Section 4, Rule 74 of the Rules of Court
here’s a recent case on a certain property being sold wherein an annotation at the back of the title was required to be taken out by the BUYER, below is the caption from an offer to buy on the property ….. this annotation applies to cases wherein a property went through an extra judicial settlement. It’s a fact that more than 50% of current issued titles with this annotation haven’t been brought to the Register of Deeds to be taken out.
If the property is being sold through a Bank Loan, removal of this annotation is a MUST |!
Seller will be responsible for the cancellation of Sec. 4, Rule 74 of the Rules of Court annotation at the back of the Title. However, there are cases wherein the Buyer takes care of submitting the Petition to Cancel.
this is how the annotation looks like at the back of the title :
PE 6000 / RT 70000 7/10/1993
- Pursuant to Sec 7 of the Rep Act 26, This Certificate of Title the original of which having been administratively reconstituted is without prejudice to any party whose right of interest in the property was duly noted on said duplicate at the time it was lost or destroyed.
To cancel this annotation would require a petition to be submitted to the Register of Deeds and will take some proceedings, time and legal fees to be taken off the title.
As always, it’s always adviseable to consult a real estate lawyer or go to the register of deeds to ask about their procedure.
There is a difference in processing and time to release New Title if the Original Title was burnt, lost by the Register of Deeds or lost by the Owner.
This cancellation of this annotation could take anywhere from three weeks to six months wherein the petition has to be filed in court.
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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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