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Section 4 Rule 74

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1 Section 4 Rule 74 on Fri Jun 06, 2014 2:37 pm


Arresto Menor
I just recently transferred a land title under my name and the title was annotated with the section 4 rule 74. Currently, im selling the land (to a relative) and she's loaning the amount from bank to pay me. She had an agreement with the bank that they will get the title after they issued me the check and she will pay the bank for whatever terms they agreed on. Now the bank is asking that the section 4 rule 74 be cancelled from the title.

My questions are:

wouldn't it be disadvantageous for me if i process on removing the section 4 rule 74 from the title, like as if im the one loaning from the bank?

and shouldn't it be that after i get paid (fully) and have a deed of sale and before i transfer the title then i'll ask the registry of deeds to cancel section 4 rule 74?

...i acquired the land from inheritance from my parents which are already both dead and my siblings executed quitclaim.

Thanks in advance and more power!

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2 Re: Section 4 Rule 74 on Fri Jun 06, 2014 2:55 pm


Reclusion Temporal
Section 4, Rule 74 annotation is an encumbrance on the property. If you agreed with your prospective buyer that you will deliver  a clean title to the property, free from any encumbrances, then it is your responsibility to let the same be cancelled. However, if your buyer agreed to buy the property on an 'as is basis', then the responsibility is shifted to her. Pero kung bank loan yan, i think the bank will demand na clean title ang ibigay mo bago irelease ang loan nya. Tsaka para macancel ang section 4 rule 74 na yan, i think you have to wait for 2 years or post a cash bond pa.

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