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TRANSFER OF TITLE TO TWO PEOPLE

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1 TRANSFER OF TITLE TO TWO PEOPLE on Fri Jan 27, 2017 6:08 am

anakbaryu


Arresto Menor
In the Philippines, is it possible to transfer a property bought from a subdivision developer to 2 people (bf and gf)?  The admin of the developer advise us that we have to submit CENOMAR of each in order to have it transferred to us.  I am divorced and she is single.  Is this the only way to have the property register under our names?  Please advise.  Thanks.

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2 Re: TRANSFER OF TITLE TO TWO PEOPLE on Fri Jan 27, 2017 6:51 am

Lunkan


Reclusion Perpetua
anakbaryu wrote:In the Philippines.
That make me believe you are a foreigner. Corect?
If so you CAN'T own real estate, except
/condo
/max 40 % through a company IF the company NEED property for the business.
/or you can own up to whole BUILDING at LEASED land. (But then it can't be used as collateral for a loan.)

If you don't/can't use any of above, it's possible to make COMBINATIONS of deals for instance:
/The Filipina own whole but you are noted at the title as co-owner, which have to sign too to make it possible to sell. And you can get (part) if she die before you. You can have a deal with your gf too, you have right to live there for ever.
/Or let gf own whole, but with notasion at the title it's collateral for a loan to you. That give rather good cover, but then she can decide herself to sell it, but then you will get your loan amount back. Perhaps someone know if it's possible to add something to such deal to protect you more.

(I asumed your gf is Filipina. If not, toy can't do the solutions which demand Filipina as owner.)

Many have thought it isn't any risk their relation will ever break, but many have even lost whole properties by not thinking of that risk. Many aren't that lucky as two cases I know where the Filipina have sold and given the money back to their foreign ex bf, when their relation broke. So better make a solution which functions BOTH if the relation break or go on for ever.

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3 Re: TRANSFER OF TITLE TO TWO PEOPLE on Fri Jan 27, 2017 7:05 am

anakbaryu


Arresto Menor
Thanks for the quick reply, it's appreciated. I am a pinoy with dual citizenship. I wanted the property to be registered under both of our names but it appears to be cumbersome. Are these requirements, i.e. CENOMAR required by the registry?

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4 Re: TRANSFER OF TITLE TO TWO PEOPLE on Fri Jan 27, 2017 7:16 am

Lunkan


Reclusion Perpetua
anakbaryu wrote:Thanks for the quick reply, it's appreciated.  I am a pinoy with dual citizenship.  I wanted the property to be registered under both of our names but it appears to be cumbersome.  Are these requirements, i.e. CENOMAR required by the registry?
Oh. If you are allowed to own land, then you can have both names as owner.

But are you both paying?
Otherwice the payer can own whole (and can NOTE the other name as hier if you want.)

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5 Re: TRANSFER OF TITLE TO TWO PEOPLE on Fri Jan 27, 2017 7:24 am

anakbaryu


Arresto Menor
I paid for the property but for registration purposes, let us assume that WE both paid half. Same question, could we register the property under our names or just simply under mine but she's noted as co-owner on title?

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6 Re: TRANSFER OF TITLE TO TWO PEOPLE on Fri Jan 27, 2017 7:28 am

anakbaryu


Arresto Menor
So based on what you have advised, there are possibly 2 things I can do;
1. Register the property under my name and make my gf as co-owner on title? or
2. Register the property under my name and make my gf as heir to the property to be noted on title?

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7 Re: TRANSFER OF TITLE TO TWO PEOPLE on Fri Jan 27, 2017 7:45 am

Lunkan


Reclusion Perpetua
anakbaryu wrote:I paid for the property but for registration purposes, let us assume that WE both paid half.
Why?? Smile
If your relation break, then you will get what you paid for.
If you marry later, she will become owner of half anyway by marriage.

IF you both are Filipinos with right to own land (I'm not sure if Filipinos, who have changed citizenship can now)
then you can chose "any" alternative you want.

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