Title Due Diligence Report
Prepared for: Juan de la Cruz
Date: October 5, 2024
1. Introduction
This Title Search Report provides a summary of the current ownership and the status of the title for the property located at 456 Elm Street, Alabang, Muntinlupa. This report is intended to offer a quick overview of the essential legal aspects of the property title, particularly focusing on corporate ownership.
2. Property Details
| Address | 456 Elm Street, Alabang, Muntinlupa |
|---|---|
| Property Zoning | Commercial |
| Lot size on title | 350 sqm |
| Size of easement | 50 sqm |
3. Current Ownership
| Current Owner | XYZ Holdings Inc. |
|---|
4. Title Status
| Encumbrances | 1. Mortgage with ABC Bank (PHP 2,000,000) 2. Right of Way easement benefiting neighboring property |
|---|---|
| Unpaid Property Taxes | PHP 8,500 |
| Unpaid Corporate BIR Taxes | PHP 2,520,000 |
6. Documents Attached (Note: Actual report will have link to softcopies)
- Certified True Copy of Title
- Certified True Copy of Tax Declaration of Lot
- Certified True Copy of Tax Declaration of Building
- Easement Agreement
- Survey Plan
- Latest GIS of Corporation
- BIR Assessment of Unpaid Taxes
- Secretary's Certificate / Board Resolution authorizing sale of property and authorized signatory
8. Lot Plan
9. Tax Map
10. Recommendations
- Settle the unpaid property taxes / if purchasing, deduct from final selling price.
- Verify TIN of all parties to the transaction
- BIR Taxes of all parties must be fully paid prior to closing the sale to prevent delays in BIR processing
- If purchasing the property, you can choose to assume the mortgage or ask for seller to settle unpaid taxes and provide Release of Mortgage.