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fully paid on condo unit but no title

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1 fully paid on condo unit but no title on Thu Jun 30, 2011 11:33 pm

nibblerizer


Arresto Menor
Hi,

Need your legal advice. I'm already fully paid with my condo unit for more that 2 years already. Deed of absolute sale was drafted and signed but was not processed. Later, I found out that the property was mortgaged by the developer to a bank and there's a notice of levy already attached to the title.

What is the best action for me in order to protect my investment? I fear that my unit will be forclosed or the developer to close doors. Is it legal to demand a swap of title instead if the developer will not be able to pay the bank?

Thanks in advance.



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2 Re: fully paid on condo unit but no title on Sun Jul 03, 2011 12:46 pm

attyLLL


moderator
which property was mortgaged, the actual unit or the land? find out at the hlurb if the mortgage had their approval.

at the same time, you can talk to the bank and inquire what their plans are.


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3 Re: fully paid on condo unit but no title on Sun Jul 03, 2011 2:06 pm

nibblerizer


Arresto Menor
Thank you for the reply.

The unit itself was mortgaged. I got a copy of the title from the registry of deeds. Apparently, for every in-house financing, the developer mortgage the title to earn money. By the time I had funds to fully paid the unit, the developer, I think, didn't have the funds to pay the mortgage so they did not process my DOA right away. Due to cases filed against them a levy was imposed on the title.


attyLLL wrote:which property was mortgaged, the actual unit or the land? find out at the hlurb if the mortgage had their approval.

at the same time, you can talk to the bank and inquire what their plans are.

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4 Re: fully paid on condo unit but no title on Sun Jul 03, 2011 11:02 pm

attyLLL


moderator
there are laws, particularly pd 957, on your side and hopefully the bank and developer will respect them.

Section 18. Mortgages. No mortgage on any unit or lot shall be made by the owner or developer without prior written approval of the Authority. Such approval shall not be granted unless it is shown that the proceeds of the mortgage loan shall be used for the development of the condominium or subdivision project and effective measures have been provided to ensure such utilization. The loan value of each lot or unit covered by the mortgage shall be determined and the buyer thereof, if any, shall be notified before the release of the loan. The buyer may, at his option, pay his installment for the lot or unit directly to the mortgagee who shall apply the payments to the corresponding mortgage indebtedness secured by the particular lot or unit being paid for, with a view to enabling said buyer to obtain title over the lot or unit promptly after full payment thereto;


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5 Fully paid condo but no title on Fri Jul 08, 2011 5:54 pm

Redorchid


Arresto Menor
I have a slightly different question.
I have gotten the Deed of Absolute Sale of a fully paid condo unit. Not decided whether to sell the unit or not, I have not proceeded with the transfer and registration with the Register of Deeds. I have not had the DOS notarized yet as the developer informed me that transfer and registration should proceed right after notarization. Is this correct?
My questions
1. how long can I withold notarization of the DOS, subsequent transfer and registration, titling?
2. What do I need to prepare or do if I have an interested buyer?

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6 Re: fully paid on condo unit but no title on Fri Jul 08, 2011 6:16 pm

The transfer process needs the notarized DAS.
Unless you have the title already in your name, no cautious buyer will be willing to purchase it from you.

The annotation on the title must first be cleaned so to speak.

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7 Delayed transfer of title on Fri Sep 23, 2011 2:06 pm

lady_md


Arresto Menor
Hi, I need your legal advice too. I have purchased and fully paid a condo unit last Aug 2010. But until now, the developer did not make any action on transfering the title to my name.

They have asked me to pay for the tax declaration this year which I complied, together with other requirements such as signing of the deed of sale etc. As I have talked to the employee in charge of processing the title transfer, I already did my part as the buyer, and it is now the developer's part to do the rest of the process of transfer. its been more than 3 months and yet no action or development was done.Their answer is always waiting for thr release of fund from the developer.

With this scenario, is there any way to make the developer do some action and be pressured to act on the transfer of title such as issuing a demand letter? What are my rights on this matter? Thanks in advance. god bless

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8 Re: fully paid on condo unit but no title on Sat Sep 24, 2011 12:21 am

attyLLL


moderator
a series of demand letters then a complaint at hlurb


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9 Fully paid Condo, no title, for sale. on Wed Oct 12, 2011 2:48 am

carboy32


Arresto Menor
First, i'd like to thank this forum as a venue for people to ask questions and for the right people to give their insights for free.

My question is somehow related to the thread, so I'll just ask it here first.

I am a buyer, I have found a condo to purchase. The owner has fully paid the unit, paid the transfer fees, etc to the developer and I even saw the title which needs final proof read before submitting to Registry of Deeds (RD).

The problem is, no title has come out, so whats the best procedure to purchase this condo?

1. Can we have Contract to Sell, then when the title comes out have DOAS?

2. Just wait for the title to come out which there is no certain date.
3. Conditional DOAS? w/ power of atty.

Please give the best course of action for this type of transaction.

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10 Re: fully paid on condo unit but no title on Wed Oct 12, 2011 1:01 pm

carboy32


Arresto Menor
Up ko lang eto mga attorneys. Need lang your expert advise.

carboy32 wrote:First, i'd like to thank this forum as a venue for people to ask questions and for the right people to give their insights for free.

My question is somehow related to the thread, so I'll just ask it here first.

I am a buyer, I have found a condo to purchase. The owner has fully paid the unit, paid the transfer fees, etc to the developer and I even saw the title which needs final proof read before submitting to Registry of Deeds (RD).

The problem is, no title has come out, so whats the best procedure to purchase this condo?

1. Can we have Contract to Sell, then when the title comes out have DOAS?

2. Just wait for the title to come out which there is no certain date.
3. Conditional DOAS? w/ power of atty.

Please give the best course of action for this type of transaction.

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11 Re: fully paid on condo unit but no title on Mon Oct 17, 2011 8:17 pm

attyLLL


moderator
was the developer included in your deed of sale? do they recognize the transfer?


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12 Re: fully paid on condo unit but no title on Thu Oct 20, 2011 1:10 am

sydney.white


Arresto Menor
Hello po,

I have similar case with lady_md, I have draft demand letter to be sent to the developer. However, I have some questions:

1. I'm an OFW, is it ok to send the demand letter even if I'm out of the country? I'll prepare and signed the letter, send it to my sister and then she will send it to the developer through registered mail. Is that ok?

2. Since I'm out of the country, I note in the letter that they release the document to my authoirized representative. I will authorize my sister to claim the document in behalf of me. Is that ok? Or do I need to provide special power of attorney or an authorization letter will do? The only thing I will ask her to do is get the document for me.

Your advice is highly appreciated.

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13 Re: fully paid on condo unit but no title on Sat Oct 22, 2011 7:50 am

attyLLL


moderator
1) yes
2) yes, but they may indeed require an SPA, you can have one notarized at the phil. embassy


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14 Paid Condo 2 years ago but no title yet. on Mon Jan 21, 2013 10:12 am

Dear Sir/Madam,

You advise is much appreciated we bought a condo unit at Torre Venezia Quezon City and fully paid it at 2010. With the span of 2 years we keep asking them for the title and they keep promising that it will given to us soon.
But then we find out that the land is mortgage so the owner developer could not issue the title.
What are the necessary steps that we need to do? to secure our investment.

Your help is much appreciated

Thank you.

Sincerely yours,

Angie

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