The Legal Side of Real Estate

[cbotc]

Execute the MoA but instead of a bank guarantee, have them put the money in an escrow account to be released to you upon completion of the transaction.

Thanks for your comments, Sir TheSmilingBandit. The bank has an approved term loan for the buyers, with the property in question mortgaged for the purpose. Thus the bank guarantees release of the loan proceeds to us upon presentation (by us to the bank) for the bank's annotation of mortgage on the new title in the name of the buyers. A bank escrow stipulated in the MoA would certainly be to our best interest as the sellers. But is a bank escrow applicable under these circumstances?

[Mesohorny]

Need legal advise. I bought a unit at GA Skysuite (EdSA corner Q.Ave.), Which is own by Delfin Lee. Since October last year it has been a stale project. I were told to continue the monthly instalement to RCBC who have acquire the project. RCBC told me this project is under due deligence by a developer and will have decision by end of march. Now its april and it seems no movement still on the project. Again RCBC told me no decision yet by the developer. I want to stop my religiously monthly payment to RCBC but afraid all payment made will be loss, since I don't have contracts with RCBC but to GA, which they denounce all responsiblity regarding the GA skysuit. WHAT DO I DO TO RECOVER THE PAYMENT? or just continue paying? TIA

[TheSmilingBandit]

Thanks for your comments, Sir TheSmilingBandit. The bank has an approved term loan for the buyers, with the property in question mortgaged for the purpose. Thus the bank guarantees release of the loan proceeds to us upon presentation (by us to the bank) for the bank's annotation of mortgage on the new title in the name of the buyers. A bank escrow stipulated in the MoA would certainly be to our best interest as the sellers. But is a bank escrow applicable under these circumstances?

The problem is that the buyers are using your property as their mortgage, if they default, with the title in their name, and no escrow, your property becomes the property of the bank and the buyers are free and clear. You lose everything without any recourse to legal help.

 

Your best bet is to have the bank appraise your property and put that amount loaned into escrow to be released to you upon transfer of the title or upon default of the payment of the buyer or 2 months, whichever comes first. Then have your buyer pay you the balance of the selling price BEFORE transfering the title.

 

Need legal advise. I bought a unit at GA Skysuite (EdSA corner Q.Ave.), Which is own by Delfin Lee. Since October last year it has been a stale project. I were told to continue the monthly instalement to RCBC who have acquire the project. RCBC told me this project is under due deligence by a developer and will have decision by end of march. Now its april and it seems no movement still on the project. Again RCBC told me no decision yet by the developer. I want to stop my religiously monthly payment to RCBC but afraid all payment made will be loss, since I don't have contracts with RCBC but to GA, which they denounce all responsiblity regarding the GA skysuit. WHAT DO I DO TO RECOVER THE PAYMENT? or just continue paying? TIA

Is that project even being continued??? Check with the HLURB.

[moed]

Thanks Sir moed for your comments. Some questions: is a Memorandum of Understanding legally binding as a Contract to Sell? Is it (MOU) notorized?

Yes it is notarized. This is what we do with our land sales where the purchase price is really high and the property is an ordinary asset. We form a new corp to transfer the lot to and execute deed of assignments for the shares of stock of the new corp. This is a more technical procedure though as you would have to get a ruling from the BIR, then have to apply for increase in authorized capital. There will be no problem transfering the title to the buyer as long as all the parties are serious with the transaction and are all reliable.

[cbotc]

The problem is that the buyers are using your property as their mortgage, if they default, with the title in their name, and no escrow, your property becomes the property of the bank and the buyers are free and clear. You lose everything without any recourse to legal help.

 

Your best bet is to have the bank appraise your property and put that amount loaned into escrow to be released to you upon transfer of the title or upon default of the payment of the buyer or 2 months, whichever comes first. Then have your buyer pay you the balance of the selling price BEFORE transfering the title.

 

Thank you once again Sir TheSmilingBandit. The release of the loan proceeds to us by the bank is contingent upon:

a) presentation to the bank of the title in name of buyer,

verification of authenticity of title by the bank after which,

c) instruction of the buyer to release loan proceeds to us

 

These conditions are stipulated in the letter of the bank to us informing us of the proposed terms of payment by their client for our property. The bank guarantee under these circumstances is not an irrevocable undertaking then? The buyer can still backout after we have transfer the title to the buyer's name?

 

Yes it is notarized. This is what we do with our land sales where the purchase price is really high and the property is an ordinary asset. We form a new corp to transfer the lot to and execute deed of assignments for the shares of stock of the new corp. This is a more technical procedure though as you would have to get a ruling from the BIR, then have to apply for increase in authorized capital. There will be no problem transfering the title to the buyer as long as all the parties are serious with the transaction and are all reliable.

Thanks Sir moed for the info.

[ztrixx]

Hi, I would like to ask for some inputs.

My cousin purchase a House and Lot thru PAGIBIG, but went abroad while still paying the equity.

He continue it thru PAGIBIG POP and leave me an SPA and I was the one who issue the checks for PAGIBIG.

 

Now, he is already paying it monthly amortization for 4 years and no one using the house.

There is an interested buyer to purchase it in cash. But the buyer want to make sure that it will be transfer to him.

 

We made an arrangement to pay first partial amount that will be paid to PAGIBIG the full loan balance and the remaining balance will be paid once the title is released by PAGIBIG and that is the only we will execute the deed of sale. The buyer want to have a contract to sell, stating the terms of payment and when will be deed of sale be executed.

 

Since the owner is still abroad, and I am the atty in-fact before, can I issue and sign a Contract to Sell and Deed of Sale to the Buyer ? I lost my copy of SPA, we get a copy of title from the developer and it has an inscription in the title stating that the owner assign me as atty in-fact and the date SPA was executed.

[rocco69]

A Special Power of Attorney gives the atty-in-fact specific powers. If the SPA includes the power to sell the property, you can issue and sign the Contract to Sell and Deed of Sale. If the SPA only empowers you to pay PAG-IBIG, you cannot issue and sign the Contract to Sell and Deed of Sale.

 

since the SPA is inscribed at the back of the title, that means a copy of the SPA was submitted to the Register of Deeds. Go to the Register and get a copy of the SPA there so you can check what powers have been given to you in the SPA.

 

Hi, I would like to ask for some inputs.

My cousin purchase a House and Lot thru PAGIBIG, but went abroad while still paying the equity.

He continue it thru PAGIBIG POP and leave me an SPA and I was the one who issue the checks for PAGIBIG.

 

Now, he is already paying it monthly amortization for 4 years and no one using the house.

There is an interested buyer to purchase it in cash. But the buyer want to make sure that it will be transfer to him.

 

We made an arrangement to pay first partial amount that will be paid to PAGIBIG the full loan balance and the remaining balance will be paid once the title is released by PAGIBIG and that is the only we will execute the deed of sale. The buyer want to have a contract to sell, stating the terms of payment and when will be deed of sale be executed.

 

Since the owner is still abroad, and I am the atty in-fact before, can I issue and sign a Contract to Sell and Deed of Sale to the Buyer ? I lost my copy of SPA, we get a copy of title from the developer and it has an inscription in the title stating that the owner assign me as atty in-fact and the date SPA was executed.

[moed]

Hi, I would like to ask for some inputs.

My cousin purchase a House and Lot thru PAGIBIG, but went abroad while still paying the equity.

He continue it thru PAGIBIG POP and leave me an SPA and I was the one who issue the checks for PAGIBIG.

 

Now, he is already paying it monthly amortization for 4 years and no one using the house.

There is an interested buyer to purchase it in cash. But the buyer want to make sure that it will be transfer to him.

 

We made an arrangement to pay first partial amount that will be paid to PAGIBIG the full loan balance and the remaining balance will be paid once the title is released by PAGIBIG and that is the only we will execute the deed of sale. The buyer want to have a contract to sell, stating the terms of payment and when will be deed of sale be executed.

 

Since the owner is still abroad, and I am the atty in-fact before, can I issue and sign a Contract to Sell and Deed of Sale to the Buyer ? I lost my copy of SPA, we get a copy of title from the developer and it has an inscription in the title stating that the owner assign me as atty in-fact and the date SPA was executed.

The more important issue you have to take up is what type of transaction you should enter into. In this case, it might be better for you to enter into a Deed of Assignment with your buyer with the consent of PAGIBIG. You would need personal legal advice on this matter as there are necessary documents to be drafted anyway.

[erika123]

Hi, I hope somebody can help me on this matter.

 

A client is paying via her condo unit at Torre Venezia located in Timog, Q.C. Problem is the title is not yet with her. IS it safe to have a deed of sale when the title is not yet in her hands? Second, Torre Venezia has been there for some time, maybe around 6 years or so... and still no title transferred to the unit owners.

 

I would appreciate your advice and recommendations.

 

Thank you.

[TheSmilingBandit]

Hi, I hope somebody can help me on this matter.

 

A client is paying via her condo unit at Torre Venezia located in Timog, Q.C. Problem is the title is not yet with her. IS it safe to have a deed of sale when the title is not yet in her hands? Second, Torre Venezia has been there for some time, maybe around 6 years or so... and still no title transferred to the unit owners.

 

I would appreciate your advice and recommendations.

 

Thank you.

The title should already be issued to your client, perhaps she should file a complaint with the HLURB if the developers aren't going to give her the title.

[erika123]

Thanks for the response, Smiling Bandit. But can I buy her condo when the title is not yet in her hands?

[play_boi]

good evening! i dont know if this is the right place to inquire about a case. yung lolo ko kasi was given 2 titles ng isang ex general ng marcos regime years ago. itinago nya hanggan sa nakalimutan na na may title pala sya na hawak consisting of few hectares. ngayon yun uncle ko na anak ni lolo was cleaning the closet until he found the titles. he asked my lolo and dun na nga nya na kwento na bigay ng ex general. naka pangalan nga pala sya sa Republic of the Philippines

 

my question is may chance ba na mailipat yung title sa pangalan ng lolo ko or uncle ko? kailangan yata dumaan sa DAR? anong government agency sya pwede i lapit? walang ibang document kung hindi yung orig na TCT na pa certify na din at lumabas na totoo sya.

 

TIA

[rocco69]

the title alone is not sufficient.

 

your lolo has to have another document which transfers to him (your lolo) the ownership of the land covered by the title; for example a Deed of Sale, Deed of Donation, etc., signed by a person with authority to do so.

 

in your case, the property is titled in the name of the Republic. what authority did ex general have in giving the title to the lolo? only persons authorized by the Republic can transfer the title to a 3rd person. in your case, it's going to be hard to prove a valid transfer of ownership from the Republic to your lolo.

 

good evening! i dont know if this is the right place to inquire about a case. yung lolo ko kasi was given 2 titles ng isang ex general ng marcos regime years ago. itinago nya hanggan sa nakalimutan na na may title pala sya na hawak consisting of few hectares. ngayon yun uncle ko na anak ni lolo was cleaning the closet until he found the titles. he asked my lolo and dun na nga nya na kwento na bigay ng ex general. naka pangalan nga pala sya sa Republic of the Philippines

 

my question is may chance ba na mailipat yung title sa pangalan ng lolo ko or uncle ko? kailangan yata dumaan sa DAR? anong government agency sya pwede i lapit? walang ibang document kung hindi yung orig na TCT na pa certify na din at lumabas na totoo sya.

 

TIA

[aponilario]

hello guys..just want to ask regarding this thing.. i bought a house and lot in quirino quezon city..thru bank amortization.last year since it was pre selling and they told us the house will be ready january this year..but until now the house is not finished yet and we tried to pull out.but the company are asking us to pay some more if we are going to pull out..my question is 1.is that legal that they will give us another payment for pull out?..2 is there anyway that we have our money back because we are very disaappointed.. we are paying monthly in the bank and still we have no house..3.what is the legal remedy for our problem..Hope you could shed light on this..Thank you.

[zilch45]

good evening! i dont know if this is the right place to inquire about a case. yung lolo ko kasi was given 2 titles ng isang ex general ng marcos regime years ago. itinago nya hanggan sa nakalimutan na na may title pala sya na hawak consisting of few hectares. ngayon yun uncle ko na anak ni lolo was cleaning the closet until he found the titles. he asked my lolo and dun na nga nya na kwento na bigay ng ex general. naka pangalan nga pala sya sa Republic of the Philippines

 

my question is may chance ba na mailipat yung title sa pangalan ng lolo ko or uncle ko? kailangan yata dumaan sa DAR? anong government agency sya pwede i lapit? walang ibang document kung hindi yung orig na TCT na pa certify na din at lumabas na totoo sya.

 

TIA

 

to put it plain and simple. YOU DON'T OWN THE PROPERTY.