We have partially paid two lots, both with land titles.
The conditions in the deed of absolute sale :
1) 50% of the total selling amount is equivalent to the price of one lot, therefore we can transfer the title under names.
2) The remaining amount is to be paid in one year. So we have issued post dated and funded cheques.
We have paid also our lawyer to process everything for the transfer of titles.
However, we were informed that we cannot have the titles yet since the corporation (the seller) needs to have SEC registration as a prerequisite for BIR & Registry of Deeds. Apparently they don’t have SEC registration yet.
The documents that we only have now are deed of absolute sale, received copy of the first payment by one of the members of the corporation, received copy as signed by our lawyer for the payment of land transfer processing.
If let's say we have finished the payment until 2011 (which has been stipulated in the contract), and the titles were not yet transferred under our names, what legal rights can we exercise? If we only have deed of absolute sale on hand, is it enough? What if the corporation plans to sell it again to other party, what will be our right over the ownership of both lots.
Thank you very much,