I guess I am asking for "Shadows" Wisdom and Knowledge, a Friend of mine is being offered a Parcel of land with a OCT dated 92' and noted on the Title there is following sentence: "shall not be sold, transferred or conveyed, except trough hereditary succession, or to the Government or to the Land Bank of the Philippines or to other qualified beneficiaries for the period of ten (10) Years." Clearly it is more then 10 Years from 92' to 2011 but who are the other qualified beneficiaries? I already read trough most of the Threads about buying Property and I also found this but what I would like to know is by whom and how can it be bought, if at all. Thanks
Agrarian reform land has been given for free to farmers, in order to give them an oportunity to built up a life out of poverty. Mostly Japanese funds have been used for it. Even farmers can sell this land after 10 years the government is not in favor of the posibility. If you like a long and stressfull battle to transfer the land to a non-Dar-buyer you may try. Be aware it may take another 10 years and a lot of lawyer fees to get the job done.
You need to go to registrar of deeds and see what is on the REAL original certificate of title. Anyone with claim to the land will be listed either on the front as part owner or as lien holder etc. on the back. Anyone deceased of course means all their heirs have a shot too. An OCT is pretty safe, so long as the time period has passed (10 years in this case) and you are dealing with the rightful owner(s). Larry
Thanks for the Info Larry but what is it with the Article I am referring to, where the Guy tried and questioned even the DAR Office and they all say NO NO NO!
And thank you also "Firefly" I am very much aware that there would be a Mountain of Problems to be overcome and I want to be sure my Friend is not getting stuck somewhere.
The best real estate attorney I've found in town is Ril Dorado who has his office along the boulevard. In addition to being an attorney, he is also a qualified civil engineer. (He finished 2nd in the national exams the year he graduated.) He's handled two deals for me and has been very professional. His fees are reasonable. If anyone can give you a straight answer, he can.
Well if you knew Peter, the author of the article, maybe you would understand better! I will have Rony look into it, just for our own personal knowledge. Larry
Ril Dorado is the Surveyor of said Property and the original Survey was done 66' by his Fader, so this sounds like a reliable setup, we are taking this very slowly so I will wait for the info from Larry's source and we have also a old Friend of ours checking the Title involved. The Title is as mentioned a OCT, the Owner (Fader) is still alive, the Land has been subdivided for the Children but only the Mother Title is presented.
