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Open Deed of Sale

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1 Open Deed of Sale on Wed Dec 29, 2010 12:14 pm

Engr6Sigma


Arresto Menor
Just wanted to ask a general question on what does the "Open Deed of Sale" mean if you are buying a used car?

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2 Re: Open Deed of Sale on Wed Dec 29, 2010 7:28 pm

attyLLL


moderator
it means the seller's name is on the deed, but not the buyer.


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3 Re: Open Deed of Sale on Tue Aug 21, 2012 7:55 pm

Malmalcy


Arresto Menor
Good evening po, ask ko lng po, kung dumadaan pa ba sa abugado ang pag papagawa ng open deed of sale/ deed of sale, thanks po!

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4 Re: Open Deed of Sale on Tue Aug 21, 2012 8:22 pm

Malmalcy


Arresto Menor
Malmalcy wrote:Good evening po, ask ko lng po, kung dumadaan pa ba sa abugado ang pag papagawa ng open deed of sale/ deed of sale, thanks po!

And also po, magbenta po kasi ako ng car which is i'm the 5th owner, pero ung car nakapangalan po sa 1st owner, ung mga deed of sale po from 1st to 4th owner nasakin po nakapirma po sila lahat dun at naka notary public na po, may mga processes pa ba para gumawa ng open deed of sale? kahit ako po 5th owner ako pero nakapangalan sa 1st owner ung car? Thanks po!

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5 Re: Open Deed of Sale on Wed Aug 22, 2012 8:01 am

jekz


Prision Mayor
Dadaan lang ung deed of sale sa atty. pag i papa notaryo na pwedeng kayo na ang gumawa ng deed of sale para makatipid

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6 Re: Open Deed of Sale on Tue Jan 28, 2014 6:18 am

Engr6Sigma


Arresto Menor
I have a friend who got involved with an accident last 2013. His car was impounded in Las Pinas since then. His case was already dismissed (in FISCAL) and he wanted to claim his vehicle. Unfortunately, it got denied because the vehicle is not in his name yet (but he has an Open Deed of Sale). He mentioned he wanted to submit proof and documentations that he is the true owner of the vehicle but he got denied still, and was advised to just get a lawyer to resolve it. Any idea on how this situation is supposed to be handled? Is a lawyer really needed in this? Thanks.

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7 Re: Open Deed of Sale on Thu Feb 06, 2014 12:10 am

AttyZag


Arresto Mayor
A word about “open” deeds of sale.

Some professional car dealers who flip cars use what is called an “Open Deed of Sale”. This means that the seller’s details are filled in, while the buyer’s details are left blank or “open”.

Why do they do this? Simple: To save money.

Legally, you are required to register each time the vehicle changes owners with the LTO. However, that entails processing fees and payments. Some professional dealers find this a hassle since they will only own the vehicle for a short time before they sell it to another buyer. So, they just leave the buyer’s details blank, until the car reaches the “final” buyer, or the person who actually intends on using the vehicle, and not another professional dealer who wants to sell it to another person.

Is this a good idea? Sure… for the buyer who intends to resell it, yes but it’s a horrible idea for the original seller. Why? Remember that the vehicle stays in your name until the transfer is finally registered with the LTO. That means despite multiple persons using the car, the original seller carries the legal risk of the vehicle. Translated into layman terms: if something goes wrong, the authorities will be looking for you since the car is under your name.

Imagine this scenario… you sell your car under an open deed of sale. The buyer then sells it off to another person and so on. The 3rd “buyer” uses the car you sold as a getaway car when they rob a bank. When they ditch the vehicle and the Police get a hold of it… surprise surprise… they make a visit at your home. Now you’re at the receiving end of a criminal investigation, and you have no idea how you got caught in the middle of it.

As for the end user buyer, as Engr6Sigma says, it would be harder to prove ownership if you keep the deed of sale open instead of registering it as the law requires.

Moral of the story: As much as possible, please try to avoid Open Deeds of Sale. Or if you've involved in a transaction which uses it, please take steps to remedy it as soon as possible.

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8 Re: Open Deed of Sale on Tue Apr 22, 2014 3:26 pm

kristofer_aye


Arresto Menor
Sir, may problema po kami sa lupang binili ng tatay ko noong 1989 pa..binili nya ng 6,000 pa, may deed of sale silang pinirmahan sa buyer. Pero hindi nila napatranfer ang title hanggang ngaun pero hawak nila ung titulo ng lupa. Ang problema hindi maniwala ang mga anak ng may ari ng lupa na nabinta na ng tatay nila na ngaun ay patay na. Gustong humingi ng copya ang mga anak nila..Ang tanong ko po ay may expiration po ba ang deed of donation dahil 1989 pa ang date? Maari po bang gamitin or valid pa po ba ang deed of donation kahit dated 1989 pa sa transfer of title namin? Maari po ba nilang mabawi ang lupa kapag nakakuha sila ng Kopya nito? Gusto kasi nilang magpadagdag dahil mura daw noon ang binta nila..kayat nagpapadagdag sila ngaun? May right po ba namin silang kasuhan? Salamat po



Last edited by kristofer_aye on Tue Apr 22, 2014 3:27 pm; edited 1 time in total (Reason for editing : correction)

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9 Re: Open Deed of Sale Today at 5:57 am

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