Now that advertising a property for sale is becoming easy with the use of social media, scammers prowl the field. So aside from knowing the qualifications of the real estate practitioners you are dealing with (see my previous blog on RESA Law RA 9646) it is important to know if the documents your are presented with are legit. The following guidelines is an excerpt from the LRA guide found here LRA’s Guide to Checking Fake Titles
GUIDELINES ON HOW TO DETECT FAKE TITLES
1. Check if the initials, signatures, technical description, annotation and other component elements appearing on the front and at the back of the original are exactly the same as that appearing on the owner’s duplicate copy of the title. Any variance is a ground for suspicion;
2. The owner’s duplicate copy of the title contains the words “Owner’s Duplicate Certificate” on the left side margin of the judicial form. On the lower left corner of the form is affixed a red seal. The seal should not blot or stain when wet.
3. The last two digits of the title number should correspond with the page number of the registration book indicated on the upper right corner of the title. Any variance should be investigated.
4. Check if the Register of Deeds who signed the title is the incumbent register of deeds at the time the title was issued.
5. Check whether the title is duly certified true and correct by the Chief, Surveys Division or any authorized official.
6. Ascertain if there are any blanks not filled up or are indicated with the initials “N.A.” meaning “Not Available” on the historical data of the title.
7. Check the entry of a related transaction in the Primary Entry Book to be certain that the title was issued on the basis of a duly registered document.
8. Check the Releasing Book if there was a title of such number that was released by the registry on that certain date.
9. If necessary, trace the history of the title to determine the genuineness of its source. This may entail going back to the mother title, the derivative titles and relevant documents.
10. A reconstituted transfer certificate of title is identified by the letters “RT” preceding the title number, while the reconstituted original certificate of title carries the letter “RO” before the title number.
Simple title verification such as these, due diligence and the importance of dealing with license real estate practitioners can save you the mess of fixing any failed real estate transaction deal.
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A Real Estate Broker (REB Lic No: 0022744). Let me know what you think. Post your inquiries here or call me at 0926-645-4259
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