PH Real Estate - A Potential Homeowner Has Signed the Documents Improperly, What Happens Next is Unimaginable

Whenever you buy any real estate property, you have to ascertain that you have signed the documents correctly, or you will regret it. It goes to say that this doesn’t happen as a norm. These are rare instances when the person may be illiterate, or the person was just too in a hurry to read what she/he was signing.

Here’s the story:
This potential homeowner, a woman, was in a rush to buy a property because the agent mentioned that there were 3 other buyers waiting in line. One buyer was waiting for the agent’s call; the second was ready with his money; and the 3rd buyer wanted to see the property before purchasing.

“The 2nd buyer is ready to pay the down payment tomorrow, if we can’t close this deal this afternoon,” the agent informed the woman.

The woman rushed to her bank, withdrew the appropriate amount of money, and rushed back to close the transaction. She was late for work, where an important client was waiting for her. In her haste, she didn’t double check what she wrote – she signed her married name, being used to it. However, she was in the final stages of her divorce from her unfaithful husband. The unnerving events in her life contributed to her preoccupation during the signing of the certificate of ownership. And you know what happened next?

Here are the interesting things that happened next.

• When the woman realized her mistake, she called up the broker, but the document has been already notarized and filed with the Register of Deeds.
• The woman tried to revise the document submitted to the Register of Deeds, but the personnel advised her to consult a lawyer. Revisions are only legitimate when accomplished by lawyers.
• The following day, the woman met her soon to be ex-husband to talk about the division of properties.
• To her surprise, the house she recently bought was included in the list. She protested and reasoned out that the property should not be in the list because she had bought it after the filing the divorce.
• Her husband’s lawyer explained that the divorce was not yet enforced because the process was still on-going. The irrevocable evidence was her signature that was stamped on the document, using her married name.
• The woman’s lawyer argued, in the hope of reversing the process, but since the documents were signed without coercion, they were considered legal and binding.
• The woman appealed to the broker to disregard the contract, but the broker declined, because he would be subject to legal action by the husband.
• To cut the story short, an unimaginable thing happened; the woman lost half of the value of her house to her unfaithful husband.

It’s a pity that one line of an incorrect signature can result to these dire effects.
Who’s to blame? If you evaluate the events carefully, the blame points back to the carelessness of the wife. If she hadn’t signed incorrectly, nothing of the above-mentioned mishaps should have happened.

Therefore in your future transactions, bear in mind the following:

• Sign the contract only when you have ample time to mull it over and peruse its contents judiciously.

Don’t rush through the process. Haste makes waste. If another buyer is interested, let him be. Have faith. If the property is meant for you, it will be yours eventually.

• Hire your own lawyer.

You may be smart, but you still need the advice of a trusted real estate lawyer. He knows the legalities related to the purchase of properties. He can also look into the conditions and legitimacy of the clauses in the contract.

• Let the agent explain anything you don’t understand.

Aside from consulting your lawyer, you can also ask the agent directly to clarify items you don’t understand.  If there are terms that are ambiguous to you, ask the meaning, and get a consensus from the agent and your lawyer.

• Fill out the form properly.

Carefully read the contract/certification and fill in the blanks with the correct and appropriate items. Check your answers twice or thrice before allowing your lawyer to go over them. Confirm if you have written your complete name correctly, and that your status and addresses are correct. Let the agent double check the form too.

• Witness the notarization of the document.

This must be done right after signing the contract. A document is not considered legal until it has been notarized by an authorized entity. After the notarization, remember to get your copy of the contract or agreement. You can Xerox the original copy, so you can use the Xerox copy in your other transactions. Never submit the original copy to anyone.

• Check your receipts and other pertinent papers.

Check that you have the receipts for your payments. What about the certificate of ownership or the land title? You should have these documents in your hands, if you have bought the property in cash.

If not, then you should have in your hands the other appropriate papers. Don’t leave without any document that could prove your claim or ownership of the property.

• Register any document that needs to be registered.

Land and house titles have to be listed in the register of deeds. Thus, you need to do this as soon as possible. Ask your lawyer what other documents require registration. Refrain from procrastinating the task because there will be corresponding fines or each day of delay.

• Go over the tasks that have to be accomplished with your lawyer.

As a final precaution, you can check again with your lawyer, if all the necessary procedures were accomplished correctly. Keep in mind that, they may have been done, but they may have been incorrectly completed. Thus, there’s no harm in triple checking again. These reminders will help you in transacting your real estate business accurately. One mistake can cause an avalanche of problems later on.

When signing contracts, be calm. Don’t panic and keep your wits around you, even in nerve-wracking situations. And lastly, sign contract with your full attention.

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