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

Claiming Inherited Money from Bank

-

Good day💖


Another topic which I want to share with you is about claiming a sum of money which was passed on as inheritance, from bank.


VOLUNTARY OFFER TO SELL (VOS)


As a real estate broker, I was able to assist a client to claim a Land Transfer Claim/Certificate of Deposit which was a proceed of the sale of a farm land. It was a "VOLUNTARY OFFER TO SELL" transaction. 

 Here,  the landowner opted to sell their agricultural land to the government, and mind you, for a very, very low price! Just can't imagine how the owner came up with that decision? Their ancestors, who were the original owners of the land,  may have cried a river with that decision of the heirs😭 As a real estate person who values and appreciates "Land", I was so frustrated, but then,  it was not mine to decide.




THE PROCESS


Since the owners, whose names are on the title, have long passed away, the government bank handling has given requirements for the heirs to comply, before they can withdraw the sum of money, subject of the Land TransferClaim/ Certificate of Deposit.

Here are the requirements:

1. PSA Death certificates of the decedent (owners in the title), as well as heirs who already passed away and at this time are represented by their living heirs, which are their children/wives;

2. Extra Judicial Settlement of Estate of the decedents and heirs who are no longer living. This must be annotated on the original title which is with the Registry of Deeds where the property is located;

3. Heirs Bond for the decedents and heirs (who are no longer living); 

4. Data Privacy Consent form;

5. Specimen signatures of heirs/claimants duly authenticated by LANDBANK, supported by Customer Information Sheet and two (2) valid ID's


HEIRS BOND


Heirs Bond is quite tough to come up with. You need to provide real estate property as collateral or a bank deposit in your name that won't be touched for the duration of 2 years from the time the Extra Judicial Settlement of Estate has been registered with the Registry of Deeds.

This is because, for Extra Judicial Settlement transactions, a lien called "Section 4 Rule 74" is annotated on the title, which can be processed for cancellation only,  after 2 years from date of Registration with the Registry of Deeds. That is assuming there's no claimant to the property.

I have a separate blog on "Section 4 Rule 74" for better understanding what it is all about.

Link of my blog for your reference:



NO HEIRS BOND


If you can't come up for an heir's bond, then just wait for  two years from date of registration with the Registry of Deeds, for you to claim the money
proceeds of the Land Transfer Claim/Certificate of Deposit.


Finally, thank you for your time. I hope I am able to help you understand some issues today.


God Bless Everyone🙏


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