Right of Redemption

The right to disencumber property or to free it from a claim or lien; specifically, the right (granted by statute only) to free property from the encumbrance of a foreclosure or other judicial sale, or to recover the title passing thereby, by paying what is due, with interest, costs, etc. Not to be confounded with the equity of redemption, which exists independently of statute but must be exercised before sale. (Blacks Law Dictionary, 6th Edition.) The right of the mortgagor to repurchase the property even after the confirmation of the sale, in case of foreclosure by banks, within one year from the registration of the sale. (Top Rate International Services, Inc. v. Intermediate Appellate Court, L-67496, July 7, 1986, 142 SCRA 473) Right of Redemption is different from Equity of Redemption. (Limpin v. Intermediate Appellate Court, 166 SCRA 87) The requisites for a valid redemption of mortgaged property are: 1. The redemption must be made within twelve (12) months from the date of the registration of the sale in the Office of the Register of Deeds; 2. Payment of the purchase price of the property involved, plus 1% interests per month thereon, together with the amounts f assessments of taxes thereon, if any, paid by the purchaser after the sale with the same rate of interests; and 3. Writ of Notice of the Redemption must be served on the officer who made the sale and a duplicate filed with the Register of Deeds of the province. (Rosales v. Yboa, 120 SCRA 869) Rule 39, Section 28 of the Rules of Civil Procedure provides that the period of redemption shall be at any time within one (1) year from the date of registration of the certificate of sale. The period of legal redemption is not a prescriptive period. It is a condition precedent to the exercise of the right of redemption. It is a period set by law to restrict the right of the person exercising the right of legal redemption. (Hermoso v. Court of Appeals, 101 SCAD 974) The interpretation of the legal provisions on redemption always tilts in favor of the redemptioner as against the vendee. (Hermoso v. Court of Appeals, 300 SCRA 516)

 The mortgagor has the right, within the year after the sale of the real estate as a result of foreclosure of a mortgage by PNB to redeem the property. (Quimson v. PNB, 36 SCRA 26) The rule on redemption is liberally construed in favor of the original owner of the property and the policy of the law is to aid rather than defeat him in the exercise of his right of redemption. (Cometa v. Court of Appeals, 351 SCRA 294)
The general rule in redemption is that in making a repurchase, it is not sufficient

that a person offering to redeem makes manifestations of his desire to repurchase; thus statement of intention must be accompanied by an actual and simultaneous tender of payment. (Belisario v. Intermediate Appellate Court, 165 SCRA 101)

Equity of Redemption
The right of the mortgagor of property to redeem the same (i.e., save from foreclosure) after it has been forfeited, at law, by a breach of the condition of the mortgage (i.e., default in mortgage payments), upon paying the amount of debt, interest and costs. (Blacks Law Dictionary, 6th Edition citing Brown v. United States, C.A. Pa., 95 F .2d 487, 489) The right to redeem the mortgaged property by paying the amount ordered by the court within a period of not less than ninety days, or even thereafter but before the confirmation of the sale. (Feliz v. Gorgonio, SP-00299, June 16, 1983) Equity of redemption is simply the right of mortgagor to extinguish the mortgage and retain ownership of the property by paying the secured debt within the 90-day period after the judgment became final. (Huerta Alba Resort, Inc. v. Court of Appeals, 339 SCRA 534) Equity of redemption is the right of the mortgagor to redeem the mortgaged property his default in the performance of the conditions of the mortgage but before the sale of the property or the confirmation of the sale, whereas the right of redemption means the right of the mortgagor to repurchase the property even after the confirmation of the sale, in case of foreclosure by banks, within one year from the registration of the sale. (Top Rate International Services, Inc. v. Intermediate Appellate Court, L-67496, July 7, 1986, 142 SCRA 473) In a foreclosure of mortgage under Rule 70 of the Rules of Court, there is no right of redemption after the sale is confirmed, although there is an equity of redemption in

favor of the mortgagor or junior encumbrance, consisting in the right to redeem the mortgaged property within the 90-day period, or even thereafter, but before the confirmation of the sale. (Piano v. Cayanong, 7 SCRA 397) The period for the exercise of the equity of redemption as distinguished from the right of redemption has to be observed and provided for in the judgment in the foreclosure suit. The exercise of the equity of redemption may be made beyond the 90-day period but before the foreclosure sale is confirmed by the court. (Cruz v. Intermediate Appellate Court, 169 SCRA 9)

DEED OF SALE UNDER PACTO DE RETRO

KNOW ALL MEN BY THESE PRESENTS: This Deed of Sale with Pacto de Retro is made, executed and entered into by and between: JHOANNA R. CABIGAS married to RENANTE P. CABIGAS, Filipinos, both of legal age, and with residence and postal address at 442 Tanzang Luma, Imus, Cavite, Philippines, hereinafter referred to as the VENDOR. -ANDMARIA CRISTINA O. MANCENIDO, Filipino, of legal age and with residence and postal address at Block 4 Lot 9, The Legian- Imus Bucandal III, Imus, Cavite, Philippines, hereinafter referred to as the VENDEE.

WITNESSETH; That the VENDOR is the absolute owner of a parcel of land with all the buildings and improvements thereon, situated in Lot 9,Block 64, The Legian- Imus Bucandal III, situated in the Municipality of Imus, Province of Cavite, Philippines, containing an area of THIRTY SIX (36) SQUARE METERS, covered by Transfer Certificate of Title No. T-1334899 and more particularly described as follows, to wit: TRANSFER CERTIFICATE OF TITLE NO. T-1334899 A PARCEL OF LAND (Lot 9 Block 4 of the consolidation subdivision plan Pcs-04023917, being a portion of Lots 1313, (RS-04-004439) and 1314, Imus Estate), situated in the Bo. Of Carsadang Bago II, Municipality of Imus, Province of Cavite, Island of Luzon. Bounded on the NW. along line 1-2 by Road Lot 12; on the NE, along line 2-3 by Lot 11 Block 4; on the SE, along line 3-4 by Lot 10 Block ; on the SW., along line 4-1 by Lot 7 Block 4 all of the cons.-subd plan. Beginning at apt. marked 1 on plan, being N. 73 deg. 59E., 600.22 m. from Mon. No. 108, Imus Estate. That the VENDOR, for and in consideration of the sum of SIX HUNDRED FORTY EIGHT THOUSAND PESOS (P 648,000.00) Philippine Currency, to her in hand paid and receipt whereof is hereby acknowledged, does hereby SELL, TRANSFER, and CONVEY, under PACTO DE RETRO unto the said VENDEE, her heirs and assigns, the above-described property together with all the improvements found thereon, free from all liens and encumbrances of whatever nature; That the VENDOR, in executing this conveyance, hereby reserves the right to REPURCHASE, and the VENDEE, in accepting same, hereby obligates herself to RESELL, the property herein conveyed within a period of three (3) years from and after the date of this instrument, for the same price of SIX HUNDRED FORTY EIGHT THOUSAND PESOS (P 648,000.00) Philippine Currency: Provided, however, that if the VENDOR shall fail to exercise her right to repurchase as herein granted within the period stipulated, then this conveyance shall become absolute and irrevocable, without the necessity of drawing up a new deed of absolute sale, subject to the requirements of the law regarding consolidation of ownership of real property. IN WITNESS WHEREOF, the parties hereto have hereunto set their hands this 28th day of September, 2012, in Sta. Rosa City, Laguna, Philippines.

______________________________________ __________________________________________ JHOANNA R. CABIGAS MANCENIDO VENDOR With my marital consent MARIA CRISTINA O. VENDEE

RENANTE P. CABIGAS (Vendors Husband) SIGNED IN THE PRESENCE OF:

_____________________________________ ACKNOWLEDGMENT Republic of the Philippines)S.S. Province of Laguna)S.S. City of Santa Rosa)

_______________________________________

BEFORE ME, this 28TH day of September, 2012, in the City of Sta. Rosa, Laguna, personally appeared: NAME JHOANNA R. CABIGAS MARIA CRISTINA O. MANCENIDO COMPETENT EVIDENCE OF IDENTITY Employee I.D. No. 003219 Passport No. EA0017810

known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to me that the same is their free and voluntary act and deed. This instrument, consisting of two (2) pages, including the page on which this acknowledgment is written, has been signed on the left margin of each and every page by the concerned parties and their witnesses, and sealed with my notarial seal.

WITNESS MY HAND AND SEAL, on the date and place first above written.

CRUZ Doc. No. : 4; Page No. : 2; Book No. : IV; Series of 2012.

ATTY. EPHRAIM MANASSEH DELA NOTARY PUBLIC UNTIL DECEMBER 31, 2013 PTR No. 1788621/1-02-2012
TIN No. 1235-749-5511 ATTORNEYS ROLL No. 891512 IBP No. 111031288/12-13-2011, Laguna

DEED OF RESALE
KNOW ALL MEN BY THESE PRESENTS: I, MARIA CRISTINA O. MANCENIDO, Filipino, of legal age and with residence and postal address at Block 4 Lot 9, The Legian- Imus Bucandal III, Imus, Cavite, Philippines, for and in consideration of the sum of SIX HUNDRED FORTY EIGHT THOUSAND PESOS (P 648,000.00) Philippine Currency, to me in hand paid by JHOANNA R. CABIGAS married to RENANTE P. CABIGAS, Filipinos, both of legal age, and with residence and postal address at 442 Tanzang Luma, Imus, Cavite, Philippines, do hereby by these presents RESELL, RETRANSFER, AND RECONVEY unto the said JHOANNA R. CABIGAS that certain parcel of land with all the buildings and improvements thereon, situated in Lot 9,Block 64, The Legian- Imus Bucandal III, situated in the Municipality of Imus, Province of Cavite, Philippines, containing an area of THIRTY SIX (36) SQUARE METERS, covered by Transfer Certificate of Title No. T-1334899 and more particularly described as follows, to wit: TRANSFER CERTIFICATE OF TITLE NO. T-1334899 A PARCEL OF LAND (Lot 9 Block 4 of the consolidation subdivision plan Pcs-04023917, being a portion of Lots 1313, (RS-04-004439) and 1314, Imus Estate), situated in the Bo. Of Carsadang Bago II, Municipality of Imus, Province of Cavite, Island of Luzon. Bounded on the NW. along line 1-2 by Road Lot 12; on the NE, along line 2-3 by Lot 11 Block 4; on the SE, along line 3-4 by Lot 10 Block ; on the SW., along line 4-1 by Lot 7 Block 4 all of the cons.-subd plan. Beginning at apt. marked 1 on plan, being N. 73 deg. 59E., 600.22 m. from Mon. No. 108, Imus Estate.

Which property was previously sold to me under pacto de retro by said JHOANNA R. CABIGAS for the same price of SIX HUNDRED FORTY EIGHT THOUSAND PESOS (P 648,000.00) Philippine Currency, on September 28, 2012, executed before Notary Public of ATTY. EPHRAIM MANASSEH DELA CRUZ in Sta. Rosa City, Laguna and bearing Notarial Register No. 4, Page 2, Book IV, Series of 2012 of his notarial register, copy of which is hereto attached as ANNEX A. IN WITNESS WHEREOF, I have hereunto set my hand this 25th day of September, 2015, in Imus, Cavite, Philippines.

__________________________________________ MARIA CRISTINA O. MANCENIDO VENDOR SIGNED IN THE PRESENCE OF:

_____________________________________

_______________________________________

ACKNOWLEDGMENT Republic of the Philippines)S.S. Province of Laguna)S.S. City of Santa Rosa) BEFORE ME, this 25th day of September, 2015, in Imus, Cavite, personally appeared:

NAME MARIA CRISTINA O. MANCENIDO

COMPETENT EVIDENCE OF IDENTITY Passport No. FG0025673

JHOANNA R. CABIGAS

Drivers License No. N06-932747-23

known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to me that the same is their free and voluntary act and deed. This instrument, consisting of two (2) pages, including the page on which this acknowledgment is written, has been signed on the left margin of each and every page by the concerned parties and their witnesses, and sealed with my notarial seal. WITNESS MY HAND AND SEAL, on the date and place first above written.

Doc. No. : 518; Page No. : 105; Book No. : XVI; Series of 2015.

ATTY. ESTHER HADASSAH FLORES NOTARY PUBLIC UNTIL DECEMBER 31, 2016 PTR No. 915161410/1-02-2015
TIN No. 9101113-9527-3399 ATTORNEYS ROLL No. 94571651 IBP No. 88999819/12-13-2014, Cavite