Avoiding A Problem With The Title To The Property

[Dave Hounddriver]

A foreigner and his filipina wife buy some property in the Philippines. They buy it from another foreigner and filipina wife and they are given terms. That is like private financing. Perhaps the property is being sold for 3 Million pesos and the purchaser plans to pay 1/2 mill down and 1/2 mill a year for 5 years.Now it is common this country that the person who does the financing is the one who holds onto the title of the property. So in this case it would be expected that the vendor hold onto the title until the final payment is made.Questions: Is there any kind of escrow service in Philippines to hold the title in trust until the debt is paid? How would the purchaser secure himself to stop the vendor from selling the same title to another party or using the title to get a mortgage against the property?Ideas?

[dean01]

The trust would run off with the money and the titles ..

[Jack Peterson]

A foreigner and his filipina wife buy some property in the Philippines. They buy it from another foreigner and filipina wife and they are given terms. That is like private financing. Perhaps the property is being sold for 3 Million pesos and the purchaser plans to pay 1/2 mill down and 1/2 mill a year for 5 years.Now it is common this country that the person who does the financing is the one who holds onto the title of the property. So in this case it would be expected that the vendor hold onto the title until the final payment is made.Questions: Is there any kind of escrow service in Philippines to hold the title in trust until the debt is paid? How would the purchaser secure himself to stop the vendor from selling the same title to another party or using the title to get a mortgage against the property?Ideas?

Dave, There is a way, Have a deed Of conditional sale Drawn up, Attached is mine from Last February. Hope it can be read. Item 4 says., and Notarized.: 4. That the PROPOSED SELLER shall not offer for sale the above-described parcel of land to any other interested party nor mortgage to any lending or banking institution while this agreement is in effect .Clear and concise I think.Hope this helps.Jack P.

[Jack Peterson]

OK not so clever an attachment. However, it is the way to Go.Jack P. :hystery:

[Jack Peterson]

A foreigner and his filipina wife buy some property in the Philippines. They buy it from another foreigner and filipina wife and they are given terms. That is like private financing. Perhaps the property is being sold for 3 Million pesos and the purchaser plans to pay 1/2 mill down and 1/2 mill a year for 5 years.Now it is common this country that the person who does the financing is the one who holds onto the title of the property. So in this case it would be expected that the vendor hold onto the title until the final payment is made.Questions: Is there any kind of escrow service in Philippines to hold the title in trust until the debt is paid? How would the purchaser secure himself to stop the vendor from selling the same title to another party or using the title to get a mortgage against the property?Ideas?

Dave, There is a way, Have a deed Of conditional sale Drawn up, Attached is mine from Last February. Hope it can be read. Item 4 says., and Notarized.: 4. That the PROPOSED SELLER shall not offer for sale the above-described parcel of land to any other interested party nor mortgage to any lending or banking institution while this agreement is in effect .Clear and concise I think.Hope this helps.Jack P.

OK! lets try again. Edited March 13, 2012 by Jollygoodfellow
attached image correctly

[Jack Peterson]

A foreigner and his filipina wife buy some property in the Philippines. They buy it from another foreigner and filipina wife and they are given terms. That is like private financing. Perhaps the property is being sold for 3 Million pesos and the purchaser plans to pay 1/2 mill down and 1/2 mill a year for 5 years.Now it is common this country that the person who does the financing is the one who holds onto the title of the property. So in this case it would be expected that the vendor hold onto the title until the final payment is made.Questions: Is there any kind of escrow service in Philippines to hold the title in trust until the debt is paid? How would the purchaser secure himself to stop the vendor from selling the same title to another party or using the title to get a mortgage against the property?Ideas?

Dave, There is a way, Have a deed Of conditional sale Drawn up, Attached is mine from Last February. Hope it can be read. Item 4 says., and Notarized.: 4. That the PROPOSED SELLER shall not offer for sale the above-described parcel of land to any other interested party nor mortgage to any lending or banking institution while this agreement is in effect .Clear and concise I think.Hope this helps.Jack P.

OK! lets try again.

OK So, I am not that good at attachments. Hope you can do somthing with these Two/Three attempts. :unsure:Jack P. :)

[Curley]

Jack, you could PM Dave and ask for his e-mail so that you can mail it to him.

[Jack Peterson]

Jack, you could PM Dave and ask for his e-mail so that you can mail it to him.

Ha Ha Never thought of that, Stupid senior citizen here.Dave, What do you think, can you trust me with this ? :lol: :) Cheers curly.Jack P. :)

[Curley]

Don't worry Jack, we all have our "senior moments" They tell me we get more than our share the older we get. Another of those unwanted "gifts".

[Mike S]

4. That the PROPOSED SELLER shall not offer for sale the above-described parcel of land to any other interested party nor mortgage to any lending or banking institution while this agreement is in effect .

I love the part about " nor mortgage to any lending or banking institution while this agreement is in effect" ....... this is the part I'll bet my in-laws wish they had written into their contract ....... but so do the other families that bought land from the daughter of the owner .......... he passed away after all the land was split up and sold ..... she however took the original title her father had and mortgaged it to the bank ...... looks like a sticky situation to me ...... the good thing is there are more than a dozen families involved and everyone has a contract from the old man before he died ...... where is Judge Judy when you need her ....... :) :lol: