An Editorial.
Due Diligence Lessons on Land Title Transfer that we can learn from this issue.
How Do I Know if the Title of the Property I am Buying is Valid?
Justa few days after Congress killed ABS-CBN’s franchise renewal bid, a congressman has sought an inquiry into the authenticity of the land title where the broadcast media giant’s offices and buildings are erected in Quezon City.
The congressman is questioning the validity of the title presented by ABS-CBN during the hearings. According to him, based on the results of his due diligenceand title tracebackof ABS-CBN’s predecessor’s title at the Registry of Deeds, there is a discrepancy in the lot area, technical description and location of property compared with the ABS-CBN title.
According to the congressman, “there appears to be no plausible explanation why ABS-CBN’s title, which allegedly houses its main headquarters in Mother Ignacia, Quezon City with an area of 44,027 square meters, would originate from its predecessor’s title, a parcel of land described to be located in Brgy. Nagkaisang Nayon with a minuscule area of only 42 square meters,”
If proven true, this could be another problem for ABS-CBN, as a petition can be filed in court for the nullification of ABS-CBN’s title. ABS-CBN could lose it rights and interest and most likely its ownership over the property.
Disclaimer:
“This article does not refute the authenticity of ABS CBN’s land title but only provides information on how to properly validate title and ownership of real properties before making that big purchase.”
As a buyer in good faith, how do I avoid this type of situation?
A lot of problems may arise in buying a property without the proper title due diligence and documentation. There have been reported cases wherein an innocent buyer discovers that the property he is buying is not the one being described in the title. Others could not use their property because of the presence of other claimants. Cases of lot encroachment, overlapping boundaries and land disputes are also some of the most common problems. One should also be aware of the proliferation of fraudulent titles.
Conducting title due diligence before buying the property can save you millions of pesos on a property with a problematic title.
Title due diligence is very crucial before buying a real estate property. This process can validate the accuracy and legality of ownership documents and the corresponding relevant property information on the title.
Conducting proper title due diligence before acquiring a property will give you all the important data that you need to know to guide you with that big decision. It prevents you from having bigger potential problems later on when you already own the property like big amount of unpaid real property taxes and pending ownership and other legal issues. Proper due diligence could save you from placing a substantial amount of your hard-earned money into a real estate that is not worth your investment.
Stock Photo of a Transfer Certificate of Title
Below are the Importance of Title Due Diligence:
- Unlocks the actual value of the property
- Gives exact location and condition of the property
- Gives a warning for potential administrative and legal issues
- Saves you from investing a substantial amount of money with a problematic property
Proper due diligence and documentation could save a potential buyer from investing millions of pesos on a problematic property. However, these processes are not easy tasks. These things take time and require expertise.
Stock photo of a House and Lot
Conveyance Realty Services Inc. is here to help you. With a proven track record and expertise in the field of land titling services, you can rely on this company to do the job.
CONVEYANCE REALTY SERVICES INC. assists in solving a wide range of land and property issues including defective titles, lost titles, transfer of ownership, unlocated properties and unpaid property taxes.
Our expertise covers the full range of real estate services of from Title Verification and Due diligence, to Title Transfer, to Assistance in Re-issuance of Lost Titles, Assistance in Verification of Property Location and Payment of Unpaid Real Property Taxes, among others.
So, before you buy that property, do your homework, or better yet ask us for help.
You will not only save your precious time but your hard-earned money as well.
You may call reach us at 0917-1-266839 (CONVEY) or visit us at Unit 414-B VGP Center, 6772 Ayala Avenue, Makati City. You can also inquire thru our website at www.conveyance.com.ph
