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  1. Join Date
    Oct 2002
    Posts
    20,069
    #1
    If I'm renting a property and the property got sequestered (tama ba itong term na ginamit ko? ) by the bank, will the bank still honor my unexpired contract?

  2. Join Date
    Feb 2005
    Posts
    3,299
    #2
    AFAIK, they will. I've a friend who was in the same situation some years back. As the new owners of the building, they honored the contract. However, I think the bank could have the right to review your contract with the previous owner. If they sniff out any reason to terminate or buy-out your contract, I think they will.

  3. Join Date
    May 2004
    Posts
    3,221
    #3
    or you can buy the property boybi.

  4. Join Date
    Oct 2002
    Posts
    20,069
    #4
    Walang pambili kaya nga magrerent e

  5. Join Date
    Dec 2003
    Posts
    11,317
    #5
    sows rent rent pa....kung walang extra cash, iloan na yan

  6. Join Date
    Oct 2002
    Posts
    3,872
    #6
    You have to consider 2 scenarios. Was the lease constituted over the property before the foreclosure or after?

    If the lease was constituted before the foreclosure, the banks would usually honor it and just allow the lease to expire. If the lease was constituted after the foreclosure proceedings and the parties to the lease know about such proceedings, I believe the bank can terminate the lease.

  7. Join Date
    May 2004
    Posts
    3,221
    #7
    Quote Originally Posted by BlueBimmer View Post
    sows rent rent pa....kung walang extra cash, iloan na yan
    boybi; sabi ko sayo di lang ako ang nakaisip eh.

  8. Join Date
    Feb 2005
    Posts
    916
    #8
    this happened to me personally, tha bank honored our lease contract and waited for it to expire and afterwhich they (bank, as the new owner) did not renew our contract so, we've no choice but to find another place, hth...

    and as afaik thay are obliged to honor whatever existing contract/s that goes with the property thay are buying, anyway, hindi naman sila siguro bibili ng property kung madedehado sila sa existing contract di po ba? bangko pa?!

  9. Join Date
    Feb 2005
    Posts
    3,299
    #9
    I think the bank does not have a legal obligation to honor the contract between then previous owner and the existing tenant. Moral obligation? Maybe but a lot of businesses now-a-days seldom put emphasis on moral obligations. I think with in the case of fafa Boybi, yung building eh na-elit i.e. kinuha nung banko from the previous owner na ginawang collateral yun. So, kung yun lang ang collateral, the bank has no choice but to take ownership of the building. The bank would rather be able to collect something than nothing at all.

  10. Join Date
    Nov 2002
    Posts
    3,152
    #10
    you could settle it with the bank either you buy the area or you pay the rent to them, if the contract you have signed then that it should be terminated only with agreement of both parties, then it should only be terminated by both parties which for now is the bank, so you deal with the bank.

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Contract of lease question