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♥️
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