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Contract to Use

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1 Contract to Use on Fri Jul 01, 2011 11:07 am

hope


Arresto Menor
Hi, Atty.!

Good morning po Atty., may question po ako kung ano po ang mas maigi na gamitin na contract Promissory Note po ba o Deed of Mortgage?

This is the scenario po, nakasangla po sa amin yung portion ng bahay sa halagang P270,000.00 in exchange hindi po kami magbabayad ng monthly rentals ang tawag po nila dito ay Sangla-Tira. Since gusto namin na makasiguro na hindi na ulit kami maloloko gusto po namin na well stipulated yung contract. So we asked the owner na ibigay nya yung TCT# nya pra mailagay namin sya sa contract pero wala pa daw po yun title, blue print pa lang po. So parang naisip namin na gamitin na lang ang promissory note since parang nagloan lang sya sa amin pero we are not sure kung tama po ito. Ano po kaya ang mas maigi gamitin Atty.?

Thank you po po sa tulong nyo Smile

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2 Re: Contract to Use on Fri Jul 01, 2011 11:55 am

rchrd


moderator
You can have the owner make a promissory note then support it with a deed of mortgage on the house and lot. Have with you the documents and approach a notary public for the preparation and execution of the contracts. If the property is not titled, you can still have a deed or real estate mortgage over an unregistered property.

God bless.

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3 Re: Contract to Use on Fri Jul 01, 2011 4:46 pm

hope


Arresto Menor
Hi, rchrd!
Thank you very much for the info. lulubusin ko na po yung pagtatanong. If ever po ano ang implications nito sa batas if hindi nya tinupad yung nasa kasunduan? Actually I did a contract by myself kasi the last time na nagpagawa kami eh hindi maganda so this time ako na yung gumawa. I know it's lot of favor pero kapalan ko na yung mukha ko po pareview naman po. Saka need ba talaga na 2 yung gagawin na contract po?
Marami pong salamat Smile

PROMISSORY NOTE

Date : July 9, 2011

Principal Amount: Php. 270,000.00

For value I received, I Maria Makiling the undersigned promises to pay to Maganda the principal amount of TWO HUNDRED SEVENTY THOUSAND PESOS (Php270,000.oo) within one (1) year upon signing of this document.

That the borrower Maria Makiling, her heirs and assigns and successor and the lender Maganda agrees in the following conditions;

That the lender will not charge the borrower any interest or penalty on the borrowed money (Php270,000.oo) but instead convert the supposed to be interest by occupying a portion of borrower’s house;

That the borrower assures to the lender that she is the genuine owner of that house located at Laguna and that house are free from litigations, encumbrances and claims whatever kind of nature whatsoever from any persons whomsoever;

That the borrower will give privilege to the lender to vacate the said portion of house within one (1) month from the date she paid the principal loan amount;

That the borrower agrees to pay all the cost of collection, legal expenses and solicitor fees, incurred or paid by the lender in collection and enforcement of this note.

Signature : ___________________

Name: Maria Makiling

Address: Laguna

TIN No.: 247-136-444-000

In witness whereof, I have hereunto affixed my signature and notarial seal this ____________________________ at ________________________.


Saka ito po yung Deed of Mortgage

DEED OF MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This DEED OF MORTGAGE, made and entered into by and between:

MARIA MAKILING, of legal age, Filipino citizen with residential address at Laguna Philippines, herein after called the “MORTGAGOR”;

– and –


MAGANDA, of legal age, with office address Pasay City, Philippines, herein after called the “MORTGAGEE”;

W I T N E S S E T H


That the MORTGAGOR warrants to the MORTGAGEE that the MORTGAGOR is the owner of the unregistered property in the Registry of Deeds located and situated at Laguna, Philippines, and free from litigations, encumbrances and claims whatever kind of nature whatsoever from any persons whomsoever;

That the MORTGAGOR hereby mortgages to the MORTGAGEE the unregistered house located and situated at Laguna, Philippines as a collateral of a loan with a sum amount of TWO HUNDRED SEVENTY THOUSAND PESOS (Php270,000.oo) Philippine currency, representing the principal, of which hereby personally handed/paid by the MORTGAGEE and the receipt of which hereby acknowledges by the MORTGAGOR and the later conveyed and deliver by way of Mortgage/Collateral unto the said MORTGAGEE, her heirs and assigns and successor-in-interest of the MORTGAGOR’s portion of house located and situated at the MORTGAGOR residence as mentioned above;

That the entire principal loan amount of TWO HUNDRED SEVENTY THOUSAND PESOS (Php270,000.oo) Philippine currency, shall be paid by the MORTGAGOR within the term of one (1) year, and during the term of this mortgage, no interest will be charge from the principal amount, but instead the MORTGAGEE will occupy the abovementioned portion of house without any rental fees and shall remain in possession to occupy thereof until the principal loan amount be fully paid and the MORTGAGEE has given privilege to vacate the said portion of house within one (1) month from the date the MORTGAGOR paid to the MORTGAGEE the principal loan amount;

IN WITNESS WHEREOF, both the MORTGAGOR and MORTGAGEE, have hereunto set their hands this ___________________ in ___________________, Philippines.



MARIA MAKILING MAGANDA

Mortgagor

Mortgagee

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4 Re: Contract to Use on Fri Jul 01, 2011 4:51 pm

hope


Arresto Menor
Hi, Atty.LLL,

Please help me by giving your insights or advise in my inquiries.

Thank you very much po Smile

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5 Re: Contract to Use on Sat Jul 02, 2011 12:48 am

rchrd


moderator
The promissory note can stand by itself kaya lack unsecured yung pautang ninyo. The mortage cannot exist without a principal contract.

Pag sinuman sa inyo ay hindi tumupad sa usapan ninyo, ang isa naman ay magkakaroon ng karapatang magsampa ng kasong sibil.

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6 Re: Contract to Use on Sun Jul 03, 2011 11:51 pm

attyLLL


moderator
you can't have a real estate mortgage over only a portion of a property.


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7 Re: Contract to Use Today at 4:27 am

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