Property (TCT) as collateral of customers

**boybi** · September 6th, 2012 05:31 PM

How do you do this? Meron ba dapat notarized agreement? Dapat pa bang idaan sa registry of deeds just like what banks do?

**niwde11** · September 6th, 2012 06:20 PM

afaik me kasamang deed of sale yan na nakapirma na sila.

**vinj** · September 6th, 2012 06:30 PM

It should be annotated on the title. I'm just familiar with the bank docs where you sign and notarize a Real Estate Mortgage Agreement and some accompanying attachments bearing the technical description of the property mortgaged. Chances are the documents you have to sign will be something like that and idadaan niyo yan sa Registry of Deeds. May fees din yan and part of it is based on the amount of the mortgaged.

**yebo** · September 6th, 2012 06:48 PM

tama si vinj, pinapa-anotate ang title sa registry of deeds. you will present a notarized loan agreement sa registry of deeds and they will then put a note at the back of the title (owner's duplicate and original) that the property is mortgaged by the owners to you. may bayad depende sa amount ng loan. parang chattel mortgage.

**ab_initio** · September 6th, 2012 07:32 PM

Yes or no. But for the mortgagee's protection, yes, have the mortgage annotated on the TCT by submitting the same to the Registry of Deeds. Registration of the mortgage makes your mortgage superior than the succeeding ones. So in case of default on the part debtor-mortgagor and if the said debtor-mortgagor mortgages the same real property to another person, the debtor's obligation is satisfied according to the sequence of annotation. So as creditor, there is a need to read the annotations and that would help you how much money are you gonna part based on the security.

**boybi** · September 6th, 2012 08:35 PM

Parang bank din pala. Mahirap yata i-explain yan sa customer, especially kung hindi nakapag-college.

What if signed deed of sale lang? Pwede na kaya ito?

Kapag vehicles naman ang i-collateral, same procedure din ba?

**ab_initio** · September 6th, 2012 08:39 PM

Originally Posted by boybi

Parang bank din pala. Mahirap yata i-explain yan sa customer, especially kung hindi nakapag-college.

What if signed deed of sale lang? Pwede na kaya ito?

Kapag vehicles naman ang i-collateral, same procedure din ba?

Ikaw ba ang creditor?

almost the same, kasi in chattel mortgage you also have to register the accessory contract, that is, the chattel mortgage. there are limitations on the mobility of the chattel. Registration is important if you want your mortgage to be respected in terms of satisfying the principal obligation post forclosure sale.

**boybi** · September 7th, 2012 12:14 AM

Yes, I'll be the creditor/supplier. Lumalaki na kasi purchases ng ilang customers and nakakatakot na. I'm thinking of requiring them to give collaterals para mataasan ko sa credit limit nila.

**ab_initio** · September 7th, 2012 01:07 AM

Originally Posted by boybi

Yes, I'll be the creditor/supplier. Lumalaki na kasi purchases ng ilang customers and nakakatakot na. I'm thinking of requiring them to give collaterals para mataasan ko sa credit limit nila.

You don't need to explain to your customers kung ano ang REM at CM (real estate mortgage and chattel mortgage). You just tell them that to enable you to give them a credit line or entrust your goods to them on a non-COD basis, you need to secure their debts to ensure performance. Just explain to them how a security works. Mortgages are accessory contracts that secure the principal obligation. In order to have a sound mortgage contract be sure to establish the existence of a principal obligation. For REM, it must be evidenced with a promissory note and incorporate it in the REM. Get the TCT and go to the Registry of Deeds and annotate. However, in most instances, a certain titled property had already been mortgaged to some mortgagees so it's always wise to check first the security before you part with your goods. This also applies to CM. Always check the title. Always. If you have adequate manpower, send someone to conduct ocular inspection. You might not like the titled property or there may be informal settlers.

Although I always prefer pacto de retro. Easier.

As to collaterals, it's a better practice. You are securing something that is hard to part with. Better than requiring them to post date checks.

**wowiesy** · September 7th, 2012 01:26 AM

Originally Posted by ab_initio

You don't need to explain to your customers kung ano ang REM at CM (real estate mortgage and chattel mortgage). You just tell them that to enable you to give them a credit line or entrust your goods to them on a non-COD basis, you need to secure their debts to ensure performance. Just explain to them how a security works. Mortgages are accessory contracts that secure the principal obligation. In order to have a sound mortgage contract be sure to establish the existence of a principal obligation. For REM, it must be evidenced with a promissory note and incorporate it in the REM. Get the TCT and go to the Registry of Deeds and annotate. However, in most instances, a certain titled property had already been mortgaged to some mortgagees so it's always wise to check first the security before you part with your goods. This also applies to CM. Always check the title. Always. If you have adequate manpower, send someone to conduct ocular inspection. You might not like the titled property or there may be informal settlers.

Although I always prefer pacto de retro. Easier.

As to collaterals, it's a better practice. You are securing something that is hard to part with. Better than requiring them to post date checks.

ano yung pacto de retro?