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afraid to buy a property with SPA

2 posters

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1afraid to buy a property with SPA  Empty afraid to buy a property with SPA Fri Sep 03, 2010 12:33 am

diamond


Arresto Menor

The title is named with "_______sisters realty", a certificate will be provided stating that it belongs to the seller then the seller will provide an SPA under the name of a live-in partner, because seller is in prison. Original title will be given upon payment,have verified from the register of deeds, no annotations. Questions: 1)will this be legal and valid? 2)what document can i ask to check her signature, since she is in prison. 3)how will i know if the one issuing the certificate is authorized to do so. 4)Do i need photo copies of valid ID's from everybody named in the transaction, since they are all actually strangers, Needs reply ASAP, THANKYOU

2afraid to buy a property with SPA  Empty Re: afraid to buy a property with SPA Fri Sep 03, 2010 6:58 pm

attyLLL


moderator

is the owner a corporation? it seems to be if the registered owner is named to company name.

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3afraid to buy a property with SPA  Empty SPA Fri Sep 03, 2010 8:41 pm

diamond


Arresto Menor

yes, the title is in a corporation's name, the agent said that an authorized person will provide us a certificate that it belongs to the person selling the lot, where can i ask for a sample of his signature so i can be sure that it is his SPA. the agent, a realtor, is really assuring us the legalities of the sale. so, is it safe to buy it?

4afraid to buy a property with SPA  Empty Re: afraid to buy a property with SPA Sat Sep 04, 2010 7:08 pm

attyLLL


moderator

do not just rely on assurances. you have to make sure first who is going to be the seller to you. will it be the company or this other supposed person?

if the company, the proper document should be a secretary's certificate stating that the board of directors of the company has met and decided to sell the property and has authorized someone to represent the company in the sale.

you should also look up in the SEC records who the current officers of this company are.

indeed you should require them to show identification cards and photocopy them also.

you should also visit the property and if there is any occupant, interview them.

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5afraid to buy a property with SPA  Empty Re: afraid to buy a property with SPA Sat Sep 04, 2010 9:30 pm

diamond


Arresto Menor

thank you for the advice

6afraid to buy a property with SPA  Empty SPA Sun Sep 05, 2010 1:09 am

diamond


Arresto Menor

hi, i have asked the agent to email me copies of title, SPA, company's secretary's certificate and valid ID w/signature to compare with the SPA. the seller is presently in muntinlupa jail and the appointed person, the common law partner, lives nearby, the lot sale is in cebu city, the SPA that they showed has not been notarized yet, the partner said that they will notarize it when he gets to cebu, shouldn't it be done in manila and be ready by now? and since they are presently in manila. they have not sent an ID, as they are looking for it yet. the copy from the secretary and title seems valid, but still needs to be verified, do i also need to verify her status? would it be a problem if she is married and gives her livein partner to do the transaction? my sister also mentioned that i might have problems in the future since the seller is in jail, is it possible?

7afraid to buy a property with SPA  Empty Re: afraid to buy a property with SPA Tue Sep 07, 2010 11:38 pm

attyLLL


moderator

if the property is in the name of the company, then it should be the company who is the seller. the secretary's certificate should indicate who is authorized by the company to represent it in the sale.

is the person named in the secretary's certificate the same one in jail? i don't see why an SPA is necessary.

if you are dealing with someone empowered by an SPA, wait for the title to be annotated with the SPA before continuing with the transaction. that is my recommendation.

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