21/09/2021
Basic Do's and Don't in Buying Real Property.
A sign taped at the old RD of Makati Office located below the old Hall of Justice writes: " to those of you who thought they knew everything are annoying to those of us who do."
1. Do no assume to know your way around titles. Even experienced persons are perplexed by certain transactions.
2. Do due diligence. Check the titles and previous ones at least 2 tracebacks or spanning at least 10 years of difference between the current and the traceback. This essentially rules out fraud as supposed prescription period for an action for reconveyance due to fraud is at least 4 to 10 years.
3. Do not make payments to sellers and taxes in cash unless you personally knew them or has reasons to trust them.
4. For buyers, as much as possible, do the transfer of title by your representatives. You may end up eventually with a defective title. Trusting is good but diligence is better.
5. Do not expect precise timeliness. A variety of factors may affect the processing of transfer documents and an ABC approach is unrealistic.
6. Read more about it to give you an idea. Details, however, are dependent variables.
7. Never be complacent that you are protected by laws. Litigation is usually costly and time consuming. What appears to be a simple sale or acquisition may end up as your estate in the long run.
8. Hire competent and diligent persons to do the work.
Please call us and we can guide you through. 09396098509 / 09159011236 / 09994735981.
