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pls interpret

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1 pls interpret on Tue May 31, 2011 8:54 am

kydumlao


Arresto Menor
hi atty. can u help me interpret this annotation in the title.

"Restrictions-- The Vendees shall not sell, convey, lease, or otherwise encumber the properties in favor of any party within a period of five (5) years from and after the issuance of a certificate of title in favor of the vendees except where such sale, disposal, or encumbrance is necessary in cases of hereditary succession or resale in favor of the vendor. Should the vendees violate this provision or any provision contained in this deed, they agree, warrant and obligate to pay the vendor liquidated damages in the amount of P10,000.00. After the five (5) year period, the vendor shall have the pre-emptive right to repurchase the property at the original price for which it was acquired by the herein vendees, without any obligation on the part of the vendor to pay or reimburse the vendees or any party the value or cost of any improvements or constructions made after the execution of this deed; subject to other restrictions set forth in the Deed of Absolute Sale bearing Doc.No. --, Page NO.--; Book --; of the Notary Public of Mla.,"

We badly need to know these restrictions because we are planning to buy this property. Please help. Thank you and more power.

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2 Re: pls interpret on Thu Jun 02, 2011 4:09 pm

rchrd


moderator
restriction 1: The Vendees shall not sell, convey, lease, or otherwise encumber the properties in favor of any party within a period of five (5) years from and after the issuance of a certificate of title in favor of the vendees except where such sale, disposal, or encumbrance is necessary in cases of hereditary succession or resale in favor of the vendor.
MEANING: You cannot sell (or lease or transfer) the properties within 5 yrs.after the title is transferred in your name.Exception to Restriction 1: 1)Kung ang buyer ay namatay within 5 yrs kaya mamanahin ng tagapagmana or 2)kung ibebenta ninyo ulit sa dating may-ari ng property.
If u violate this restriction, you must pay the vendor P10,000.00 as fine for the violation.

RESTRICTION 2: After the five (5) year period, the vendor shall have the pre-emptive right to repurchase the property at the original price for which it was acquired by the herein vendees, without any obligation on the part of the vendor to pay or reimburse the vendees or any party the value or cost of any improvements or constructions made after the execution of this deed; subject to other restrictions set forth in the Deed of Absolute Sale bearing Doc.No. --, Page NO.--; Book --; of the Notary Public of Mla.,"
MEANING: after the 5yrs period in restriction 1, the vendee (meaning the person whose name now appears in the title) cannot sell the properties to another without first asking the the vendor (ito yung nagbenta dun sa present owner)if this former owner is interested in buying his former property.

SUGGESTION (ONLY) : If the sale (between the old owner and the present owner) happened more than 5 years from the transfer to the present owner: a)the present owner need to comply with restriction number 2 before you enter the picture. b)if present owner complied with restriction 2 but old owner is not interested in buying his old property, then you can now buy the property. If letter b is possible now, ask the present owner to spend for the cancellation of the annotation in the title.

NOTE: I am not your lawyer (I am just a student) and have not seen the "other restrictions set forth in the Deed of Absolute Sale bearing Doc.No. --, Page NO.--; Book --; of the Notary Public of Mla."

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