Problem Issues 2

here’s another important issue we recently experienced and it was so unexpected.  it’s a case of a couple who got a small loan for their property through a rural bank.  so the normal procedure that the banks require was met.  when all documents have been submitted by the mortgagee, the bank normally approves the loan.

now what happens when the loan is approved ?  the bank then goes to the registry of deeds where the property is located to transfer the title into the new owner so the loan can also be annotated at the back of the title.  by the way, the bank normally holds the original copy of the title as part of the collateral and security of the loan given to the mortgagee.

now the problem we encountered was that the name of the wife was not the same as the name on the title, an affidavit was needed to remedy this matter ( this is now an issue with the National Statistics Office as since they’ve computerized all records are being updated so one may even be required to go to the National Bureau of Investigation as you will realize that there is a person that has the same name as you do ).

anyway, since the loan had to be annotated, the bank then submitted the necessary documents in order for the loan to be annotated in the title, however, they overlooked giving a copy of the affidavit to the register of deeds stating the the wife’s two names are one.  so the information technology department who UPLOADS this vital information then considered this as a loss of affidavit and we had a problem getting a certified true copy of the title which was needed in order to finalize the sale.

we were able to remedy the situation by having the bank send us a copy of the affidavit which we then submitted to the register of deeds who efficiently UPLOADED the information needed thus allowing us to get a certified true copy of the title.

lesson learned as soon an annotation is done on an title, get a certified true copy so any irregularity may then be acted upon immediately.

by the way, i will reply  to an earlier blog regarding Problem Issue 1 as i already got a general consensus from my lawyer friends.

hope this helps with your future dealings …

have a great day !

Robert G. Sarmiento Properties
Professional Affiliation :
Real Estate Broker’s Association of the Philippines
President, Greenhills Chapter 2008-2009
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