After the redemption period, the
buyer in a foreclosure sale becomes the absolute owner of the property purchased if it is not
redeemed. As such, he is entitled to the
possession of the property and can demand it at any time following the
consolidation of ownership in his name and the issuance to him of a new
transfer certificate of title.
However, the buyer can in fact demand possession
of the land even during the redemption period except that he has to post a bond
in accordance with Section 7 of Act No. 3135, As Amended. No such bond is
required after the redemption period if the property is not redeemed.
Possession of the land then becomes an absolute right of the purchaser as
confirmed owner. Upon proper application and proof of title, the issuance of
the writ of possession becomes a ministerial duty of the Court. (Edralin v. Philippine Veterans Bank,
G.R. No. 168523, March 9, 2011, 645 SCRA 75, 85-86).
Exceptions to the rule
that the issuance of a writ of possession is a ministerial function of the
court:
1) Gross inadequacy of purchase
price;
2) Third party claiming right
adverse to debtor/mortgagor; and
3) Failure
to pay the surplus proceeds of the sale to mortgagor.
(Nagtalon v. United Coconut Planters Bank, G.R.
No 172504, 31 July 2013,).
Requisites
for filing Petition for Writ of Possession
ü Petition for
Writ of Possession (see sample Petition
for Writ of Possession)
ü Real Estate
Mortgage Agreement
ü Certificate
of Sale
ü Affidavit of
Consolidation of Ownership
ü New Transfer
Certificate of Title in the name of the Mortgagee
ü Demand
letter to turn-over possession of the subject property to the Mortgagee
References:
1. Section 7,
Act 3135, as Amended by Act 4118
2. G.R. No.
168523, March 9, 2011
3. G.R. No 172504, 31 July 2013
