What Is Extra Judicial Settlement?
Extra Judicial Settlement, also known as extrajudicial partition, is a legal process that allows the transfer of ownership of real estate or properties from a deceased person to their heirs without the need for court intervention. This process is commonly used in countries with civil law systems, including the Philippines.
In an extra judicial settlement, the heirs of the deceased person come together and agree on how the assets and properties will be divided among themselves. This settlement is then documented in a deed of extrajudicial settlement, which serves as proof of the transfer of properties and ownership rights.
During the extra judicial settlement process, it is essential to have the services of a lawyer or notary public who will facilitate the preparation and execution of the necessary legal documents. This will ensure that the settlement is done correctly and in accordance with the laws and regulations governing such transactions.
FAQs about Extra Judicial Settlement:
1. Who can avail of extra judicial settlement?
Any person who is an heir or legal beneficiary of the deceased can avail of the extra judicial settlement. It is important to note that all the heirs must be in agreement for the settlement to proceed.
2. What properties can be included in an extra judicial settlement?
Any real estate property, such as land, buildings, or houses, as well as movable properties like vehicles and bank accounts, can be included in an extra judicial settlement.
3. Do I need a lawyer for an extra judicial settlement?
While it is not required by law to have a lawyer, it is highly recommended to seek legal assistance to ensure that the settlement process is done correctly and in compliance with the law.
4. How long does the extra judicial settlement process take?
The duration of the process varies depending on the complexity of the properties involved and the cooperation of the heirs. On average, it can take several weeks to a few months to complete the process.
5. What are the advantages of extra judicial settlement?
Extra judicial settlement eliminates the need for a lengthy court process, which can save time and money. It also allows the heirs to have more control over the division of properties.
6. Can a property with an existing mortgage be included in an extra judicial settlement?
Yes, a property with an existing mortgage can be included in an extra judicial settlement. However, it is important to settle any outstanding debts or loans associated with the property before the transfer of ownership.
7. Can the extra judicial settlement be contested?
In some cases, the extra judicial settlement can be contested if there are disputes among the heirs or if there are doubts regarding the authenticity of the settlement. In such cases, the matter may be brought to court for resolution.
8. Can a minor be included as an heir in an extra judicial settlement?
Yes, a minor can be included as an heir in an extra judicial settlement. However, the minor’s legal guardian or representative will need to act on their behalf during the settlement process.
9. Can the extra judicial settlement be revoked or modified?
Once the extra judicial settlement is executed and the properties are transferred to the heirs, it is generally difficult to revoke or modify the settlement. However, certain circumstances, such as fraud or misrepresentation, may warrant a legal challenge to the settlement.
In conclusion, extra judicial settlement provides a convenient and cost-effective way to transfer ownership of properties from a deceased person to their heirs. However, it is crucial to seek legal assistance and ensure that the settlement process is conducted in compliance with the applicable laws and regulations.