Fully Paid Your Car Loan? Here’s How to Cancel Your Chattel Mortgage in the Philippines (2026 Guide)

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Finishing a 3- or 5-year car loan is a major win. However, many owners forget that the bank still technically has a "lien" on the vehicle until the Chattel Mortgage is officially cancelled. Without a "Clean" CR, you cannot sell the car or transfer ownership. The Step-by-Step Process: Claim your Documents from the Bank: Once your final payment is cleared, contact your bank’s loan department. They will provide a "Release of Chattel Mortgage" (or Deed of Release), the original CR, and the original Official Receipt (OR). Visit the Registry of Deeds (RD): Go to the RD branch where the mortgage was originally registered (this is usually indicated on your CR). You will need to pay a cancellation fee. They will stamp or provide an annotation that the mortgage is now cancelled. LTO Annotation Removal: Take your annotated documents from the RD to the LTO District Office where your car is registered. You will need: Original CR and OR Release of Chattel Mortgage  V...
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Checking on lot with tax declaration only

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 Hi again!

I would like to share the experience I had late last year about buying a lot under tax declaration only.

Checking on the property

A very close friend of mine was offered an agricultural lot with only a tax declaration to vouch ownership. So the first step we took was to visit the property to feel if it is really worth buying. We had to consider the selling price and the "property feel", that's what I call it. Whenever I step on a property offered, I used to check for that positive feeling. And indeed, it was there, a "good buy", I supposed.

Yes, the property was nice and the price was very reasonable. Therefore, yes for the first step!

Checking with Assessor's Office

We were excited to move forward to the second step, checking on the documents of the lot with the assessor's office where the property was situated.

First, we checked on the tax declaration, the name of the seller and the lot area of the land offered were correct. For the taxes, not updated but no problem, the buyer will take charge. 

We would have decided to finalize the sale, good thing that a lawyer friend was with us. Land concerns is his forte, and he requested for the location map of the property.  Few minutes and we got hold of the map. Upon thorough check, we realized that land area in the tax declaration was different from the one shown on the location map. It was a great slash, only a little portion was left for the seller.

We decided not to go on with the sale while the seller was alerted to take necessary course of action against the doer.  

Based on that experience, I realized that when a property has only a tax declaration to vouch ownership, it's a bit risky. You need to do a thorough check before finalizing a sale. 

These were the things we did to check:

1. Visit the property to check if it's really existing on the location stated by the seller. In the process, checking if it's really worth buying.

2. Get a certified tax declaration of the property offered for sale at the assessor's office having jurisdiction over the land. Name of seller must be there,  as owner, as well as the land area stipulated by the seller.

3. Check if the realty taxes are updated.

4. Request for a location map of the property.
Land area on the location map must be the same as that of the tax declaration. Unless you are buying a portion only of the total land area.

Finally, I hope this would serve as a guide in your future real estate transactions. 

I am wishing the best for all of you. Take care, God bless🙏.

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