Law Summary
Notification Requirement by the Vendee
- The Vendee (buyer) must notify the LTO District Office that issued the latest Certificate of Registration or the District Office currently having jurisdiction.
- Notification must be done within seven (7) days from the date of acquisition.
- Required documents to be submitted include:
- Certified copy of the Deed of Conveyance.
- Original Certificate of Registration.
- Official receipt of payment for registration fees.
Transfer of Ownership Procedure
- The Vendee must effect the transfer of ownership within thirty (30) days from the date of filing the notice.
- This involves the proper administrative process to update the records and certificate under the new owner’s name.
Penalties for Non-Compliance
- Failure to register the transfer within the thirty (30) day period incurs an administrative fine.
- The fine is set at One Hundred Fifty Pesos (P150.00) per deed of conveyance.
Supersession and Effectivity
- Any prior orders, circulars, and memoranda conflicting with this regulation are superseded.
- Strict compliance with these provisions is mandated.
- The Memorandum Circular took effect immediately upon adoption on December 9, 1996.