Five years ago when I first published two articles (based on personal experience) on title transfer and annotation, I did not expect that it will be such a big hit in terms of most read (thousands) and most commented on (hundreds).
For the charitable-Ilocana* and I, investing in a farm land is way beyond our investment appetite given the large capital outlay, it is pretty much a leap of faith. Way outside our comfort zone, but we had to jump, to start fulfilling our field-of-dreams (literally).
Wrote the posts based on my personal experience when I solely handled the title transfer of the house and lot we bought way back then. I have observed that many still inquire about the steps, requirements among other things, maybe because Pinoys prefer to do this processing on their own, instead of outsourcing it to brokers, agents etc whose actual day job is to transfer titles.
Buying the property will require different modes of holding the title deeds of the property in question. There are three main modes of holding the title deeds that refer to the buying options – the sole ownership and tenancy in common (TIC) or the joint tenancy with right of survivorship (JTWROS).
An annotation (if indeed allowed) and given the consent of two parties to assign a portion of his land to the other, might be simpler and a little bit less costly since that will only involve a note in the respective titles.
This entails some going back and forth to a number of government offices, so lots of free time or vacation leaves will be needed if you are to do this task yourself.
Title transfer signifies the transfer of ownership of a property usually via sale of that property (which in turn is usually documented via a deed of absolute sale.
Assuming all requirements are in place and all insurance premiums are paid, you can now get your loan. Usually, loan providers give this via Managers Check, credit to account, and rarely cash. Take note that loan amount may not always equal drawn amount.
Note that almost all sellers do not lend 100% of the property price. Usually, buyers need to pay an equity portion (out of pocket) as down payment. Usually around 20-30% of selling price.