What exactly is Open Deed of Sale?

[av8or5]

Mga experts,

what exactly is open deed of sale? I'm a little confused. Can you have a deed of sale notorized if open sya?

From my understanding, open deed of sale is a contract between buyer and seller. If there is no name of the seller on the deed of sale, that is open deed of sale..(from my understanding).

now the question here is, can the notary public notarize this document when there is no signature of the buyer?

how much do you think it will cost to notarize a "deed of sale"?

should you have two deed of sale, one the original price, the other is under valued price?

thanks in advance.

[jazcker]

From my understanding, open deed of sale is a contract between buyer and seller. If there is no name of the seller on the deed of sale, that is open deed of sale..(from my understanding).

yun buyer po ang blank...just like in my case, i bought a lancer. the seller that i bought the lancer from is already the 2nd owner. but when he bought the car from the 1st owner what they had is an open deed of sale. when i bought the car from him he just handed me the open deed of sale. kung titingnan parang ako ang 2nd owner ng car kasi di na dumaan sa pangalan nya.

the cost of making it notarized will depend kung saan/kanino ka magpapa-notarize. may mga pinagtanungan ako, highest e 1700, lowest e 250. syempre alam mo na kung kanino ako nagpa-notarize.

[av8or5]

yun buyer po ang blank...just like in my case, i bought a lancer. the seller that i bought the lancer from is already the 2nd owner. but when he bought the car from the 1st owner what they had is an open deed of sale. when i bought the car from him he just handed me the open deed of sale. kung titingnan parang ako ang 2nd owner ng car kasi di na dumaan sa pangalan nya.

the cost of making it notarized will depend kung saan/kanino ka magpapa-notarize. may mga pinagtanungan ako, highest e 1700, lowest e 250. syempre alam mo na kung kanino ako nagpa-notarize.

thanks for the reply. so pwede pala mag pa notarized ng deed of sale even if blank ang name ng buyer. so the price of notary depends on other factors..kasi i heard yung iba notary its like a % of the cost of the vehicle (like 10%), ang mahal naman if thats the case. last time i sold my car, it was thru a friend, sya na rin nag pa notarize.

any other tsikoteers have insights

[swordsman]

thanks for the reply. so pwede pala mag pa notarized ng deed of sale even if blank ang name ng buyer. so the price of notary depends on other factors..kasi i heard yung iba notary its like a % of the cost of the vehicle (like 10%), ang mahal naman if thats the case. last time i sold my car, it was thru a friend, sya na rin nag pa notarize.

any other tsikoteers have insights

1% po yata sir...though meron sa tabi tabi na mura rin.

[the_wildthing]

Kung buy and sell ang bumibili ng sasakyan mo, normal practice lang sa kanila yan. Pero kung ang bibili ang syang gagamit, dapat nakapangalan na agad.

If buy and sell, make sure you're dealing with an established buy and sell businessman.

[GaLynxmo]

Kung buy and sell ang bumibili ng sasakyan mo, normal practice lang sa kanila yan. Pero kung ang bibili ang syang gagamit, dapat nakapangalan na agad.

I just cant belive this is happening. But an "open deed of sale" is nothing more than a piece of worthless paper because it is not intended to be registered as it does not bestow ownership right over the vehicle subject of sale. Worthless, because it cannot be considered a "Deed" or a public instrument because a party do not wish to confirm the sale, due to the absence of his name, signature, or personal circumstances, and thus cannot be notarized. Thus it poses some risks to the buyer who part with his money but do not get reliable title to the vehicle, though he may acquire possession of the car. But such possession may be considered illegal because, technically, he possesses somebody's property. And if the registration expires after a year and he get caught by a zealous LTO/TMG officer, the car maybe impounded and the driver be charged with carnapping, by using an unregistered vehicle. You can't present a worthless "open deed of sale" to those officer, can you? And if accident befalls the vehicle, the real owner becomes liable, not the possessor.

Imagine, to avoid paying the transfer taxes and have the vehicle transferred immediately in his name, the buyer takes the risk of parting with his hard earned money, and the risk of uncertain future for the use of the vehicle while remaining unregistered in his possession? Word of advise, never enter into such a deal! Really, NO to such a DEAL.

[Altis6453]

Mga experts,

what exactly is open deed of sale? I'm a little confused. Can you have a deed of sale notorized if open sya?

From my understanding, open deed of sale is a contract between buyer and seller. If there is no name of the seller on the deed of sale, that is open deed of sale..(from my understanding).

now the question here is, can the notary public notarize this document when there is no signature of the buyer?

how much do you think it will cost to notarize a "deed of sale"?

should you have two deed of sale, one the original price, the other is under valued price?

thanks in advance.

From what I know, dalawang klase 'yan.

One is an undated deed of sale but already signed by the parties. The other is what was discussed here which is a deed of sale but with the buyer not being indicated in the document.

The notary public will generally not sign the deed of sale which does not indicate the contracting party, unless the acknowledgement page specifically indicates that only one of the parties personally appeared before the notary. The effect is, the buyer will also have to notarize the document separately.

[BoEinG_747]

From what I know, dalawang klase 'yan.

One is an undated deed of sale but already signed by the parties. The other is what was discussed here which is a deed of sale but with the buyer not being indicated in the document.

The notary public will generally not sign the deed of sale which does not indicate the contracting party, unless the acknowledgement page specifically indicates that only one of the parties personally appeared before the notary. The effect is, the buyer will also have to notarize the document separately.

tama din si altis ..dumaan din kami sa ganitong proseso

[chain]

agree with above posts. blank ang name ng buyer along with his personal details. what usually happens is blank din ang price. puro fill-in the blanks na lang ang nangyayari.

we had a bad experience with this before. one time, sa amin naghabol ang isang victim ng traffic accident. as it turns out, our vehicle, which was already sold sa buy and sell, was part of an accident. nakabangga ng bata and patay daw.

good thing our lawyer was able to take care of this and spared us from any liability whatsoever. but lesson learned na din.

so, if you're planning to have one, just make sure na magsara kayo ng isa. (we have 4 copies between the 2 parties just in case.) o kaya, mag-side-agreement kayo.

[wrcastro_ph]

agree with above posts. blank ang name ng buyer along with his personal details. what usually happens is blank din ang price. puro fill-in the blanks na lang ang nangyayari.

we had a bad experience with this before. one time, sa amin naghabol ang isang victim ng traffic accident. as it turns out, our vehicle, which was already sold sa buy and sell, was part of an accident. nakabangga ng bata and patay daw.

good thing our lawyer was able to take care of this and spared us from any liability whatsoever. but lesson learned na din.

so, if you're planning to have one, just make sure na magsara kayo ng isa. (we have 4 copies between the 2 parties just in case.) o kaya, mag-side-agreement kayo.

I agree with this. I personally would not like to sell my car in open deed of sale.

[speedtrap]

Hi! I've just purchased a used car. First time car owner and driver me, still learning

Very informal yung deal (from a relative's friend kasi).
Binigay ko lang yung bayad ko, then binigay nya yung OR and CR.

The seller is the 2nd owner, the car is already registered to his name. (yun kasi yung nasa OR and CR, tama po ba?)

Usapan namin, to follow na lang ang deed of sale.

Question po:
1. ok lang ba na i-drive ko yung car ng wala munang deed of sale? as long as nasa akin yung OR and CR and registered ang car?
hindi po ba problem yun sa mga checkpoints?

2. kung magpapa-deed of sale na, yung closed or notarized deed of sale, fill-up ko lang yung deed of sale template with all the
details then punta lang sa notary public, pag na notarized na, ok na po ba yun? (how much po normally ang fee sa notaryo
let say nabili yung car ng P290,000)

3, ok lang po ba kung hindi ko muna ipa-transfer sa name ko yung car? (pagkaka-alam ko may bayad pa kasi un)

4. kapag due for registration na, ma-re-register naman po ba yun pero sa name pa rin ng seller?

5. I plan to sell the car after a year, recommended po ba na open deed of sale na lang? (no need po ba ipa-notarize?)


Thanks!

[1D4LV]

Mga experts,

what exactly is open deed of sale? I'm a little confused. Can you have a deed of sale notorized if open sya?

From my understanding, open deed of sale is a contract between buyer and seller. If there is no name of the seller on the deed of sale, that is open deed of sale..(from my understanding).

now the question here is, can the notary public notarize this document when there is no signature of the buyer?

how much do you think it will cost to notarize a "deed of sale"?

should you have two deed of sale, one the original price, the other is under valued price?

thanks in advance.

an open deed of sale has the signature of the seller, but has no signature of the buyer. this is commonly used for selling vehicles via dealership so that the dealer can have the vehicle sold without looking pa for the seller in case of a sale.

but for notarizations, the process entails that the contract is closed, meaning the contract or the deed of sale should be signed by both seller and buyer na. by then, it is a closed deed of sale na.

[av8or5]

an open deed of sale has the signature of the seller, but has no signature of the buyer. this is commonly used for selling vehicles via dealership so that the dealer can have the vehicle sold without looking pa for the seller in case of a sale.

but for notarizations, the process entails that the contract is closed, meaning the contract or the deed of sale should be signed by both seller and buyer na. by then, it is a closed deed of sale na.

okay..but would the seller be protected in the future? because its comes out as one party agrees. i dont want to be liable for anything that will happen in connection with the car once i sell my auto.

[CVT]

okay..but would the seller be protected in the future? because its comes out as one party agrees. i dont want to be liable for anything that will happen in connection with the car once i sell my auto.

That is precisely the reason why I do not want an open deed of sale, especially if I am the seller..... Baka kung saan gamitin ang sasakyan,- under my name pa rin kasi iyon...

Suggest you have a side agreement with the dealer/buyer...., better if notarized.

4202:banned:

[1D4LV]

That is precisely the reason why I do not want an open deed of sale, especially if I am the seller..... Baka kung saan gamitin ang sasakyan,- under my name pa rin kasi iyon...

Suggest you have a side agreement with the dealer/buyer...., better if notarized.

4202:banned:

+1. that is the risk that you are going to take. normally, open DOS are used if the seller goes abroad or something. pero kung may time ka naman to take care of it, i would suggest not going through this.

[ptk675]

ang alam ko dito, yung pangalan ng seller yung nasa deed, pero blank yung buyer. yung mga nagaahente ata ng kotse ang gumagamit nito eh, para di na nila kailangan i transfer sa name nila yung kotse habang nagaantay naman sila ng buyer.

pede rin ata kung ibebenta mo yung kotse pero wala ka sa pnas kung mangyari yung sale.

[red_one]

Twice na kami nag-panotarize ng DOS ng sasakyan without the seller. One in 2012 and one in 2016. Of course may pirma ng seller ang DOS at may xerox ng valid ID nya. These are not Open DOS. Both DOS were accepted by LTO for transfer of ownership.

Sent from my D5833 using Tapatalk

[kh4ii]

Twice na kami nag-panotarize ng DOS ng sasakyan without the seller. One in 2012 and one in 2016. Of course may pirma ng seller ang DOS at may xerox ng valid ID nya. These are not Open DOS. Both DOS were accepted by LTO for transfer of ownership.

Sent from my D5833 using Tapatalk

nabili din kasi to nung 2nd owner 2015 lang din and the registration of the car ay noong 2015 lang din bali ilang months lang yung kotse sa kanila, di na sila nagabala pa to transfer the car under their name.

[Joyskie]

Twice na kami nag-panotarize ng DOS ng sasakyan without the seller. One in 2012 and one in 2016. Of course may pirma ng seller ang DOS at may xerox ng valid ID nya. These are not Open DOS. Both DOS were accepted by LTO for transfer of ownership.

Sent from my D5833 using Tapatalk

pasensya na po kung nagrereply ako dito kahit old post na. New member lang po kasi ng tsikot. Bakit ako bumili ako ng used car na open dos na meron lang pirma ng 1st owner. ang ginawa ko is finill up-an ko sya kasi gusto ko sana itransfer yung ownership sakin for peace of mind. Ang problema, nakadalawang notary public na yung pinuntahan ko pero di daw pwede inotarize kasi kailangan ng appearance ng both parties. Hindi ko kilala yung 1st owner. Kailangan ko tuloy sya hanapin. Sobrang hassle kasi tiga Bulacan ako and tiga Rizal naman yung first owner.

[red_one]

pasensya na po kung nagrereply ako dito kahit old post na. New member lang po kasi ng tsikot. Bakit ako bumili ako ng used car na open dos na meron lang pirma ng 1st owner. ang ginawa ko is finill up-an ko sya kasi gusto ko sana itransfer yung ownership sakin for peace of mind. Ang problema, nakadalawang notary public na yung pinuntahan ko pero di daw pwede inotarize kasi kailangan ng appearance ng both parties. Hindi ko kilala yung 1st owner. Kailangan ko tuloy sya hanapin. Sobrang hassle kasi tiga Bulacan ako and tiga Rizal naman yung first owner.

The ideal is both parties are present. Pero meron notary office na okay lang kahit buyer lang or seller lang ang present. Actually dun sa notary office na pinuntahan ko, yung staff lang ang pumirma, stamp at record. Absent si attorney.

Sent from my ASUS_Z010D using Tapatalk