When one is thinking of investing in something for future use, whether as a place or location for their own business or somewhere to have a lease on in the future, property or real estate are some of the things that come into mind. However, not everyone who has existing property gets to use it to its full potential, especially those who have long left the country and are now residing in a different country.
What happens then to the property that they have left in the Philippines?
While the owners of the real property can still invest in the property, management often than not becomes tedious. Thus, the next best option for these property owners is to sell the land or real estate that they own.
In the process of selling and buying the property that one owns, how then can one ascertain that the property that is being sold to the buyer is certainly in the name of the seller? How does one make sure that the sale is legitimate? One of the most important items that one must take a look at is the validity of the land title that the seller has with him.
Question, what if the seller does not have in his keeping the Original Certificate of Title or Certified True Copy of the land title in his possession? How else can one ascertain that the land title being sold is truly in his ownership or possession? One of the remedies that can be done is to obtain a Certified Photocopy or a Title Traceback at the Land Registration Authority or Register of Deeds.
Who can avail of the Title Traceback?
Those who own real property can avail of the Title Traceback. Some of the requirements that one may need to present to the designated government office are (i) what is known as the “amilyar” or the real property tax receipt, (ii) the tax declaration, (iii) the transfer certificate of title, and (iv) if a representative shall be the one to process the Title Traceback, the authorized representative must have with him an authorization letter or Special Power of Attorney to prove that the representative does indeed have the capacity to act on the behalf of the real property owner.
Once you have these documents with you, you may proceed to the Land Registration Authority or Registry of Deeds nearest to the location of the property. Then, a request form shall be filled out, indicating the necessary details indicated in the form. After which, the corresponding fees shall be paid at the cashier. A claim stub and the receipt from the transaction shall then be issued. The estimated time for release of the documents are between 3-5 working days. A date shall be indicated in the claim stub on when you can receive your documents.
You may then go to the releasing clerk on the date indicated in the stub for the documents.
Traceback is also useful in case there is doubt as to the ownership of the title. The traceback allows the person to see the previous titles and its owners and how one title was canceled in favor of another. For those that are meticulous in their property purchase, traceback can be a part of the due diligence process prior to closing.
Need further information and assistance?Talk to our team at FILEDOCSPHIL to know more about the requirements and process. Call us today at (+632) 8478 5826 or send an email to info@filedocsphil.com for more information.
