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House and Lot Title Transfer to Stockholder of Company

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john6727


Arresto Menor
Hi, I’m the new stockholder of our family business after replacing relatives of my father (my father is the majority stockholder and presently Chairman of the Board and President) who held the said title for 30 years. This took effect after we re-registered our company but still maintained the same total number of shares and par value ever since my father started its business operations. The business actually ceased operations 20 years earlier and never updated the GIS and submitted the annual certified and audited financial statements required by SEC after the first 5 years of operations. During the 20 year period, my father was able to acquire properties one of which is our residential property which I’m presently occupying and which the title was placed under the name of the company. I want to know the legal requirements for me to acquire our house and lot at the least possible cost to me and my wife. I heard something about using stock dividends or the like as a means in doing so but not certain about the details. Would appreciate if you can advise me of the process, legal documents, costs, and estimated time to complete the process. Many thanks for the advise. P.S. Will the government run after our property if my father dies prior to the title transfer to my and wife’s name?

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