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  1. #1
    Tsikot Member Rank 4 av8or5's Avatar
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    Exclamation What exactly is Open Deed of Sale?

    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.


  2. #2
    Tsikot Member Rank 2 jazcker's Avatar
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    Default Re: what exactly is open deed of sale

    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.

  3. #3
    Tsikot Member Rank 4 Altis6453's Avatar
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    Default Re: what exactly is open deed of sale

    Quote Originally Posted by av8or5 View Post
    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.

  4. #4
    Tsikot Member Rank 4 av8or5's Avatar
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    Default Re: what exactly is open deed of sale

    Quote Originally Posted by jazcker View Post
    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

  5. #5
    Одна из черт возьми 1D4LV's Avatar
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    Default Re: what exactly is open deed of sale

    Quote Originally Posted by av8or5 View Post
    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.
    an open deed of sale has the signature of the seller, but has no signature of the buyer. this is commonly used for selling vehicles via dealership so that the dealer can have the vehicle sold without looking pa for the seller in case of a sale.

    but for notarizations, the process entails that the contract is closed, meaning the contract or the deed of sale should be signed by both seller and buyer na. by then, it is a closed deed of sale na.

  6. #6
    Tsikot Member Rank 4 av8or5's Avatar
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    Default Re: what exactly is open deed of sale

    Quote Originally Posted by 1D4LV View Post
    an open deed of sale has the signature of the seller, but has no signature of the buyer. this is commonly used for selling vehicles via dealership so that the dealer can have the vehicle sold without looking pa for the seller in case of a sale.

    but for notarizations, the process entails that the contract is closed, meaning the contract or the deed of sale should be signed by both seller and buyer na. by then, it is a closed deed of sale na.
    okay..but would the seller be protected in the future? because its comes out as one party agrees. i dont want to be liable for anything that will happen in connection with the car once i sell my auto.

  7. #7
    CVT
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    Default Re: what exactly is open deed of sale

    Quote Originally Posted by av8or5 View Post
    okay..but would the seller be protected in the future? because its comes out as one party agrees. i dont want to be liable for anything that will happen in connection with the car once i sell my auto.

    That is precisely the reason why I do not want an open deed of sale, especially if I am the seller..... Baka kung saan gamitin ang sasakyan,- under my name pa rin kasi iyon...

    Suggest you have a side agreement with the dealer/buyer...., better if notarized.

    4202

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    Одна из черт возьми 1D4LV's Avatar
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    Default Re: what exactly is open deed of sale

    Quote Originally Posted by CVT View Post
    That is precisely the reason why I do not want an open deed of sale, especially if I am the seller..... Baka kung saan gamitin ang sasakyan,- under my name pa rin kasi iyon...

    Suggest you have a side agreement with the dealer/buyer...., better if notarized.

    4202
    +1. that is the risk that you are going to take. normally, open DOS are used if the seller goes abroad or something. pero kung may time ka naman to take care of it, i would suggest not going through this.

  9. #9
    Tsikot Member Rank 2 ptk675's Avatar
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    Default Re: what exactly is open deed of sale

    ang alam ko dito, yung pangalan ng seller yung nasa deed, pero blank yung buyer. yung mga nagaahente ata ng kotse ang gumagamit nito eh, para di na nila kailangan i transfer sa name nila yung kotse habang nagaantay naman sila ng buyer.

    pede rin ata kung ibebenta mo yung kotse pero wala ka sa pnas kung mangyari yung sale.

  10. #10
    Tsikot Member Rank 4 av8or5's Avatar
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    Default Re: what exactly is open deed of sale

    thanks sa mga replies tsikoteers... helpful tlga.


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