Registration and Documentation
Registration and Documentation
Registration and Documentation
REGISTRATION OF PROPERTY
Definition:
Any entry made in the books of the Registry of Property such as:
Registration of new owners like land titles
Annotation of encumbrances
Financial encumbrances:
Physical:
Right-of-way , easement
Height limitation,
Floor area ratio
Ownership claim:
TO REGISTER MEANS
PURPOSE OF REGISTRATION
EFFECT OF REGISTRATION
Registration does not vest or confer title. It merely confirms ownership. It is merely
a species of constructive notice. However, a conveyance registered ahead may
defeat or has priority over prior unregistered conveyance (rule in double sale)
Land is often the most valuable asset of any individual or business – protect it.
The title register constitutes the evidence of title and replaces proof of ownership by
historic deeds and documents (chain of title)
If your land is registered, future dealings relating to it are quicker and more efficient
because you have eliminated the requirement for registration.
Registration is conclusive as to the ownership of the land and provides a state
backed guarantee of the title. If your land is registered under the Torrens System of
Registration, your ownership is imprescriptible, indefeasible, it binds the grantor
and the grantee as against the whole world.
Question: Who has the better right if property was sold to 2 or more buyers?
First: Registration
Buyer in good faith who first registered the sale is the priority.
Second: Possession
No registration, no possession , buyer in good faith who can show oldest title (any
written proof of ownership such as contract to sell )
It is presumed that the purchaser has examined every instrument of record affecting
the title.
Caveat Emptor – let the buyer beware
Ignorance of the Law excuses no one.
BEFORE BUYING
Conduct due diligence on property to be bought.
DUE DILIGENCE ON WHAT?
Compulsory registration –
Registration initiated by the government
Example is the judicial process of registration by cadastral law
Voluntary registration-
Registration initiated by the possessor of the land under the adverse
possession or prescription.
Example: judicial process under ordinary registration
Zonal Values
Insert a provision on the automatic adjustment of zonal values once every 3 years
and the publication or posting requirement in order for the said adjustment in zonal
valuation to be valid.
Sweetened Beverages
The Food and Drug Administration (FDA) shall all manufacturers and importers of
sweetened beverages covered by the law to put the required labeling with unique
identification of excisable sweetened beverages.
Audit Threshold
Provides for electronic sales reporting system for taxpayers engaged in the export of
goods and services and Large Taxpayers at their own expense within 5 years from
the affectivity of the Act.
Electronic Receipts