May I ask for your advice. The three (3) children want to borrow money from my father in exchange for a collateral of the piece of land in the name of their deceased father (owner).
I friend extended an advice to me to have a legal document which is the Deed of Mortgage (or REM). How will I proceed with this as the TCT is in the name of the deceased owner? Who are now the authorized signatories of the REM? Will all the 3 children need to sign the document?
May I also ask for a sample of the Deed of Mortgage (REM) in Tagalog as both parties will truly understand in local dialect.
Thank you very much in advance.