If I bought a real property from a philippine bank that was previously foreclosed, what is the status?

Question

If I am paying it in installments, can I be considered the legal owner of it? Can I sell it ( real property) to third persons?

Answer 1

If you hold the contract to sell, you have the right to sell. You don't have the title in your name yet I assume? Since you haven't paid full yet? If you have paid full, you have title in your name, that's good, you can be legal owner already and sell too. However, as long as you have contract to sell, then you can sell, even if it's not yet fully paid.

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