Proposed Adoption of LRA Fees & Charges for The Registration & Annotation of Mortgages & Other Transactions in SBMA Certificates of Ownership of Leasehold Rights
Notice is hereby given that the Registry Office, Subic Bay Metropolitan Authority, has proposed to the SBMA Board of Directors the amendment of the Implementing Rules and Regulations (IRR) of the SBMA Registry of Certificate of Ownership of Leasehold Rights, particularly for:
The Adoption of Fees and Charges in relation to the Registration and Annotation of Mortgages as embodied in the Land Registration Authority (LRA) Circular Number 11, Series of 2002, to wit:
"16. Registration fee - For the registration of
X X X
any mortgage, surety, bond,... easement, right-of-way, or other real right or lien created or constituted by virtue of a distinct [sic] contract or agreement, and not as an incidental condition of sale, transfer or conveyance: the assignment, enlargement, extension or novation of a mortgage or of any other real right, or a release or mortgage: the fees shall be based on the value of the consideration in accordance with the [following] schedule, attached as Annex A [to the said Circular]."
As well as the update of Fees and Charges for Registration of Annotations (attachment, levy, writ of execution, adverse claim or release thereof and other documents which may be registered in the Certificate of Ownership of Leasehold Rights), Registration of Pertinent Documents (Sublease Agreement, Deed of Sale, Partition, Donation, Sheriff's Sale at Public Auction, Any Sale Subject to Redemption, Repurchase, Redemption, Order or Judgment divesting the title of the registered owner, Power of Attorney, Appointment of Guardian, Appointment of Receiver, Trustee or Administrator and the likes), Issuance of Copies of Documents and Verification Fees.
For this purpose, a PUBLIC HEARING AND CONSULTATION shall be held on June 3, 2016, at 10:00 in the morning, at the Subic Bay Exhibition and Convention Center (SBECC).
All concerned and interested parties are invited to attend, be informed, and share their views on the matter.
Please be advised accordingly.
(SGD) ATTY. RUEL JOHN T. KABIGTING
OIC - Senior Deputy Administrator, SBMA Regulatory Group
Registrar, SBMA Registry of Certificates of Leasehold Rights