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The article discusses significant Supreme Court rulings regarding the legal authority and actions of dissolved corporations, particularly in real estate transactions. It emphasizes that dissolved entities retain limited juridical personality only for liquidation procedures. Real estate professionals must ensure legal compliance and authenticity when handling transactions involving such corporations, seeking legal counsel as needed.
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The article discusses property ownership in the Philippines for Filipinos living abroad, including dual citizens and non-resident Filipinos. It outlines their rights, legal considerations, tax obligations, and the importance of proper title registration. It emphasizes the need for legal guidance to navigate the intricacies of real estate transactions.
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“We should all be obliged to appear before a board every 5 years and justify our existence… on the pain of liquidation.” – George Bernard Shaw, Irish Playwright and Political Activist (Part 2 of 4) By Realttorney® In Part 1 of this series, we discussed how corporations in the Philippines may be dissolved and how
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The article discusses the complexities surrounding the sale of real estate owned by dissolved corporations in the Philippines, emphasizing the legal distinctions between dissolution and liquidation. Many Filipino family corporations from the late 20th century have become inactive, complicating real estate transactions due to their properties remaining under their name. The Revised Corporation Code allows…
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The proposed “99-Year Lease Law” aims to attract foreign investment in the Philippines by extending lease terms for foreign investors. However, concerns arise over potential impacts, such as reduced land availability for locals, increased housing costs, and risks to agriculture and food security. Critics argue it may lead to foreign dominance over land, undermining national…
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The Right-of-Way Act (Rep. Act No. 10752), enacted in 2016, faced challenges in land acquisition for infrastructure projects in the Philippines. Senate Bill No. 2821, the ARROW Act, aims to amend this law by streamlining processes, expanding its scope to include public-private partnerships, and mandating a Right-of-Way Action Plan. This act enhances transparency, improves compensation…
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On December 16, 2024, the Philippine Senate and House passed amendments to the Investors Lease Act, proposing a 99-year lease for foreign investors, replacing the original 50-year term. This change prompts concerns about constitutional violations regarding foreign land ownership. Civil society warns that such long leases could effectively bypass land ownership restrictions. Key amendments require…
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As the new year begins, real estate practitioners in the Philippines must prioritize legal compliance, particularly the payment of the professional tax mandated by Local Government Code. This tax, applicable to all licensed professionals, must be paid annually by the end of January. Compliance ensures the right to practice nationwide without additional penalties. Professionals are…
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Real estate serves as a key risk mitigation and wealth compounding tool, particularly in the Philippines where property ownership is vital for financial stability. Securing land titles enhances legal security, property value, and access to financing, creating significant advantages for landowners. The Torrens system supports this by providing conclusive evidence of ownership, reducing fraud risks.…
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