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Philippine Real Estate Laws |
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Taking Title
to Philippine Real Estate |
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a.. The
"Deed of Sale" is the document showing legal transfer
of real estate property ownership. The deed of sale is
then taken to the Registry of Deeds to be officially
recorded. "Tax Declarations" are sometimes used but
are not very enforceable in court because there may be
many others with a tax declaration claiming ownership
to the same property. A property may be Titled by
taking the Tax Declaration to the Registry of Deeds to
process to be officially titled. Always purchase
property with a proper deed of sale if possible, and
if there is not one, a tax declaration is your last
choice. Owners must be active in enforcing their
property rights. Possession is 90 percent ownership.
If the property owner can only show a tax declaration
as an evidence of ownership, that means the land is
untitled and not registered under the Torrens system,
the buyer will not get as much protection, as his
title will not be absolute and can yield to one who
has a better right, like the person actually
possessing and occupying or tilling the land, and who
subsequently applies for the titling of the land in
his name. It is possible for two or more tax
declarations issued to different persons with exactly
the same technical description, or referring to the
same property. |
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Disclaimer: |
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The information above has been obtained from
sources believed reliable. While we do not doubt its accuracy
we have not verified it and make no guarantee, warranty or
representation about it. Everyone is advise to
independently confirm its accuracy and completeness. Any
projections, opinions, assumptions, or estimates used are for
example only and do not represent the current or future
performance of the property. The value of this transaction to
you depends on tax and other factors which should be evaluated
by your tax, financial and legal advisors. You and your
advisors should conduct a careful, independent investigation
of the property to determine to your satisfaction the
suitability of the property for your needs. |
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