What exactly is Open Deed of Sale?

**av8or5** · October 18th, 2007 10:25 AM

Mga experts,

what exactly is open deed of sale? I'm a little confused. Can you have a deed of sale notorized if open sya?

From my understanding, open deed of sale is a contract between buyer and seller. If there is no name of the seller on the deed of sale, that is open deed of sale..(from my understanding).

now the question here is, can the notary public notarize this document when there is no signature of the buyer?

how much do you think it will cost to notarize a "deed of sale"?

should you have two deed of sale, one the original price, the other is under valued price?

thanks in advance.

**jazcker** · October 18th, 2007 10:40 AM

From my understanding, open deed of sale is a contract between buyer and seller. If there is no name of the seller on the deed of sale, that is open deed of sale..(from my understanding).

yun buyer po ang blank...just like in my case, i bought a lancer. the seller that i bought the lancer from is already the 2nd owner. but when he bought the car from the 1st owner what they had is an open deed of sale. when i bought the car from him he just handed me the open deed of sale. kung titingnan parang ako ang 2nd owner ng car kasi di na dumaan sa pangalan nya.

the cost of making it notarized will depend kung saan/kanino ka magpapa-notarize. may mga pinagtanungan ako, highest e 1700, lowest e 250. syempre alam mo na kung kanino ako nagpa-notarize.

**av8or5** · October 18th, 2007 11:02 AM

Originally Posted by jazcker

yun buyer po ang blank...just like in my case, i bought a lancer. the seller that i bought the lancer from is already the 2nd owner. but when he bought the car from the 1st owner what they had is an open deed of sale. when i bought the car from him he just handed me the open deed of sale. kung titingnan parang ako ang 2nd owner ng car kasi di na dumaan sa pangalan nya.

the cost of making it notarized will depend kung saan/kanino ka magpapa-notarize. may mga pinagtanungan ako, highest e 1700, lowest e 250. syempre alam mo na kung kanino ako nagpa-notarize.

thanks for the reply. so pwede pala mag pa notarized ng deed of sale even if blank ang name ng buyer. so the price of notary depends on other factors..kasi i heard yung iba notary its like a % of the cost of the vehicle (like 10%), ang mahal naman if thats the case. last time i sold my car, it was thru a friend, sya na rin nag pa notarize.

any other tsikoteers have insights

**swordsman** · October 18th, 2007 02:42 PM

Originally Posted by av8or5

thanks for the reply. so pwede pala mag pa notarized ng deed of sale even if blank ang name ng buyer. so the price of notary depends on other factors..kasi i heard yung iba notary its like a % of the cost of the vehicle (like 10%), ang mahal naman if thats the case. last time i sold my car, it was thru a friend, sya na rin nag pa notarize.

any other tsikoteers have insights

1% po yata sir...though meron sa tabi tabi na mura rin.

**the_wildthing** · October 19th, 2007 07:20 AM

Kung buy and sell ang bumibili ng sasakyan mo, normal practice lang sa kanila yan. Pero kung ang bibili ang syang gagamit, dapat nakapangalan na agad.

If buy and sell, make sure you're dealing with an established buy and sell businessman.

**GaLynxmo** · October 24th, 2007 05:37 PM

Originally Posted by the_wildthing

Kung buy and sell ang bumibili ng sasakyan mo, normal practice lang sa kanila yan. Pero kung ang bibili ang syang gagamit, dapat nakapangalan na agad.

I just cant belive this is happening. But an "open deed of sale" is nothing more than a piece of worthless paper because it is not intended to be registered as it does not bestow ownership right over the vehicle subject of sale. Worthless, because it cannot be considered a "Deed" or a public instrument because a party do not wish to confirm the sale, due to the absence of his name, signature, or personal circumstances, and thus cannot be notarized. Thus it poses some risks to the buyer who part with his money but do not get reliable title to the vehicle, though he may acquire possession of the car. But such possession may be considered illegal because, technically, he possesses somebody's property. And if the registration expires after a year and he get caught by a zealous LTO/TMG officer, the car maybe impounded and the driver be charged with carnapping, by using an unregistered vehicle. You can't present a worthless "open deed of sale" to those officer, can you? And if accident befalls the vehicle, the real owner becomes liable, not the possessor.

Imagine, to avoid paying the transfer taxes and have the vehicle transferred immediately in his name, the buyer takes the risk of parting with his hard earned money, and the risk of uncertain future for the use of the vehicle while remaining unregistered in his possession? Word of advise, never enter into such a deal! Really, NO to such a DEAL.

**Altis6453** · October 18th, 2007 11:01 AM

Originally Posted by av8or5

Mga experts,

what exactly is open deed of sale? I'm a little confused. Can you have a deed of sale notorized if open sya?

From my understanding, open deed of sale is a contract between buyer and seller. If there is no name of the seller on the deed of sale, that is open deed of sale..(from my understanding).

now the question here is, can the notary public notarize this document when there is no signature of the buyer?

how much do you think it will cost to notarize a "deed of sale"?

should you have two deed of sale, one the original price, the other is under valued price?

thanks in advance.

From what I know, dalawang klase 'yan.

One is an undated deed of sale but already signed by the parties. The other is what was discussed here which is a deed of sale but with the buyer not being indicated in the document.

The notary public will generally not sign the deed of sale which does not indicate the contracting party, unless the acknowledgement page specifically indicates that only one of the parties personally appeared before the notary. The effect is, the buyer will also have to notarize the document separately.

**BoEinG_747** · October 18th, 2007 01:17 PM

Originally Posted by Altis6453

From what I know, dalawang klase 'yan.

One is an undated deed of sale but already signed by the parties. The other is what was discussed here which is a deed of sale but with the buyer not being indicated in the document.

The notary public will generally not sign the deed of sale which does not indicate the contracting party, unless the acknowledgement page specifically indicates that only one of the parties personally appeared before the notary. The effect is, the buyer will also have to notarize the document separately.

tama din si altis ..dumaan din kami sa ganitong proseso

**chain** · October 18th, 2007 01:42 PM

agree with above posts. blank ang name ng buyer along with his personal details. what usually happens is blank din ang price. puro fill-in the blanks na lang ang nangyayari.

we had a bad experience with this before. one time, sa amin naghabol ang isang victim ng traffic accident. as it turns out, our vehicle, which was already sold sa buy and sell, was part of an accident. nakabangga ng bata and patay daw.

good thing our lawyer was able to take care of this and spared us from any liability whatsoever. but lesson learned na din.

so, if you're planning to have one, just make sure na magsara kayo ng isa. (we have 4 copies between the 2 parties just in case.) o kaya, mag-side-agreement kayo.

**wrcastro_ph** · October 19th, 2007 10:19 AM

Originally Posted by chain

agree with above posts. blank ang name ng buyer along with his personal details. what usually happens is blank din ang price. puro fill-in the blanks na lang ang nangyayari.

we had a bad experience with this before. one time, sa amin naghabol ang isang victim ng traffic accident. as it turns out, our vehicle, which was already sold sa buy and sell, was part of an accident. nakabangga ng bata and patay daw.

good thing our lawyer was able to take care of this and spared us from any liability whatsoever. but lesson learned na din.

so, if you're planning to have one, just make sure na magsara kayo ng isa. (we have 4 copies between the 2 parties just in case.) o kaya, mag-side-agreement kayo.

I agree with this. I personally would not like to sell my car in open deed of sale.