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Buying a property of a bankrupt Sole Proprietor

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Arresto Menor
Hi all!

I would like to seek your help regarding the planned purchase of a property where a supermarket is currently situated. Due to heavy debt, the owner wants to sell his property (land, building and unsold merchandise). What are the things that I need to consider to secure clean title and ownership to his property?

Hoping for your response.

Thank you in advance Free Legal Advice Philippines!


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Reclusion Perpetua
To start with:
Check if it isn't reposessed. If so it's the reposserer, who have the right to sell.
Check if there are debts with the property as collateral or tax depts at the property. If there are, they have to be paid when selling, because otherwice YOU will become in trouble geting documents and have to pay OLD depts.

I hope someone else can tell it more detailed Smile

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