A Basic Guide To Land Title FAQs: Important Terms Made Simple
When looking to purchase a house and lot in Baguio City or other parts of the Philippines, buyers will need to familiarize themselves with the basic jargon and the requirements. This is crucial in the transfer of a title of ownership, as a title is seen as the best proof that someone owns a property. Further, failing to know and comply with the legal requirements of land transfer and ownership can have serious legal consequences.
Save yourself time and money and get familiar with the most basic questions that many potential land purchasers have. These will help you know what to look for and start filing, should you ever want a home or condominium in Baguio City.
Who Can Acquire And Own Land In The Philippines?
Filipino citizens and corporations that are at least 60% Filipino-owned may acquire land and have it registered in their names as their property. Real property may only be acquired and owned by foreigners in these limited exceptions:
What Is A Certificate of Title?
A certificate of title is considered the best evidence that someone is an owner of the property that the title describes. A certificate of title will generally prevail over other evidence such as deeds of sale or tax declarations. There are two kinds of such certificates: an original certificate of title, and a transfer certificate of title.
What Are The Basic Requirements For Transfer Of A Land Title?
Make sure you prepare the following when you start transferring a title.
What Is The Mother Title?
The mother title Is a property’s earliest registered title. It will include all the transactions that the property has undergone, such as inheritance, sale, and donation.
Learn More About Buying And Selling Land
Thinking about becoming a property owner? Consult a real estate agent in Baguio City to get tips and tricks on how to have a smooth, speedy sale or purchase. With their help, you’ll get all the needed paperwork ready and prevent any delays so you can own your dream property!