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Property bought from private seller - worried

Franconian · 6 · 1471

Franconian

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Hi all,

My mother in law bought a property from private a few months ago and I'm a bit worried if the purchase is genuine.

They made a Memo of Agreement which was notarized. Paying off the purchase price monthly until August 2014.
The "original" title was given by the seller.

Last week they were contacted by a bank. Apparently this property was used for a collateral loan.

I am assuming if this is true it would be noted on the title? My thought is to go to the registry of deeds and request a certified copy of the title.

I would appreciate any recommendations.





wilch23

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Reply #1 on: Mar 03, 2014, 10:13 PM
Best thing to do now is get a certified true copy at the Registry of Deeds. If under mortgaged it will be indicated at the back. You may even want to get back titles. These are the previous titles owned by previous owners, just to be sure all is fine with the title.

The seller may have a duplicate copy before the mortgage, that's why it wasn't on the copy given to you.


n5110

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Reply #2 on: Mar 03, 2014, 10:16 PM
Hi. Normally if the property was used as a collateral for a loan the bank will make an entry to the title that this is under mortgage so and so. Ganito kasi ang ginawa ng banko ko. The original title will be in the possession of the bank also until such time na may pay off ang loan. Cancellation of mortgage naman ang susunod dyan.

I suggest you go to the rd and request for a certified true copy of the title para mas tama ang reference nyo. Pag walang cancellation of mortgage balikan nyo na ang seller. Dapat nag due diligence muna kayo before engaging in such transaction.


tinker2013

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Reply #3 on: Mar 04, 2014, 10:19 AM
Sir ano po need gawin for due diligence pag lot purchase? Baka po may nakalimutan ako

1. Payment scheme- Bank loan
2. Check if Clean Title sa registry of deeds
3. Check if not bogus seller- Get zerox copy of government id of original seller.
4.  If middle man at hindi registered real estate broker paano po ba hindi maloloko?
5. check if updated annual tax, capital gain tax, vat , home owners fees etc. -  ask if the seller should shoulder
6. check docs stamps, etc, if transfer of title should the seller shoulder.
7. how much meralco line, water line, flood line , vicinity, transpo
8. if you can check the lot area and address to match with the tct.

meron pa po ba akong nakalimutan? First time buyer po if ever makabili ng lot para makapagpatayo ng apartment.


ph1l1p

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Reply #4 on: Mar 06, 2014, 09:56 AM
I hope this can help in most banks they have a foreclosed properties list like this.

http://www.bsp.gov.ph/loans/properties.pdf

Kung alam mo ang bank puwede mo itanong/inquire yung TCT na nasa possession mo. I mean ikaw/buyer naman ang kumontak kung totoo nga. Pagka benta tinawagan agad yung new owner? Binigay ba ng old owner yung number ng new owner sa bank?

OT: sarap mag "window-shopping" ng properties sa mga foreclosed listings. :)
« Last Edit: Mar 06, 2014, 10:05 AM by ph1l1p »


kulatir

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Reply #5 on: Mar 14, 2014, 10:26 PM
Sir ano po need gawin for due diligence pag lot purchase? Baka po may nakalimutan ako

1. Payment scheme- Bank loan
2. Check if Clean Title sa registry of deeds
3. Check if not bogus seller- Get zerox copy of government id of original seller.
4.  If middle man at hindi registered real estate broker paano po ba hindi maloloko?
5. check if updated annual tax, capital gain tax, vat , home owners fees etc. -  ask if the seller should shoulder
6. check docs stamps, etc, if transfer of title should the seller shoulder.
7. how much meralco line, water line, flood line , vicinity, transpo
8. if you can check the lot area and address to match with the tct.

meron pa po ba akong nakalimutan? First time buyer po if ever makabili ng lot para makapagpatayo ng apartment.

It was all correct you can also contact an attorney para sa mga legal matters para walang sakit ng ulo balang araw.


 


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