Dacion en Pago

by Prime Radar Team   July 16, 2015

Question: Hello PRIME! I’ve loaned in this particular bank amounting Php 7 million to start up my own laundry business and to secure my payment, I mortgaged my property, an open lot, located in Malate, Manila with 500 square meters. I was given 18 months of installment to pay my debt and as of now, I know that I will fail to meet my obligation. Here is my question before jumping to a conclusion. Can I offer half of my property as a payment to the bank?  Answer: Greetings! Yes, you can use your property as payment for your remaining debt in the bank as long as you and your creditor will settle into an agreement. In the Philippine law, there is what we call ‘Dacion en Pago’ which is defined as “a special mode of payment” where you, as the debtor, can offer other means of payment to the creditor, in your case half of your property. In simpler term, Dacion en pago is a payment in a form or property which is left or given to the lender to satisfy an obligation.

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Dacion en Pago
by Prime Radar Team  July 16, 2015
Dacion en Pago

Question: Hello PRIME! I’ve loaned in this particular bank amounting Php 7 million to start up my own laundry business and to secure my payment, I mortgaged my property, an open lot, located in Malate, Manila with 500 square meters. I was given 18 months of installment to pay my debt and as of now, I know that I will fail to meet my obligation. Here is my question before jumping to a conclusion. Can I offer half of my property as a payment to the bank?  Answer: Greetings! Yes, you can use your property as payment for your remaining...

Notice of Lis Pendens
by PRIME Radar Team  July 9, 2015
Notice of Lis Pendens

Question: Good Day PRIME PHILIPPINES! I've been eyeing this property in QC near a certain school for months since I want to start a small laundry business. My friends told me that I should talk to the owner since it has the "For Sale" banner. As I talked and ask for the documents, I saw that the property has a pending suit. Is it dangerous for me to buy it now or it does not affect the property and the buyer at all?   Answer: Good Day! The Notice of Lis Pendens or a pending suit is a notice that pertains to...

Conjugal Partnership of Gains
by PRIME TEAM Radar  June 30, 2015
Conjugal Partnership of Gains

Question: Hello PRIME Philippines! I’m getting married seven months from now and I have a question about something property related. Since I was able to save and buy my own house, with the help of my parents two years ago, I’m wondering if I’m going to share the ownership with my future wife the moment we are legally married. What will happen to our properties that we already have when we’re both single? Answer: Greetings! In the Philippines, we have what we call the Conjugal Partnership of Gains (CPG). This enables the husband and wife to join their exclusive properties when they were...

What is Condemnation?
by PRIME TEAM Radar  June 22, 2015
What is Condemnation?

Question:  Hi PRIME Philippines! I have a question and I really need a fast reply. I have a property, it is an empty lot located in QC. The other day, a representative of the government informed me that they're going to use my property in order to build a public park for a better community. Is that even possible concerning the fact that I own that lot? Answer:  Good Day! Concerning your question, yes it is possible and it is called Condemnation. This process occurs when a property or properties owned by a private individual or groups is/are seized by...

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