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3rd party to pay loan and acquire collateral (property)

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ZhenJi_XII


Arresto Menor
I'm not sure what the legal terms are for my case. I'm new to this kind of transaction and I need guidance.

My domestic partner has recently acquired house and lot from his deceased father. Nalakad na po yung transfer of title(I'm not sure if it's just special power of attorney), nakapangalan po sa kanya and sa mga kapatid niya (minors) with their mother as legal representative. Recently isinangla po ng mother niya (probably with his consent) yung property sa isang tao and the terms are still undisclosed to me. My partner and I plan to pay the debt para hindi po maremata yung property, but under one condition: yung title po ng property should be transferred to our daughter (2yo) with me as legal representative until she comes of age.

I would like to ask for the legal processes na involved to get all conditions done, and what to watch out for in case of indiscrepancies, kasi hindi ko po kilala yung pinagsanglaan and baka wala pong written agreement yung loan transaction. Thanks

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attyLLL


moderator
before you start paying for that, you should have a conditional deed of transfer/sale where your agreement is stated. also talk to the person to whom the property is mortgaged to know the exact loan terms.

however, by naming it to your daughter, you would be also charged with donor's tax aside from the capital gains.


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arnoldventura


Reclusion Perpetua
Kung walang written agreement, hindi pwedeng magkaroon ng bisa ang pagsasanla nung property. I-check mo kung naka-annotate yung mortgage lien/encumbrance sa certificate of title sa records ng Register of Deeds. https://www.alburovillanueva.com/land-titles-real-property-registration Kasi kung meron, makakasigurado ka nang meron written agreement na pwede mong i-secure.

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