Property Purchase for Dependent

tylersean · 1 Property Purchase for Dependent Sun Jan 09, 2011 7:51 pm

tylersean

Arresto Menor

Posts : 6
Join date : 09/01/2011

Dear Sir / Madam

I'm a British National married to a Filipina, who wishes to purchase a hectre of rural/residential for my 6yr old son who has dual citizenship.

I would be grateful if you could advise how this could be done other than purchasing in my wife's name. I would prefer the title to be in my son's name from the outset.

Thanks and regards

attyLLL · 2 Re: Property Purchase for Dependent Tue Jan 11, 2011 11:50 pm

attyLLL

moderator

Posts : 21671
Join date : 12/04/2010
Location : https://www.facebook.com/BPOEmployeeAdvocate/

First of all, is the property you are purchasing titled with and registered at the Registry of Deeds?

If so, you can have the property registered as "Mother's Name IN TRUST FOR Son's Name" till he reaches legal age. In some cases though, the Register of Deeds will ask for an additional deed of donation which will lead to another set of taxes.

tylersean · 3 Re: Property Purchase for Dependent Wed Jan 12, 2011 12:24 pm

tylersean

Arresto Menor

Posts : 6
Join date : 09/01/2011

Thanks for your reply and clarify your query as follows:-

The Land is indeed titled and registered.
What is the legal age (18?) and could I also be a joint administrator of amy trust?

Thanks and regards

attyLLL · 4 Re: Property Purchase for Dependent Sat Jan 15, 2011 11:13 am

attyLLL

moderator

Posts : 21671
Join date : 12/04/2010
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legal age is 18.

It is an interesting legal question whether a foreigner can be a trustee of land considering he is not the owner of the property. in my opinion, it should not be allowed under the principle that what cannot be done directly should also not be allowed to be done indirectly. A trustee can still exercise rights over the property.

how about considering purchasing a condominium unit instead? it can be validly in your name and may even prove to be a very good investment since it can be used or rented out.

tylersean · 5 Re: Property Purchase for Dependent Mon Jan 17, 2011 1:48 pm

tylersean

Arresto Menor

Posts : 6
Join date : 09/01/2011

Considered condo but I really want to purchase plot of land purely for my son to give him a stake in PhP future if that's where he decides to settle.

Just obtained the title as per attached ( which clearly denotes the land as being Agricultural. Does this mean that building a private residence on the land sometime in the future is prohibted?

Thanks

$Property Purchase for Dependent C:\Documents and Settings\mgoyea\My Documents\Pers\Subic Land\$

attyLLL · 6 Re: Property Purchase for Dependent Tue Jan 18, 2011 6:53 am

attyLLL

moderator

Posts : 21671
Join date : 12/04/2010
Location : https://www.facebook.com/BPOEmployeeAdvocate/

agricultural is a general classification. unless there is a restriction on the title or in the zonal area, you can build a residence on it.

tylersean · 7 Re: Property Purchase for Dependent Wed Jan 19, 2011 3:43 pm

tylersean

Arresto Menor

Posts : 6
Join date : 09/01/2011

Thanks

You have been very helpful.
Do you do private work such as setting up the Trust for my son?

attyLLL · 8 Re: Property Purchase for Dependent Thu Jan 20, 2011 9:01 pm

attyLLL

moderator

Posts : 21671
Join date : 12/04/2010
Location : https://www.facebook.com/BPOEmployeeAdvocate/

yes, i am a private lawyer. you can send me an email at attylllaw@gmail.com

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Property Purchase for Dependent

1 Property Purchase for Dependent Sun Jan 09, 2011 7:51 pm

tylersean

2 Re: Property Purchase for Dependent Tue Jan 11, 2011 11:50 pm

attyLLL

3 Re: Property Purchase for Dependent Wed Jan 12, 2011 12:24 pm

tylersean

4 Re: Property Purchase for Dependent Sat Jan 15, 2011 11:13 am

attyLLL

5 Re: Property Purchase for Dependent Mon Jan 17, 2011 1:48 pm

tylersean

6 Re: Property Purchase for Dependent Tue Jan 18, 2011 6:53 am

attyLLL

7 Re: Property Purchase for Dependent Wed Jan 19, 2011 3:43 pm

tylersean

8 Re: Property Purchase for Dependent Thu Jan 20, 2011 9:01 pm

attyLLL

9 Re: Property Purchase for Dependent

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