A simple agreement between siblings please?

[newbi]

There are siblings who shared the funding of a property. But some of them are non-citizens which inenable them to have their names registered in the title.

The idea is for the other non citizen siblings to at least have clear financial stake in the property should it be sold, which include derivatives from the house & lot.

A draft was agreed among the siblings as below as an internal memorandum of understanding or agreement to avoid future misunderstandings, Is this ok? Its amateurish but as long as it holds, we dont mind keeping it simple.

Let it be known that the the following owners (Legal Name) , with passport number and (Legal name) with passport number agrees to share the financial derivatives of the property at (address) with the title number xxxx as follows:

a% for (Legal name) -legal owner
b% for (legal Name) - legal owner
c% for (Legal name) with passport number (non-citizen)


__________________
owners signature

[AFFA]

I wish to inform you that non citizen can be shown either as a owner or as a creditor. The status of non citizen will have to be defined so as to avoid future disputes. The owner has a right to dispose of the property and if in future non citizen intends to claim sale value on the basis of agreement then court can ask non citizen to show consideration for having the right in sale proceeds which may be difficult to prove in the absence of any such clause in written agreement.

AFF

Hi, thanking AFFA for your fast reply.

I am newbi, but for some reason I cannot login. I only get far as the welcome page? can someone help me with this?

To AFFA, can you please advise how should the draft be revised please?

[Friend In Court]

You should see an attorney in the Philippines to be sure your drafted document is adequate under Philippine law. Anyone who would give you the language for a document online could be considered practicing law and that is forbidden unless they are a duly licensed attorney in the Philippines.

[newbi]

Originally Posted by Friend In Court You should see an attorney in the Philippines to be sure your drafted document is adequate under Philippine law. Anyone who would give you the language for a document online could be considered practicing law and that is forbidden unless they are a duly licensed attorney in the Philippines.

I got to log in in again, thanks for whoever who it was that worked on my forum account.

Hi Friend In Court, thank you for the clarification. I did ask around in the Philippines too but wanted to get as much alternative (if not universal) opinions as possible in the hope of knowing how the best approach is. Having seen this forum, it seems worth the try.

Anyways, I took another look at AFFA's advice and now has a better understanding of what he was saying and it does make more sense. Thanks again AFFA.

If there's any practicing law or has experience of this topic from the Philippines who sees this thread, please feel free to share your thoughts.

[saira121]

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