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Property can be transferred through extrajudicial settlement of estate with waiver of rights...

Property can be transferred through extrajudicial settlement of estate with waiver of rights
"I have a question regarding selling a property. My grandmother has a small lot in our province when she passed away. The written owners on the title of that property are my grandmother and grandfather. My lolo gave me that piece of land and all of my other relatives also agreed thru a handwritten letter stating that they are giving it to me. I now have a buyer of the said property. What legal documents and procedure do I need if I want to transfer it to my name so I can sell it? I hope you can help me. Thanks, ArvinDear Arvin, Since the subject property is registered in the names of your grandparents, you need first to arrange the transfer of the rights over the property to your name in order for you to legally acquire and sell it.Considering that your relatives all agree to give their share on the said property to you, the share of your lola to the property can be transferred by means of an extrajudicial settlement of estate with waiver of rights. Take note however that extrajudicial settlement will depend if your lola as the decedent, left no will and debts since the law provides that: “Sec. 1. Extrajudicial settlement by agreement between heirs. - If the decedent left no will and no debts and the heirs are all of age, or the minors are represented by their judicial or legal representatives duly authorized for the purpose, the parties may, without securing letters of administration, divide the estate among themselves as they see fit by means of a public instrument filed in the office of the register of deeds” (Rule 74, Section 1, Revised Rules of Court).Thus, your relatives should formalize their agreement in writing through the mentioned extrajudicial settlement and also execute a waiver of their rights over the said property to indicate that they agree to give their shares to you. With regard to the share of your lolo on the subject property, he can transfer this to you by executing a Deed of Donation in your favor. Donation is deemed as an act of liberality wherein one person disposes a thing or right over a property in favor of another person who accepts the said donation (Article 725, Civil Code of the Philippines).Since the property to be donated is an immovable property, the law requires that the donation must be made in a public document, specifying the property donated and other charges, if any (Art 749, Ibid). The receiver of the donation (donee) on the other hand has to formally accept the donation in the same deed of donation or in a separate public document, during the lifetime of the donor (Ibid).To be able to transfer the title of the property in your name, you need to submit the Deed of Donation to the Registry of Deeds of the place where the land is situated for entry and registration. The Supreme Court has held that although it is enough that the donation be made in a public document, the registration of the donation in the Register of Deeds is the act that binds third persons to the act of donation (Shopper’s Paradise Realty & Development Corporation vs. Roque, G.R. No. 148775, January 13, 2004).To register the deed of donation, you must first go to the Bureau of Internal Revenue (BIR) to obtain and pay the necessary tax assessment. The Revenue District Office will then issue a Certificate Authorizing Registration to allow you to register in the Register of Deeds. A Certificate Authorizing Registration (CAR), shall have a validity period of one (1) year for purposes of presenting the same to the Register of Deeds. In case of failure to present the same to the Register of Deeds within the one-year validity period, the same may still be revalidated. The Register of Deeds shall then enter in the registration book the donation of the subject land in your favor. Thereafter, they shall prepare and deliver to you a new certificate of title issued in your name so that you may then properly sell it to your buyer. Again, we find it necessary to mention that this opinion is solely based on the facts you have narrated and our appreciation of the same. The opinion may vary when the facts are changed or elaborated.We hope that we were able to enlighten you on the matter."
 

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"Property can be transferred through extrajudicial settlement of estate with waiver of rights" was written by Mary under the Legal Advice category. It has been read 196 times and generated 0 comments. The article was created on and updated on 15 September 2021.
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