BOMBO DAGUPAN – “Children have no claim to their parents’ property while the parents are still alive.”
This was shared by Atty. Joey Tamayo, a resource person for Duralex Sedlex, who explained that under the law, inheritance rights only take effect after the person who is bequeathing the property has passed away.
The statement relates to cases where individuals are mortgaging their properties and children are demanding their share while the parents are still alive.
Atty. Tamayo clarified that when entering into an agreement, such as a mortgage between two parties, it is a legal document that grants the lender the right to claim the borrower’s property if the loan is not repaid.
However, this process can only occur within a ten-year period if the borrower fails to make payments.
He further explained that a foreclosed property does not automatically become the lender’s possession. It must first go through a bidding process, where all interested parties can place their bids to purchase the property.
The highest bid will secure the property.
Meanwhile, within one year from the registration of the bid, the original owner still has the option to buy back the property if they can match the bid amount.
Atty. Tamayo reminded the public that it is crucial to thoroughly read and understand the contract before entering into any loan agreement to ensure the terms are fair and clear.