Despite all of the regulations put in place to fight scammers and con men into the Philippine real estate business, there are still plenty of instances being reported where naive victims fall for fake land titles. For example, just lately (March 22, 2015), Inquirer reported for a land scam syndicate which currently features a amount of victims who lost their cash by purchasing properties with fake games.
To avoid getting yourself into a similar problem, your first type of protection is really a quick and fast check associated with land title that is presented to you. There are very specific characteristics of authentic Philippine land titles. Then you know right away that youвЂ™re dealing with scammers if one or more of these are missing on the title that is presented to you.
Ms. Ruby Valdez, one of the land registration examiners through the Land Registration Authority of the Philippines, shares you can check for in 30 seconds or less with us these items which.
The papers employed for authentic land games into the Philippines are supplied by the Banko Sentral ng Pilipinas. These documents are physically unique from all other types of documents that you could buy from stores . Here are the things you ought to search for
- The texture is similar to compared to a bank check
- It has a faint watermark that says вЂњLRAвЂњ
If it is a title that is oldprior to the newer e-Titles getting used today), the colour for the paper is light yellow.
The color should be pale straw if itвЂ™s an e-Title.
If you could use a UV light, these fibers should fluoresce or shine somewhat when subjected to light that is UV.
Here are the things you should l k for in the articles of the title you might be checking
- It should indicate вЂњJudicial Form No. 108-DвЂќ at the top if itвЂ™s an Original Certificate of Title (OCT.
- If it is a Transfer certification of Title (TCT), it will indicate вЂњJudicial Form No. 109-DвЂњ
- The number that is serial ( SN No. ) should be in red color, while the digits should really be in black for the ownerвЂ™s duplicate.
- The very last two digits regarding the web page quantity in the top hand that is right should correspond to the very last two digits of this TCT number.
- The red/blue border should be slightly embossed rather than flatly printed.
- For e-Titles, all entries must be computer encoded and printed, unlike the old variations which were manually type-written
- The seal regarding the reduced hand that is left should be crimson and will not blot whenever a litle water check is done.
for Judicial OCT, it should have 2 signatures present вЂ“ the Administrator and also the Registrar; while for TCT, just the signature of this Registrar exists.
Regarding deals involving almost any property, the funds included is normally considerable, if you don’t a amount that is serious. So youвЂ™ll have to be careful, specially when youвЂ™re dealing with strangers. Remember the above things and search for them in a land name that is presented to you. If the name doesn’t pass this easy test, then chances are you have saved yourself a lot of difficulty, money and time; You donвЂ™t have to do further verification anymore as you already know itвЂ™s fake.
Nevertheless, please also observe that even though the title passes this very first and immediate test, you still canвЂ™t be 100% certain with the LRA, the Registry of Deeds and the concerned local offices of the Municipality where the property is located that it is authentic, until you verify it. For further reading on this, we suggest additionally l king into these posts that are subsequent
Remain secure and safe from fake title scams everyone else.
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Why the Judicial Form No. on my Title is 140-D? Does it be meant by it’s fake?