SPOUSES LEONARDO LONTOC AND NANCY LONTOC, VS. SPOUSES ROSELIE TIGLAO AND TOMAS TIGLAO, JR..

Ruling

WHEREFORE, judgment is rendered in the following manner: (1) Declaring the Deed of Absolute Sale (Exh. "2") as one of equitable mortgage in the tenor of the Kasulatan ng Sanglaan (Exh. "1"). [Spouses Tiglao] then has three (3) months from finality of this Decision to redeem the property at [PHP] 300,000.00, after which, a new tax declaration be issued in [spouses Tiglao's] names; (2) Declaring null and void the absolute sale between Juanita Rodriguez and [spouses Lontoc] dated April 13, 1999 (Exh. "4") so that tax declaration no. C-016-00748 in the name of [spouses Lontoc] is cancelled; (3) On the counterclaim, [spouses Tiglao] are directed to pay [spouses Lontoc] the amount of [PHP] 1,043,205.00 plus legal rate of interest until the total amount shall have been fully paid. 1aшphi1 Parties to bear their respective cost. SO ORDERED.