Living The Dream

[Thomas]

In Bisayan or Visayan the word is geprendahan or the short form of the word is prenda and in Tagalog the word is Sangla, which means leasing with security, loaning with security or pawning with security.

In Bisayan or Visayan the word Utang has different means such as a loan or credit without security. Buying at a Sari-sari store and paying later is Utang. Someone loaning money to you without security in Utang. 5-6 loans are Utang. There's no security but you have to pay interest.

How about long time (=25/30 years ?) land leasing?

 

I guess no one want to let other use the own land that long time, without geting any pay for it    :)

 

(One in southeast Mindanao had signed a long time lease agreement with a big company, but it don't seem he found it funny when he noticed how litle he get per year, so he tried to sell it, but I don't believe anyone want to buy it with that contract  :))   at least not for a normal price as that seller tried to get.)

[Jollygoodfellow]

The only thing that surprised me about leasing the land was the fact that when we decided to stop leasing the land, which could be one year, two years or longer, the owner has to return all of the money to us. Therefore its like the owner is get an interest free loan which he must pay back. In the USA when you lease land, a building, or a car you don't get your money back.

 

Good luck with getting it back  :)

 

What about a 25 year lease, surely the owner does not pay it back? Is this some sort of special arrangement type lease? 

[bootleultras]

I think it maybe only the original deposit you put down that is returned to you as far as I know & that would be if you arranged to terminate your contract at some point during your tenure or you were selling to a new buyer. That is the case in my experience anyway.

[Americano]

The only thing that surprised me about leasing the land was the fact that when we decided to stop leasing the land, which could be one year, two years or longer, the owner has to return all of the money to us. Therefore its like the owner is get an interest free loan which he must pay back. In the USA when you lease land, a building, or a car you don't get your money back.

 

Good luck with getting it back  :)

 

What about a 25 year lease, surely the owner does not pay it back? Is this some sort of special arrangement type lease? 

 

These short term leases of just a few years are very common where my wife is from.  This is the 3rd time my wife has leased land.  The last two times she got the money back without a written agreement because her grandmother was the land owner.  This time the land owners are her grandmother again and another relative.  If the land owner wasn't a relative there would be a written agreement stating that when the person leasing the land ended the lease that the land owner would return the money and if the owner didn't return the money the land would become the property of the leaser.  Agreements like this are witnessed by the Barangay Captain.

 

My wife says long term leases are not done where she's from.  Most people want to lease for just a few years.

Edited March 2, 2013 by Americano