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It's about one of my clients. Just wanted to try to ask on an agent's or bank's side.
Siya, si Mr Juan, as the Buyer, has this ongoing transaction of buying a prized lot property from another person, let's call her po si Ms. Lorna as the Seller.
The Deed of Absolute Sale (DoAS) nagawa na eh and signed na ang lahat.
Then the bank's Letter of Guaranty (LoG) is released na perö the Ms Lorna, she suddenly seemed changed her mind! And don't want to sign the LoG; parang ayaw na nyang ituloy.
How to go about it? Without a signed LoG by Ms Lorna, the Seller, wala bang transaction na nangyari? Or she must sign 'di ba? So crediting the LoG amount can be done to her bank account straight forward.
Here are more from our client side, the Buyer, inquiries:
🛑 1. Inquire ko lang po regarding sa BDO-Letter of Guaranty.
"Ayaw pirmahan ni Seller, parang gusto pang mag-pataas ng presyo kasi feeling nya nalugi daw siya sa bentahan. Lahat po ng requirements are ready na and for submission na. LoG na lang talaga ang kulang para sa next step."
🛑 2. "Paano po yung LoG pag hindi napirmahan ni Seller? Pwede ba na mag utos kami kay BDO na i-direct deposit na lang or transfer as deposit sa bank account ni Seller yung pera from the LoG?"
🛑 3. Moreover, and I think pang lawyer na ito na question na ito, "Pwede din po ba kami magbigay ng copy ng Tax Declaration at Lot Title na na-under na in my name, (the Buyer's name), give it to her, the Seller ? Kasi humihingi siya ng copya for purposes we don't know yet what for.
Sana mapayuhan mo kami. Salamat po. I'd appreciate whatever your answers are. Thanks in advance.
Kasagutan
Meron po bang authority to sell (ATS)? Yan po kasi ang protection natin against sellers/owners who suddenly changed their mind. Pero na-sign na ang DoAS, na sana professional enough siya sundin as agreed.
Talagang nangyayari yan! Actually we call it simply as breach of contract. Na pwede natin siya idemanda since she signed already the DOAS but it was not consummated, kasi 'di pa siya nag-sign sa LoG. Maybe you can ask why? Baka kasi 'di na explain sa kanya ang process. Or maybe (she is) not familiar too much with LoG. Kasi, baka kasi akala niya 'di siya mababayaran.
You need to clarify what makes her decision is not to sign. So that we would know.
Maybe you can give the number of the bank assisting officer to her and let all her questions be answered.
Transparency is the answer. Anyway you have the same goal: sya is to sell and you are to buy.
Moreover:
1.”ayaw mag sign kasi lugi siya?” Need to show that hindi siya lugi by showing the prevailing market value and the present zonal value in the city or province.
2. The bank can answer on this. To direct deposit. Di ba dapat nga deretso sa kanyang bank account?
3. As sales persons' duty/responsibility is to make a due diligence so part of it is that we have checked the tax declaration and so with the buyer can check also the tax declaration; so copy lang naman ito not the original and we can get certified true copy at the assessors' office.
Pero ang sabi eh the lot title is in the Buyer’s name na.
Syempre, kung sakali 'di pa naman na i-transfer sa Buyer, so sa name pa ni Seller or registered owner kaya kung copya lang naman, eh walang problem ito. Pero para saan? Yan ang tanong na dapat itanong kay Seller.
Anyway, you or anyone can get a certified copy of the title at Registry of Deeds (RD) anytime basta you have the copy or just a title number and name of the registered owner, nang hindi alam ng registered owner.
I hope I enlighten you based on my personal experience (as a license broker) and practise of transferring but have not tried the processing of LoG yet.
-- from Susan Ros, Licensed Real Estate Broker, 2022
Ms Susan Ros, a licensed broker (Philippines) has a segment in this website - https://www.haybolbay.com/ask-me-anything-about-real-estates/. You can ask her for basic questions about such. For more details on her consultancy, kindly direct them to her using her website.
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