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

-
Image
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...
Post a Comment

Unilateral Deed of Sale

-

Magandang araw po! 

It's sharing time again and this is about Unilateral Deed of Absolute Sale. I believe this topic is very timely and useful especially that we have a lot of Overseas Filipino Worker. With the coming of the Christmas season, a lot may consider investing their hard earned money into real estate. That would be a very sound decision.

What is a Unilateral Deed of Sale

It is still a Deed of Absolute Sale document, however, only one party to the sale transaction signs the deed of sale. Of course, it is the Seller who will sign. 

One reason for executing this kind of sale document is the fact that the Seller and Buyer may not be at the same location at the time of the transaction. It may be difficult for them to meet due to distance, for example an OFW. He is working overseas and it may not be practical for him to go home to perfect the sale. He may be also hesitant to give a Special Power of Attorney to a relative way back home. For this reason, a Unilateral Deed of Sale document would be very useful.

The form for your reference: 



UPDATE: SORRY MY MISTAKE,  THE VENDEE SHOULD NOT SIGN THIS DEED. WILL BE EDITING THE FORM TO EXCLUDE THE VENDEE AS SIGNATORY.

Actually, I have already provided a copy of this in one of my blogs entitled "Extra Judicial Settlement of Estate with Unilateral Deed of Sale". But just to make things clearer,  this form can also be used purely for the sale process  specifically entitled "UNILATERAL DEED OF ABSOLUTE SALE".   

Details and list of sale requirements:


It's just the same with the usual Deed of Absolute Sale.  Here's the link to my blog for that matter. You can open this in a new window for reference purposes.


https://pamanafromancestors.blogspot.com/2021/04/deed-of-absolute-sale.html 


Finally, I hope you will find this blog useful to make your transaction clearer and easier.



Always,

Pamanafromancestors♥️









Comments

Post a Comment

Popular posts from this blog

LRA On-line Tracking System (LOTS)

-
Image
LRA On-line Tracking System (LOTS) This is a very good project of the LRA. Here, we are able to track the status of our transaction with any branches of the Registry of Deeds through out the country via online. This will eliminate the hassle of calling or going to their office personally to follow up a transaction. We can do the follow up at our own pace because it is through online. This is very favorable to avoid the traffic and transportation expenses when doing personal follow up. Link to the LRA On-line Tracking System (LOTS) https://lots.lra.gov.ph/TransactionStatus / Checking if it's working I tried checking it myself to determine if it is working. I used my previous request for a certified true copy of title, and yes up to this time it us working.  You just need to select your kind of transaction, then location of the Registry of Deeds where you have a transaction, then finally, input your EPEB No. This is from your official receipt issued by the Registry of Deeds when you ...
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

Pag ibig Loan Filing Part 2

-
Image
A screen shot of the ongoing renovation GOOD MORNING❤️ To continue, I've told you in my previous blog that Pag ibig told us to submit additional requirements because upon checking, our lot didn't close, the boundaries.  Additional Requirements Required from us: 1. lot data computation 2. certified technical description   We can get these from DENR REGION 4A since we are from Rizal. The process is, get Lot Data Computation and Approved plan from DENR LOS BANOS. Bring them to DENR CALAMBA so you can request for a Certified Technical Description of the lot. So, March 4, 2024, we submitted our request for lot data computation and approved plan from DENR LOS BANOS. We were told, the line was long so our schedule to pick them up was March 19, 2024. We let one day passed, to make sure, the documents are available.  March 20, 2024, we came to get the Lot Data Computation and the approved plan. The fee was ₱50 per document, ₱100 if you want it certified. DENR CALAMBA From DENR LOS...
Read more