What is an Heir's Bond ?

What is an Heir's Bond ?

Heir’s Bond: Broadly speaking, the term “heir” includes all persons, whether relatives or not, who succeed or inherit from a deceased person either by will or under the laws  of intestate succession (when the decedent left not will). The “estate” of the deceased constitutes the mass or totality of properties, whether real or personal, including the transmissible rights and obligation of the deceased.

This has been a requirement of Buyers when the property they are buying is coming from an extra judicial settlement.   When a new title goes through Estate Taxes and Extra Judicial Settlement, an annotation called " Section 4, Rule 74, Rules of Court is annotated on the title.

Due diligence must be done on the history of the deceased person as one may never know who may have a claim on the property and it's to the disadvantage of the new owner when this issue arises.  Thus, the need for an "Heir's Bond".

The coverage for the policy ( Heir's Bond ) should be the amount the property was purchased for and the standard terms is two years as that's the length of time any party / ies could pursue their claim on the property as dictated by law.

There are several companies in the Philippines offering this coverage, it pays to shop around as the rates vary.

It's best to consult an Insurance Brokerage Company for this need.

For further details on the properties listed above, please call our office at 8561365 * 5536051 * 5148481.

Visit www.robertgsarmiento.org for blogs, news, case studies and property listings which you may find informative.

Subscribe to my daily postings by filling in your email address at the NEWSLETTER section located at the lower right hand portion of the webpage of www.robertgsarmiento.com

View properties you are looking for by using the search engine, “ BROWSE LISTINGS” ( on the middle right hand corner of the webpage ).

Finally, should you have a property for SALE or LEASE, let me know if our office could be of assistance.

Thank you.

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 Brokers 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

 

 

Contact

Give us a call at 02 5148481 ( direct line )
+ 632 5536051 ( trunkline )
+ 632 4781316 ( telefax )
+ 632 8561365 ( line 3 )
+ 632 8041701 ( line 4 )
+ 63 917 5364829 ( globe )
Email us at

 

Newsletters

Subscribe and get the latest updates, news, and more...