We want to buy a lot in Cavite thru company financing. The lot owner does not have a an OCT yet, but she has the Lot Plan and Tax Declaration of the property. We are to buy a portion of the land only and this means subdividing the lot into three, as there are other interested buyers of the remaining parts also. Being the first and foremost requirement in availing a loan, the owner (already a senior citizen), has to apply for an OCT before a transfer could take place (as we were told). We offered to help and shoulder the cost but we don't know how to begin. Right now, I'm in the process of drafting the Conditional Deed of Sale (I will need a lawyer's help on this also), since we will be shelling out money to speed up the processing of the Title. Please give us a clearer idea on the steps in applying for OCT, its charges and how long each step would be.
Thanks in advance and I will really appreciate your help. God Bless.