what's the role of extrajudicial settlement in the transfer of property title of a deceased person
The most basic form of business operation that has been around ever since the beginning of time is buy-and-sell. Although as simple as many people deem it to be, there are many complications that goes into this process; most especially in cases wherein a certain property must be divided among legal heirs. It makes it even more difficult when the owner of the property passes away even before settling the transfer of ownership. The insufficient understanding of the process that lies behind this case is the reason why a lot of people experience troubles and fall into scams.
But there is an easy way to solve this problem when you do encounter it; you can fix this through an extrajudicial settlement. In this article, you would be educated on it by learning its requirements and the processes that comes along with it.
So, the first thing you must know is what is an extrajudicial settlement; it is the process of formally settling a property through a contract that includes the details on the division of the deceased’s estates between the inheritors. The contract indicates the properties that the deceased own which after the contract will then be referred to as an “estate”.
And the reason why this process is considered “extrajudicial” because the inheritors of the estates did not undergo trial in court to come up with a definitive decision on the division of the estates but instead chose to divide through a non-trial process.
Now that you have understood what an extrajudicial statement is the next step here is to know the requirements for it.
One of the most necessary things one must have is knowledge of absolute absence of a will. The will is the official settlement of properties, so without it, the extrajudicial settlement can be done. But in the case, that there is, if there are properties that were not included in the will, the extrajudicial settlement can be done.
There are other requirements one must take note of.
That ends the process of extrajudicial settlement, from here inheritors can do as they please.