Adding 'Buyer2' to the 'Contract To Sell' procedure

Hi,

We have requested our developer to add my brother to the 'Contract to sell' as 'Buyer 2' (as he will help me with the mortgage).

The developer then asked me to sign a 'Transfer of Rights' document and have it notarize, and submit to them.

Is this the right procedure?
When i read that documents, it looks like i am transferring the whole estate to my brother.

Please advise.

The Developer need a juridical document which confirm you give some right to your brother, but you need to check the document tell corect. Have you told the developer your brother will be
half owner,
owner together of whole
or what?

We will own the estate. Yes we have informed the developer.

Then I shouldn't be signing the Transfer of rights?

bigporkydude wrote:We will own the estate. Yes we have informed the developer.

Then I shouldn't be signing the Transfer of rights?

You need to sign something, but if it's the offered contract depend of what it say.
It's ok if it tell something, which need BOTH of you need to sign important things as selling.

Apologies for the copy and paste. This is the document

KNOW ALL MEN BY THESE PRESENTS:

That I/We, _________________________________________ of legal age, Filipino Citizen, single/married to ______________________________ residing at________________________________ _________________________________, hereinafter referred to as the TRANSFEROR.

That I, ________________________, of legal age, Filipino Citizen single/married to _______________________________ residing at _______________________________ hereinafter referred to as the TRANSFEREE.

For and in consideration of (P   ) Philippine Currency, to me in hand paid in fully by TRANSFEREE, do hereby SELL, TRANSFER, AND CONVEY all my rights and interest in the purchase of Lot No. __ Block No.___ of __________ containing an area of ___ square meters more or less, , entered into by and me the  Owner/Developer.

That upon signing of this instrument TRANSFEREE shall be directly responsible for all instruments due payable to the Subdivision Owner/Developer and shall comply with all obligations pertaining to me and as stipulated in said Contract No. and the stipulation of the Reservation Application when not contrary.

That TRANSFEREE after having read Contract No. entered into by the herein TRANSFEROR do hereby accept and promise to comply with all conditions pertaining to the purchaser as contained therein.

IN WITNESS WHEREOF, we have hereunto sign this            day of                            at ____________________




___________________________                                           _________________________
                (Transferor)                                                              (Transferee)

That talk about transfer. You want a document telling your brother will be owner TOGETHER with you.

Lunkan wrote:That talk about transfer. You want a document telling your brother will be owner TOGETHER with you.

That is correct sir.

Property is NOT my speciality
I BELIEVE the corect expression is "Co-owner".

Lunkan wrote:Property is NOT my speciality  
I BELIEVE the corect expression is "Co-owner".

I see, will check with the developer then.

How about the others, what do you think?

bigporkydude wrote:

Lunkan wrote:Property is NOT my speciality  
I BELIEVE the corect expression is "Co-owner".

I see, will check with the developer then.

How about the others, what do you think?

Other forum members?
I hope someone can answer better than I

Well. You can ask the developer, but it isn't sure they will give you corect answer, they have given you wrong contract allready.
I don't know if DENR (=where titles are registered) answer such questions.

Lunkan wrote:

bigporkydude wrote:

Lunkan wrote:Property is NOT my speciality  
I BELIEVE the corect expression is "Co-owner".

I see, will check with the developer then.

How about the others, what do you think?

 Other forum members?
I hope someone can answer better than I  

Well. You can ask the developer, but it isn't sure they will give you corect answer, they have given you wrong contract allready.
I don't know if DENR (=where titles are registered) answer such questions.

Yes, I also think they did. Thanks Man!

you have to sign a transfer document transferring half or a part of the estate to your brother. Depends on what his share in the estate should be. If you will own the estate 50-50, you also need to indicate the mode of ownership whether it is joint-tenancy or "tenancy-in-common"

ariellesophia wrote:you have to sign a transfer document transferring half or a part of the estate to your brother. Depends on what his share in the estate should be. If you will own the estate 50-50, you also need to indicate the mode of ownership whether it is joint-tenancy or "tenancy-in-common"

Thanks a lot.

ariellesophia wrote:you have to sign a transfer document transferring half or a part of the estate to your brother. Depends on what his share in the estate should be. If you will own the estate 50-50, you also need to indicate the mode of ownership whether it is joint-tenancy or "tenancy-in-common"

I've googled 'transfer of rights', does this mean I am transferring all my rights to my brother? does it include the rights to own the whole property?