Supreme Court clears real estate exec of failing to register deeds

MANILA, Philippines — The Supreme Court (SC) has acquitted an executive of a real estate company who was found guilty by the Court of Appeals (CA) of failing to register clients’ contracts with the Registry of Deeds.

The SC’s Third Division granted the petition of Felix Valenzona, president of ALSGRO Industrial and Development Corp., who sought to reverse the ruling of the CA and the Muntinlupa regional trial court.

The two courts convicted Valenzona of violating Presidential Decree 957 or the Subdivision and Condominium Buyers’ Protective Decree.

In 2003, the real estate company signed two contracts to sell two lots in ALSGRO’s Bayfair of Margana Subdivision to Ricardo Porteo.

However, upon verification with the Registry of Deeds in Muntinlupa in 2006, Porteo found out that the contracts were not registered, prompting him to file criminal charges against Valenzona.

The SC said the evidence was insufficient to prove Valenzona’s guilt beyond reasonable doubt.

The High Court said all that was established was that the contracts were not registered by ALSGRO and that Valenzona was ALSGRO’s president.

“To hold Valenzona criminally liable, it must also be established that he had the volition or intent to not register or to cause the non-registration of the subject contracts,” the SC ruled.