Sale With Pacto de Retro Transfer of Ownership
Category: Sales
Sale With Pacto de Retro Transfer of Ownership
A sale with pacto de retro transfers the legal title to the vendee a retro. The essence of a pacto de retro sale is that the title and ownership of the property sold are immediately vested in the vendee a retro, subject to the resolutory condition of repurchase by a vendor a retro to repurchase the property within the period agreed upon by them, or, in the absence thereof, as provided by law, vests upon the vendee a retro absolute title and ownership over the property sold by operation of law. The failure of the vendee a retro to consolidate his title under Article 1607 of the New Civil Code does not impair such title and ownership because the method prescribed thereunder is merely for the purpose of registering and consolidating titles to the property. (Cadungog v. Yap, G.R. No. 161223, September 12, 2005).
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Sale With Pacto de Retro Transfer of Ownership
Category: Sales
Sale With Pacto de Retro Transfer of Ownership
A sale with pacto de retro transfers the legal title to the vendee a retro. The essence of a pacto de retro sale is that the title and ownership of the property sold are immediately vested in the vendee a retro, subject to the resolutory condition of repurchase by a vendor a retro to repurchase the property within the period agreed upon by them, or, in the absence thereof, as provided by law, vests upon the vendee a retro absolute title and ownership over the property sold by operation of law. The failure of the vendee a retro to consolidate his title under Article 1607 of the New Civil Code does not impair such title and ownership because the method prescribed thereunder is merely for the purpose of registering and consolidating titles to the property. (Cadungog v. Yap, G.R. No. 161223, September 12, 2005).
Related Philippine Law Resources:
Newer Philippine Law Resources:
Additional Law Reading:
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