Affidavit of Memorandum for Purchase and Sale

SEC Letter Ref No. 16, issued by the Securities and Exchange (SEC), s. Incorporators of new domestic businesses may now certify the Articles of Organization (AOI) by attaching a Certificate of Validation (Certificate) to them as an alternative to notarizing or authenticating them, per Circular 2020 (he Circular) issued 29 April 2020. The Registration must be (1) signed by each incorporator and (2) in the format specified by the SEC in Annex “A” of the Advisory or as may be amended in the future in order to be considered a valid authentication. The Certificate and AOI don’t need to be notarized or consularized. However, if the incorporators so choose, they are not prohibited from confirming the AOI in front of a notary public. An AOI completed outside of the Philippines may be validated in one of two ways: (a) by being apostilled in conformity with the Apostille Treaty, or (b), as the case may be, by being attested or certified by a Philippine a diplomatic or consular officer. A request for the registration of investments made by non-Philippine nationals using SEC Form F-100, if appropriate, must be submitted with the application for new domestic firms having more than sixty percent (40%) foreign equity. Outside of the Philippines, SEC Form F-100s must be either (a) apostilled, (b) notarized, or (c) certified by a Philippine consular or diplomatic official; otherwise, no additional verification is needed.

The first step in selling a piece of real estate is to draft a memorandum of sale. The properties listing will be updated to “under offer” or “sold subject to contract” once it has been released (STC). The transfer of the property’s title will then start the conveyancing process. The are here for furnishings and fittings and information must be completed before the surveying can begin. Additionally, buyer checks will be made, including checks of the buyer’s ID and proof of finances. A recent mortgage offer or, less frequently, a deposit receipt will serve as the proof of funds. These can be referred to as an AIP or a DIP (determination in principle) (agreement in principle).

As immediately as an offer is received and accepted, the statement of sale will be created. Then it will be distributed, mostly via email but occasionally via post. Changes may still be made if additional conversations take place because the agreement is not legally binding. So when an offer has been accepted, there is no specific time frame for when the memorandum of sale will be issued; it could happen immediately or over the course of a week. Although the seller ought to already be familiar with many of the specifics of the property itself, everything will be contingent on how quickly the essential information can be acquired.