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Deed of Mortgage (Real Estate Mortgage) with the heirs

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trix c


Arresto Menor
Good  day!

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.

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myst01


Arresto Mayor
Three children who?? Your children?? And are they all 18 and above??

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myst01


Arresto Mayor
If you are planning to execute a REM anyway, go directly to a notary public po para cla n po gumawa mahirap po kung kayo kayo lng bka mayamaya po may masilip pa na butas ung ibang tao sa ginawa nyo magkaproblema pa kayo.. the parties there wii be the heirs of the deceased owner and the mortgagee which is your father po..

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trix c


Arresto Menor
they are the 3 children of the deceased owner.

My concern is, are these sole heirs (3 children) can sign any document/instrument on behalf of their deceased father for the REM as the mortgagor? Don't they need to execute Extrajudicial Settlement of Estate first?

The property (land) that they want to use as collateral is on mortgage and this mortgage was annotated at the back of the OCT. Don't they need to have it released first before they offer that land as collateral to us? Please enlighten me. Kindly advice complete details on how we should go all throughout.

Appreciate it much. Thanks

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karl rove


Reclusion Perpetua
TRIX C

COMING FROM YOU, THE CHILDREN (I presumed, all of age) are real heirs of the deceased, for you know them more than I do. As heirs, they naturally inherit their father's property pro indiviso (meaning, wala pang settlement of the estate of the father, and they are all co-owners). In case, they agreed to mortgage the subject property, they could do so, provided all of them agree.

Now, you said that the property was already mortgage, so there is a prior existing mortgage and they want to mortgage again the property to you (making you as junior mortgagee) subject to the first and prior mortgage.

Decision lies with you, if you want to accept the property as collateral despite the existence of the prior mortgage, you assumed the risk. if I were you, I will demand additional collaterals, independent of the land subject to a prior mortgage.

If you want further discussion, message me through PM and send me your email add, Trix.

tnxs and have a nice day!

K.R.

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myst01


Arresto Mayor
I fully agree with K.R. on this matter ma'am, you can either demand for another collateral or not to pursue the REM. The risk is yours.. as for their capacity to contract using such title, they can actually enter into a contract as heirs even without partition first..

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