Oh dear! I'm gonna have to work on this soon eh ang layo pa naman nung property.
I think you already sold some property. Who paid for the annotation removal?
I have bought properties from banks and/or owners with bank annotations.
Flipping properties is how I feed my secret accounts. Buying properties is a regular part of our personal/family & business investment strategies.
I buy properties with TCTs with annotations. But I never hold onto properties nor turn-around properties with annotations on its TCTs. Why?? To avoid any future complications -- see, it isn't only bank mortgages that appear as annotations. All kinds of liens appear as annotations. Whatever the nature of the annotation, nothing beats a clean title if you own the property.
Who pays for annotation cancellation?
Depende sa usapan. ako sa mga Deed of Sale, I specify the seller gives me the title clean and clear of all encumbrances. So forewarned sila. Bago ko pay -- Napa cancel na nila annotation.
But usually, hindi nila magawa for lack of funds or time. So I parallel move - pa estimate ko and get a written note as to fees for the annotation cancellation. Upon payment to seller at meron annotation pa -- deduct the estimated cost plus konti processing fee (my staff attending to it must be paid plus expenses). TAKE NOTE: better be sure if you are buying, that all docs required for annotation cancellation are complete and in order.
Ang buying or selling of real property is a case to case basis, subject to negotiations. What is impt at the start is that you are aware of all expenses to be encountered, the govt rqmnts and procedures ( and facilitation/under the table fees. Lol), and you are familiar with the documentary requirements. It pays to pay for legal assistance.
Sure there are "generally accepted/done practices". But what it boils down to is: how desperate is 1 party to sell/buy? That is where the variations come in.
I have bought properties where I worked and paid for clearing the title of encumbrances, or even ejected illegal tenants thereon -- why go over and beyond industry practice? Eh kasi very desirable the property, or the price was low (as when the offer of cash at a lower price is what a seller grabs instead of the better price on installment or payment dependent on a loan release. ). I wasn't gonna quibble nor turn into a deal breaker a little thing like an annotation cancellation. (Or illegal settlers. Dati takot ako; nowadays, sanay na ko. It's just a matter of time & expenditures.).
So there, who should pay for the annotation cancellation? Sino hindi makatiis to sell or buy? Sya Yun.
Or, who least objects to paying it. The first to blink? Haha. Pag-usapan, lahat pinag-uusapan.
Hi mga sis. Ask ko lang kasi bumili ng lupa tatay ko pero ipinangalan sa ate ko na may asawa na nakaabroad. Kasi sabi nila unti unti nila babayaran kaso di nila nababayaran til now. Ngayon ibebenta na sa iba ang lupa, may buyer na din. Pero sa title of land nakalagay na owner is 'MY SISTER',married to 'OFW HUSBAND'. Pero nung bilhin yun ng tatay ko ate ko lang ang pumirma. Ngayon bang ibebenta kelangan pa din ba ang pirma ng asawa nya kahit d naman sya pumirma nung bilhin?
Ako sasagot sa yo puede? Based on my personal experience --
Yes. Kelangan her OFW husband signs.
When I buy properties, I insist the spouse signs too on the Deed of Sale -- yun advice ng lawyer ko. Sino ba ko to know better?
Another signal that the husband must sign -- banks require that of borrowers.
So, talagang nowadays, spouses must sign.
But well - may mga clueless buyers; or buyer na may confidence sa integrity ng seller. Kung your buyer does not demand it, eh di better for your sister.
How to go about it? Fed-ex Deed of Sale, all copies to the OFW husband to sign.
Provide the Buyer with machine-copies of his passport and at least 1 more govt-issued ID with his photo and signature.
