.Assuming that AUTHORITY TO SELL can only be done using her current name, will this AUTHORITY TO SELL be honored?

5.In "Description 8". Is this possible?

 

Thanks much in Advance.

[TheSmilingBandit]

Good Day to All,

 

I would like to seek advice/opinion regarding a property that is for sale.

 

Description

1.Land Title of the Property is still in the DEVELOPERS Name

2.Property is not yet fully-paid.

3.Assumed that balance will be paid then it wil be ready to be transferred to the PRINCIPAL

4.The PRINCIPAL is the DAUGHTER (Single that time)

5.DAUGHTER works overseas and execute a SPA and assigned her MOTHER to perform her duties in-behalf in acquiring the property.

6.From that time till today DAUGHTER gets married and is now separated.

7.Now, MOTHER is selling the property and to be able to do that she will be requiring a SPA from her DAUGHTER to Sell the property.

8.In order to minimize the cost of Capital Gains as suggested by AGENT is that to transfer the TITLE directly from the DEVELOPER to a prospected BUYER provided that it will be allowed by the DEVELOPER.

 

Supporting Description

1.Current name of DAUGHTER retains her former husband's surname.

1a.DAUGHTER is maybe separated but still retains her husband's surname in order for her to stay abroad OR DAUGHTER and her former husband still did not go to the legal process of separation.

 

Question

Very nice and clear description.

 

1.Can DAUGHTER execute a SPA abroad via Consular Office using her Single's Name?

She can since as the buyer her name on the contract of sale was still her legal (maiden) name.

 

3.In "Description 5". That SPA is now with the DEVELOPER. If MOTHER can have a copy of that SPA, will MOTHER can used that SPA provided that an AUTHORITY TO SELL will be made by the DAUGHTER?

It depends on the wording of the SPA.

 

4.In executing an AUTHORITY TO SELL.

4a.Does it need to be notarized via the Consular Office?

Yes

 

5.In "Description 8". Is this possible?

It is possible, just be careful that the 'agent' doesn't spill the beans.

[pintor]

@TheSmilingBandit

 

Wow, thanks and if I may add, could please advise if below wordings will be enough for the SPA in order to perform the sell. (Please add or correct if there is wrong)

 

And also, along with this SPA does she (Daughter) still need to execute AUTHORITY TO SELL?

 

Thanks

 

I (

MAIDEN NAME OF DAUGHTER

) single, of legal age, with residence and postal address at (

Overseas Address

) do hereby APPOINT

MOTHER/Attorney-In-Fact

married to (

FATHER

), likewise of legal age, with postal address at

MOTHER and FATHER LOCAL ADDRESS

as my true and legal representative to act for and in my name and stead and to perform the following acts:

 

To sell, offer for sale, and come to an agreement as to the purchase price and thereafter to sign for me and in my name and receive payment from the sale of my property more particularly described as follows:

 

Block No. XX Lot No. XX Lot Area: XX square meters

Transfer Certificate of Title No. T-XXXXXX

 

Located at PROPERTY ADDRESS

 

 

HEREBY GRANTING unto my representative full power and authority to execute and perform every act necessary to render effective the power to sell the foregoing properties, as though myself, have so performed it, and HEREBY APPROVING ALL that she may do by virtue hereof with full right of substitution of this person and revocation of this instrument.

 

IN WITNESS WHEREOF, WE HAVE HEREUNTO SET OUR HANDS THIS ____ DAY OF _______________ 20__, AT (

OVERSEAS CONSUL ADDRESS

).

 

Source Philippine Legal Forms

[TheSmilingBandit]

That I, (FULL NAME OF OWNER), of legal age, single, Filipino, and resident of (FULL ADDRESS OF OWNER), do by these presents hereby name, appoint and constitute (FULL NAME OF ATTORNEY-IN-FACT), of legal age, married, Filipino, and resident of (FULL ADDRESS OF ATTORNEY-IN-FACT), as my True and Lawful Attorney-In-Fact, for me, and in my name, place and stead, to administer and exercise general control and supervision over my property, consisting of (NUMBER) parcels of land, situated in (FULL LOCATION OF PROPERTY), and more particularly described as follows:

 

TRANSFER CERTIFICATE OF TITLE #

 

(INSERT TECHNICAL DESCRIPTION HERE)

 

That as such Attorney-In-Fact, said (FULL NAME OF ATTORNEY-IN-FACT) shall have the power and authority as are generally granted and vested an Administrator, more specifically described, but not by way of limitation, as follows:

 

1. To Lease, Let, Rent, Sell, and/or Subdivide, the said parcels of land, with any person, firm, or institution he may choose and under such terms and conditions, and for such amount as my said Attorney-In-Fact may deem proper and beneficial to me; to accept and receipt for the rentals or sale, and to endorse and deposit the checks covering the same, in a bank of his choice and to withdraw the amounts thereof under his own signature.

 

2. To make, sign, execute, and deliver all such contracts, agreements and writings of whatsoever kind, nature, and description, with such person, firm or entity he may choose, and upon such terms and conditions acceptable to my said Attorney-In-Fact, pertinent to the lease, or hypothecation of my said properties.

 

3. To ask, demand, sue for, recover, collect and receive any and all sums of money, debts, accounts, interests, and other things of value of whatsoever kind, nature and description, as may now be or hereafter become due, owing, payable or belonging to us pertaining to said property; and to have, use, and take any and all lawful ways and means for the recovery thereof by suit, attachment or otherwise, and to compromise, settle and agree to the same.

 

4. To prevent by all lawful means the commission of any trespass, waste or injury on said property and to collect, recover and receive any damages which may accrue to me by means of the commission of any trespass, waste or injury upon said property by any person whomsoever.

 

5. To eject and remove any and all tenants/occupants illegally occupying or withholding possession of my said property, and to sue them in any courts of justice, represent and testify in my behalf in said actions, present and adduce evidence, and to prosecute or defend the same to its successful termination.

 

HEREBY GIVING AND GRANTING unto my said Attorney-In-Fact full power and authority to do and perform any and every act and thing whatsoever requisite or proper to be done in pursuance of the powers herein granted, as I might or could do if personally present and acting in person, with full powers of substitution and revocation, and HEREBY RATIFYING AND CONFIRMING all that my said Attorney-In-Fact shall lawfully do or cause to be done under and by virtue of these presents.

 

IN WITNESS WHEREOF, I have hereunto set my hands to this instrument, this _____ day of (MONTH), 20__, in (LOCATION OF OWNER).

 

Some of the unusable technicalities can be omitted, such as leasing, if that is unnecessary.

[pintor]

She can since as the buyer her name on the contract of sale was still her legal (maiden) name.

 

If the name on her current Passport still indicates her former husband's surname. Will it be a problem (with the Consul) if she will state single in the SPA?

[TheSmilingBandit]

If the name on her current Passport still indicates her former husband's surname. Will it be a problem (with the Consul) if she will state single in the SPA?

What year did she purchase the property and what year did she get married. If she purchased the property before she got married, then there should be no issue about getting any agreement to sell from the husband. However, it'd be best to say married if her passport has a different surname from the property.

 

Wait ... the property in question is still under the developer's name?

[pintor]

What year did she purchase the property and what year did she get married. If she purchased the property before she got married, then there should be no issue about getting any agreement to sell from the husband. However, it'd be best to say married if her passport has a different surname from the property.

 

Wait ... the property in question is still under the developer's name?

 

As per the documents that were handed to me. CONTRACT TO SELL between DAUGHTER and DEVELOPER has been executed in year 2001. I would assume that after this date she got married overseas.

 

Yes as per the Land Title it is still in the DEVELOPER'S name and I guess there is no DEED OF SALE yet between DAUGHTER and DEVELOPER since PROPERTY is not yet fully-paid.

[wizard23]

i'm brokering a sale of a Bliss unit. as you know, ownership here is rights only so no cap gains, tax etc.

 

my 1st time to offer a property with just transfer of rights ownership.

 

for those who are experienced in this kind of deal, can you share the pros and cons of owning a bliss unit with rights as your only form of ownership? TIA

[rocco69]

Are you sure?

 

I've handled the transfer of a Bliss unit (Bagong Lipunan Pag-asa or Pag-asa Bliss located at the back of SM North) and the unit was covered by a Condominium Certificate of Title (CTC). If one unit had a CTC, that implies all other units there are also covered by CTCs, in which case, the same procedure for sale of lots covered by an ordinary Torrens Title would apply.

 

i'm brokering a sale of a Bliss unit. as you know, ownership here is rights only so no cap gains, tax etc.

 

my 1st time to offer a property with just transfer of rights ownership.

 

for those who are experienced in this kind of deal, can you share the pros and cons of owning a bliss unit with rights as your only form of ownership? TIA

[wizard23]

Tnx rocco. owner doesn't have a title of the unit. only a rights document. location is UP Bliss.

[salaryman]

Most Registry of Deeds issue the Certified True Copy of the OCT/TCT/CCT within 3 days. QC and Makati are faster in that it averages 2 days while Caloocan is one of the worse at 6 days. As for getting it faster, of course there are ways, but they are illegal.

 

Thanks a lot!

 

I'm looking to purchase a house & lot in QC, The TCT bears the name of the father and his 4 children(all of which are married. the mother died and they went thru extra judicial partition process and got a new title.

 

So instead of drafting a DOS where everyone (father+ 4 children + 4 spouses)signs on the dotted line, the father wants to get a Special Power of Attorney (SPA) from his children authorizing him to sell the property. This SPA will have all the children signed and not separate SPAs for each child.

 

pls note that i have not met with any of the children, just the father. but the certified true copy from registrar of deeds checked out ok.

 

So in the DOS, instead of putting all the names of father and children as SELLER. the father alone becomes the seller.

 

My questions are:

 

1, Is it legal to have so many people sign a SPA?

2, Is it ok for me to ask for a copy of the SPA?

3, Is there a way where i verify the authencity of the SPA?

 

The thing i want to avoid most is that sometime in the future, one of the children might declared that he did not sign the SPA (his signature is forged) and that he will contest the sale of the property.

 

How can i avoid problems like this? thanks

[Dr_PepPeR]

Most Registry of Deeds issue the Certified True Copy of the OCT/TCT/CCT within 3 days. QC and Makati are faster in that it averages 2 days while Caloocan is one of the worse at 6 days. As for getting it faster, of course there are ways, but they are illegal.

 

Thanks a lot!

 

I'm looking to purchase a house & lot in QC, The TCT bears the name of the father and his 4 children(all of which are married. the mother died and they went thru extra judicial partition process and got a new title.

 

So instead of drafting a DOS where everyone (father+ 4 children + 4 spouses)signs on the dotted line, the father wants to get a Special Power of Attorney (SPA) from his children authorizing him to sell the property. This SPA will have all the children signed and not separate SPAs for each child.

 

pls note that i have not met with any of the children, just the father. but the certified true copy from registrar of deeds checked out ok.

 

So in the DOS, instead of putting all the names of father and children as SELLER. the father alone becomes the seller.

 

My questions are:

 

1, Is it legal to have so many people sign a SPA?

2, Is it ok for me to ask for a copy of the SPA?

3, Is there a way where i verify the authencity of the SPA?

 

The thing i want to avoid most is that sometime in the future, one of the children might declared that he did not sign the SPA (his signature is forged) and that he will contest the sale of the property.

 

How can i avoid problems like this? thanks

 

1. It is legal for so many people to sign the SPA.

2. You have a legal right to ask for an original copy of the SPA.

3. You deal with the SPA at your own risk. It is up to you whether or not to accept the SPA.

 

On another note, even with an SPA, all the names of the children will still appear on the DOS. What will no longer appear are the signatures of the children in the SPA. Again, accepting the SPA is at your own risk and you will have to make your own decision whether to take that risk or not.

[salaryman]

1. It is legal for so many people to sign the SPA.

2. You have a legal right to ask for an original copy of the SPA.

3. You deal with the SPA at your own risk. It is up to you whether or not to accept the SPA.

 

On another note, even with an SPA, all the names of the children will still appear on the DOS. What will no longer appear are the signatures of the children in the SPA. Again, accepting the SPA is at your own risk and you will have to make your own decision whether to take that risk or not.

 

Thanks for quick answer.

 

1, Is it required to have the names of all the sellers (every name that appears in the TCT)to also appear in the DOS?

2, Will i have trouble with the Registrar of Deeds if only the name of the father appears in the DOS? the seller requested that only name of father(person given the authority to sell) will appear in the DOS.

3, Once a transaction is done and a new TCT is issued in the buyer's name. Can it still be undone if one of the children comes out to contest it?

 

Thanks again

[TheSmilingBandit]

Thanks a lot!

 

I'm looking to purchase a house & lot in QC, The TCT bears the name of the father and his 4 children(all of which are married. the mother died and they went thru extra judicial partition process and got a new title.

 

So instead of drafting a DOS where everyone (father+ 4 children + 4 spouses)signs on the dotted line, the father wants to get a Special Power of Attorney (SPA) from his children authorizing him to sell the property. This SPA will have all the children signed and not separate SPAs for each child.

 

pls note that i have not met with any of the children, just the father. but the certified true copy from registrar of deeds checked out ok.

 

So in the DOS, instead of putting all the names of father and children as SELLER. the father alone becomes the seller.

 

My questions are:

 

1, Is it legal to have so many people sign a SPA?

2, Is it ok for me to ask for a copy of the SPA?

3, Is there a way where i verify the authencity of the SPA?

 

The thing i want to avoid most is that sometime in the future, one of the children might declared that he did not sign the SPA (his signature is forged) and that he will contest the sale of the property.

 

How can i avoid problems like this? thanks

1. It is legal for so many people to sign the SPA.

2. You have a legal right to ask for an original copy of the SPA.

3. You deal with the SPA at your own risk. It is up to you whether or not to accept the SPA.

 

On another note, even with an SPA, all the names of the children will still appear on the DOS. What will no longer appear are the signatures of the children in the SPA. Again, accepting the SPA is at your own risk and you will have to make your own decision whether to take that risk or not.

Thanks for quick answer.

 

1, Is it required to have the names of all the sellers (every name that appears in the TCT)to also appear in the DOS?

2, Will i have trouble with the Registrar of Deeds if only the name of the father appears in the DOS? the seller requested that only name of father(person given the authority to sell) will appear in the DOS.

3, Once a transaction is done and a new TCT is issued in the buyer's name. Can it still be undone if one of the children comes out to contest it?

 

Thanks again

As the esteemed laird and maester of all things Dr_PepPeR has replied, the acceptance of the SPA is up to you, however to answer your questions:

 

1. Yes, then attach the SPA to the DoAS (Deed of Absolute Sale as opposed to Deed of Sale), with the father signing for each of the children. Make sure that the SPA is notarized to minimize your legal responsibility.

2. The RD can be fairly strict, again that depends on how much greasing you do.

3. Any and all of the children can contest it and tie up the property for decades (considering the local justice system) in court before the issue is decided, one way or the other.

 

Question: Why not just have each child sign the DoAS?