Section 4, Rule 74 of the Rules of Court
Posted on May 16, 2013 in Blog, Blogsys, Newsletters, Real Estate Laws
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.
Seller will be responsible for the cancellation of Sec. 4, Rule 74 of the Rules of Court annotation at the back of the Title.
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.
SUMMARY SETTLEMENT OF ESTATES Sec. 4. Liability of distributees and estate. - If it shall appear at any time within two (2) years after the settlement and distribution of an estate in accordance with the provisions of either of the first two sections of this rule, that an heir or other person has been unduly deprived of his lawful participation in the estate, such heir or such other person may compel the settlement of the estate in the courts in the manner hereinafter provided for the purpose of satisfying such lawful participation. And if within the same time of two (2) years, it shall appear that there are debts outstanding against the estate which have not been paid, or that an heir or other person has been unduly deprived of his lawful participation payable in money, the court having jurisdiction of the estate may, by order for that purpose, after hearing, settle the amount of such debts or lawful participation and order how much and in what manner each distributee shall contribute in the payment thereof, and may issue execution, if circumstances require, against the bond provided in the preceding section or against the real estate belonging to the deceased, or both. Such bond and such real estate shall remain charged with a liability to creditors, heirs, or other persons for the full period of two (2) years after such distribution, notwithstanding any transfers of real estate that may have been made.