Wednesday, October 20, 2010

Rent & Your Rights


Republic Act No. 9653
Rent Control Act of 2009

SEC. 4. Limit on Increases in Rent

1. For a period of one (1) year from its effectivity (approved July 14,2009)
no increase shall be imposed upon the rent of any residential unit.
2. After that until Dec. 31,2013 :

Rent shall not be increased by more than seven (7%) annually
as long as the unit is occupied by the same lessee

SEC. 5. Coverage

1. National Capital Region and other highly urbanized cities - P10,000.00
2. Other areas, - P5,000.00)

without prejudice to existing contracts.


SEC. 7. Rent and Requirement of Bank Deposit

Maximum one (1) month advance rent & two (2) months deposit which shall be kept in a bank under the lessor’s account name

- all interest that shall accrue therein shall be returned to the lessee at the expiration of the lease contract , or
- be forfeited in the amount commensurate to the pecuniary damage done


SEC. 13. Penalties.

1. A fine of not less than P25,000.00 nor more than P50,000.00) or
2. Imprisonment of not less than one (1) month and one (1) day to not more than six (6)
months or
3. both

Sunday, October 17, 2010

The Family Home and Your Debts


Family Code of the Phils.

Art. 152.
The family home, constituted jointly by the husband and the wife or by an unmarried head of a family, is the dwelling house where they and their family reside, and the land on which it is situated.

Art. 153.
The family home is deemed constituted on a house and lot from the time it is occupied as a family residence.

Art. 155.
The family home shall be exempt from execution, forced sale or attachment.

Art. 157.
The actual value of the family home shall not exceed, at the time of its constitution, the amount of the three hundred thousand pesos in urban areas, and two hundred thousand pesos in rural areas, or such amounts as may hereafter be fixed by law.

In any event, if the value of the currency changes after the adoption of this Code, the value most favorable for the constitution of a family home shall be the basis of evaluation.

RULES OF COURT
RULE 39
EXECUTION, SATISFACTION AND EFFECT OF JUDGMENTS

Sec. 9. Execution of judgments for money, how enforced
b) Satisfaction by levy.
the officer shall levy upon the properties;
The sheriff shall sell only a sufficient portion of the personal
or real property of the judgment obligor.

In other words, if your property is valued at P 1Million;
Your debt is P400,000.00 only, the sheriff will pay you
back P 600,000.00 once your property is "sold".

What if it is mortgaged?
If it is mortgaged for P 800,000.00, the sheriff will
pay the creditor P 800,000.00!
Would the bank be that stupid enough?

Friday, October 1, 2010

Real Estate 101



Who can own land in the Philippines?
Acquisition and ownership of private lands in the Philippines is limited and/or reserved to Filipinos or to Corporations or partnerships where at lease 60% of the authorized capital of which is owned by Filipino citizens, except:
1.When such property is acquired prior to the 1973 Constitution;
2.Acquisition by an alien or foreigner by hereditary succession;
3.Aliens/foreigners owning not more than 40% interest in a condominium project pursuant to RA 4726;
4.Where a former natural born Filipino who became a citizen of another country but is now returning to the Philippines to reside hereat permanently. Hence, may acquire through sale, donation, or through a tax sale, foreclosure sale, or execution sale not more than 1,000 sq. m. for urban land or not more than 10,000 sq. m. for rural land to be used solely for residential purposes and subject to other limitations and requirements as provided under the law (Batas Pambansa No. 185);
5.A Filipina who marries an alien retains her Philippine citizenship (to avoid being stateless) unless by her own act or omission she is deemed to have renounced her Filipino citizenship, may acquire and own private lands in the Philippines.

What are the bundle of rights of property ownership?
The bundle of rights theory inherent to property ownership are
- the right to use (Jus-Utendi),
- the right to enjoy the fruits of (Jus-Fruendi),
- the right to dispose (Jus-Disponendi),
- the right to abuse (Jus-Abutendi),
- the right to recover (Jus-Vindicandi), and
-the right to possess (Jus-Possidendi).

The rights incident to ownership are, the right:
1.to enjoy and dispose of a property without other limitations than those established by law;
2.to file action against third parties to recover ownership;
3.to use force as may be reasonably necessary to repeal or prevent an actual or threatened unlawful invasion or usurpation of his property (Art. 429, NCC, relate to Art. 312, RPC);
4.the right to enclose or fence property - walls ditches, live or dead hedges - or by any other means without detriment of servitudes constituted thereon;
5.to demand indemnity for damages caused to property;
6.the right to compensation in the event of expropriation;
7.the right to be restored to possession in case of unlawful dispossession;
8.the right to the surface and subsurface of the land, right to construct thereon any works, plantation and excavation without detriment to servitude and subject to special laws and without right to complain of the reasonable requirements of aerial navigation;
9.the right to hidden treasure;
10the right to accession and fruits of the property;
11.the right to "quiet title" to real property or any interest therein.