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 dissolved corporations to conduct limited activities for three years post-dissolution, including property sales through appointed liquidators.
Tag Archives: licensed real estate brokers
The 99-Year Lease Debate: Implications for Real Estate and Other Looming Risks
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 interests. Real estate stakeholders must navigate these challenges while advocating for balanced policies to protect the rights of Filipinos and promote sustainable growth.
The 99-Year Lease Law: Boon for Investments or Threat to Filipino Land Ownership?
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 registration of lease contracts, proof of investment, and conditions ensuring that social and economic contributions are made.
Reminders as 2024 Rolls In
The post emphasizes the importance of regulatory compliances for real estate service professionals, including the need for Professional Tax Receipts, BIR registration renewal, and DHSUD accreditation. Atty. Jojo, a real estate attorney and broker, urges practitioners to adhere to these requirements to maintain legal compliance and professional identity in the industry.
Strengthening Online Compliance: Can the New Internet Transactions Act End Colorum Practice?
The article discusses the impact of Republic Act No. 11967, also known as the Internet Transactions Act of 2023, on online real estate transactions in the Philippines. The law aims to protect consumers and merchants engaged in internet transactions, and it establishes regulations for electronic commerce and online advertising. The article urges licensed real estate practitioners to support the implementation of the law and addresses the importance of providing accurate information in online real estate marketing.