Deed of Sale, Registration Process

-
Image
Seller sells and Buyer buys according to the terms and conditions they agreed upon‼️ This is the whole process NOTES: Buyer and Seller should provide government IDs A SPECIAL POWER OF ATTORNEY is needed if one or the parties to the transaction are not available to sign the documents personally. *********************************************       THE PROCESS and... Private/Government agencies to work to: 1. Notary Public-  Preparation and notarization of the Deed of Sale, after both parties have signed. 2. Registry of Deeds-  Get certified copy of the title of the property subject of sale. 3. Assessors Office-   Get certified copy of tax declaration for the lot and the improvement, if any. Get certificate of no improvement if there's no building or any improvement on the lot. 4. Treasurer's Office- in the municipality or city where the land is located-  Get tax clearance for the land and improvement, if any. 5. Bureau of Internal Revenue (BIR)-  All the documents you gathered fr
Post a Comment

Section 4 Rule 74 Annotation on Title

-

What is Section 4 Rule 74


These past days, I was busy working on four Extra Judicial Settlement of Estate processes. Three of which were about Annotation of Extra Judicial Settlement of Estate to claim sum of money, and the other was Extra Judicial Settlement of Estate with Absolute Sale.


From these experiences, I was able to understand the logic behind annotation of Section 4 Rule 74 on the title. 


As I understand, within the two (2) years after the settlement of estate and its distribution, if there's an heir or a person who will come up to say that he/she is deprived of his/her lawful participation in the estate, then he/she can compel the settlement of the estate in the courts per provision of Section 4 Rule 74, Rules of  Court. 


As we can see,  annotation of  Section 4 Rule 74 on the title, when we are processing settlement of estate, is really important.  Anyway, once the two (2) year period has passed and no claimant has showed up,  you can have the annotation of Section 4 Rule 74 cancelled.

However, a property which has an annotation on the title of the "Section 4 Rule 74", won't be accepted by PAG IBIG for a lot loan or a housing loan. You can have it cancelled once the 2 year period has elapsed and once cancelled that's the time that it can be loaned to PAG IBIG. 


Below is the link to Rules of Court where you can search and find Section 4 Rule 74, for your reference:



Bond for Personal property. Sec 3 Rule 74

Since I was also processing an Extra Judicial Settlement of Estate for personal property, sum of money,  I was advised to file a bond, in case there will be any just claim that will be filed by an heir or any person, within the two (2) year period. It is called the heirs bond and it is required by the bank where you have claim for money. 


Finally, hope this infomation will serve as a guide and help you understand why Section 4 Rule 74 needs to be annotated on the title when settling an estate.

Please follow, thank you and God Bless!🙏

#pamanafromancestors❤️



Comments

Post a Comment

Popular posts from this blog

Partition of Lot with Residential Apartments

-
Image
Hello everyone!💚💖 Here we are again to tackle another real estate topic,  which is worth knowing. Knowledge of this would be very helpful, more if you are thinking of going into the build and sell business. Usually, a simple build and sell business starts with buying a lot, then constructing residential houses, may be a duplex, apartment units, or townhouses. Cases like this involve, buying a lot, partitioning it and the construction of houses, may it be for residential or commercial purposes.  The steps to undergo Assuming you have already the lot and have already constructed a three door apartment units on it, and you decided to sell the units to different persons. Since, you need to transfer ownership to your individual buyers once they have fully paid the total contract price, it's important to have the lot segregated into three portions. Three resulting lots and of course, an alley will also be included in the apportioning, as right of way is very much needed. Steps necessar
Read more

DEED OF ABSOLUTE SALE

-
Image
Greetings! Good morning friends all over the world! Hope everyone is safe and fine 😁. Deed of Absolute Sale Today, I would share my experiences on the processing of title ownership thru sale. When a buyer and a seller agree to complete a sale, there is now a need to execute a Deed of Absolute Sale.  Deed of Absolute Sale template attach for your reference, just click the link below to view: Deed of Sale However, don't forget to check the authenticity of the property being sold, if it is really existing and if the seller really is the real owner and if there are any encumbrances on the title. How are we going to do that? Authenticity check Request the following documents related to the property: 1. Certified true copy of title You can get this from any computerized Register of Deeds branch near you. This will spare you of travel inconvenience in case the Register of Deeds branch where your property is located is far from you/your residence. Remember to check if there is any lien
Read more

Part 1- Extra Judicial Settlement of Estate

-
Image
 Legacy from ancestors Happy day to everyone! My name is Anchi, a mother to a lovable daughter and sweet furbabies.  Welcome to my first blog😁. These days, I am assigned to work on a legacy from ancestors. I decided to chronicle and share my experiences while working on this. Please follow me,  as I go through the process, you may be able to find helpful information. Extra Judicial Settlement of Estate There is no will and testament, so the legacy would be via the Extra Judicial Settlement of Estate. Quite complicated, but there's no other way to go. After a thorough search and help from knowledgeable family members, I came up with the "Extra Judicial Settlement of Estate" template. I will attach the form in this blog for reference. There may be people, like me,  who are also into it or will be undergoing the process. After the form has been signed, we proceeded to have it notarized by a Notary Public. The fee was just minimal because it was not that big,  a property an
Read more