Extra Judicial Case - Must Know !

Case Study :

This is a recent issue regarding an Extra Judicial Case because as stated in Sec. 4 Rule 74 of the Rules of Court which is annotated in the new title, any heir or person unduly deprived of his / her lawful participation in the estate may compel court settlement within the 2 years from the date of settlement and distribution of an estate, not from the date of annotation or entry with Register of Deeds.

“Transcription Date” on the new title is the date when the 2 years begins ( unfortunately, this is not a standard procedure for other Register of Deeds ).

The remedy in this kind of situation is getting an Heir’s Bond although there is still some risk involved :

An important note on Heir's Bond : Should an unduly deprived heir go after the property and win, they are entitled to possession of the property. Therefore, if a Buyer builds a structure, that is the risk they take, they will be covered for the amount they bought the property for ( i.e. they bought the property for Php 50M, the Heir's Bond must cover Php 50M, however, since the Buyer will still construct, that is not part of the Php 50M which the Insurance company will cover. Imagine buying the property and building on it just to lose it legally to an Heir. Just going through all that motion of buying a property, having your dream house designed, constructing and finally living on it then losing it through a legal battle. That's why it's important to know how long the Owner has been dead, say over two years then most likely there won't be anyone going after the property.

Am going through a similar situation now wherein the Owner passed away in 2011 so it's a calculated risk as so far no one has gone after the property. We still expect a lot of this issues to arise once the Amnesty of Estate Tax is finally implemented in 2019. My two cents worth.

www.robertgsarmiento.com

PRC REBL # 6569

PRC Lecturer’s License # 0294

robert
Robert G. Sarmiento Properties

Professional Affiliation :

Philippine Association of Real Estate Boards

Member, City of Taguig Real Estate Board 2016, 2017

Real Estate Broker’s Association of the Philippines

President, Greenhills Chapter 2008, 2009

Philippine Association of Real Estate Boards 2000-2015

San Juan Mandaluyong Chapter 1998, 1999

PRC # 6569

Lecturer’s License # 0294

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