The Legal Side of Real Estate

[Dr_PepPeR]

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.

[Dr_PepPeR]

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.

[kristianpaolo]

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.

[neKnock]

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?

[Dr_PepPeR]

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.

[neKnock]

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

[spadon]

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.

[vince94]

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!

[legalavatar]

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

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 :-)

[vince94]

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!

[redax]

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.

[searcher]

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?

[j_s_j99]

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?

[vince94]

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:

[koki2006]

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?