Paraphernal Property - Facts to Know

CASE STUDY :

A residential property was bought in 1982 when a person was still single.  The property ( house and lot ) is in a residential subdivision. In 2015, the person was married.  Now the property is being sold and the following issues are of concern and have to addressed : 

  1. Is this a paraphernal property or now a conjugal property ?
  2. The Transfer Certificate of Title in under the person’s single name so will husband / wife need to be on the Deed of Absolute Sale ?  Will a consent to sell be needed from the spouse ?
  3. Upon marriage, did this owner update his / her TIN # ?
  4. Will the payment be made under the spouses names ?  The person who owned the property now uses his / her married name.  What should be done ?

Answers :

  1. Since the property was bought when the person was still single, this is a Paraphernal property and not a Conjugal Property.  The Family Code was updated in 1988 and states that any assets brought into the marriage is considered a Conjugal Property.
  2. There is no need for the husband / wife to be included in the Deed of Absolute Sale as this is a paraphernal property.  A consent from the spouse is also not needed.  
  3. The TIN # should always be updated whenever there is a change in status ( whether in marriage or nature of business involved ) of an Individual as this may or may not change the Tax consequences of the Individual.
  4. The payment will be made under the person who owned the property prior to the marriage.  Since his / her account is under the married name, all that’s needed is an Affidavit of One and the Same Person.

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robert

Robert G. Sarmiento Properties

Professional Affiliation :

Philippine Association of Real Estate Boards

Member, City of Taguig Real Estate Board 2016 - 2018

Real Estate Broker’s Association of the Philippines 2000 - 2015

President, Greenhills Chapter 2008, 2009

Philippine Association of Real Estate Boards

San Juan Mandaluyong Chapter 1998 -1999

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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

02 5148481 ( direct line )

+ 632 5536051 ( trunkline )

+ 632 4781316 ( telefax )

+ 632 8561365 ( line 3 )

+ 632 8041701 ( line 4 )

+ 63 917 5364829 ( globe )

Email : roberts@surfshop.net.ph

Website : 
www.robertgsarmiento.com

Website: http://condosphil.wordpress.com

Website: www.philippinecommercialproperties.com

Website: http://philippinewarehouses.wordpress.com

Website: http://philippineoffices.wordpress.com

Website: http://philippinetownhouse.wordpress.com
 

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