Art. 484.

There is co-ownership whenever the ownership of an undivided thing or

right belongs to different persons.

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Art. 1620. A co-owner of a thing may exercise the right of redemption in case the
shares of all the other co-owners or of any of them, are sold to a third person. If
the price of the alienation is grossly excessive, the redemptioner shall pay only a
reasonable one.

Should two or more co-owners desire to exercise the right of redemption, they may
only do so in proportion to the share they may respectively have in the thing owned
in common.

> Right of Redemption is the right of mortgagor to redeem the mortgaged property
within one year from the date of registration of the certificate of sale. It
applies only to extrajudicial foreclosure of real mortgage.
- mortgagor's right of redemption
As a general rule, the mortgagor may redeem the foreclosed property within one (1)
year from the date of the sale (see Act No. 3135, as amended). The Supreme Court
had the occasion to explain that the “date of the sale” under Act No. 3135 is the
date the certificate of sale is registered with the Register of Deeds since the
sale of registered land does not ‘”take effect as a conveyance, or bind the land’
until it is registered.”

> not extendible

The period to redeem a property sold in an extrajudicial foreclosure sale is not

extendible. A pending action to annul the foreclosure sale does not toll the
running of the one (1)-year period of redemption under Act No. 3135 (Mahinay vs.
Dura Tire, G.R. No. 194152, 5 June 2017). The one (1)-year period of redemption is
fixed, hence, non-extendible, to “avoid prolonged economic uncertainty over the
ownership of the thing sold (BPI Family Savings Bank, Inc. vs. Spouses Veloso, GR
No. 141974, 9 August 2004) and to prevent a dangerous precedent of filing of
frivolous suits for annulment of mortgage intended merely to give the mortgagor
more time to redeem the mortgaged property.

Art. 1623 of the Civil Code provides:

The right of legal pre-emption or redemption shall not be exercised except within
thirty days from the notice in writing by the prospective vendor, or by the vendor,
as the case maybe. The deed of sale shall not be recorded in the Registry of
Property, unless accompanied by an affidavit of the vendor that he has given
written notice thereof to all possible redemptioners.

The right of redemption of co-owners excludes that of adjoining owners.

Art. 1648. Every lease of real estate may be recorded in the Registry of Property.
Unless a lease is recorded, it shall not be binding upon third persons. (1549a)

Art. 1878. Special powers of attorney are necessary in the following cases:

(8) To lease any real property to another person for more than one year;

(9) To bind the principal to render some service without compensation;

(10) To bind the principal in a contract of partnership;

(11) To obligate the principal as a guarantor or surety;

(12) To create or convey real rights over immovable property;

(13) To accept or repudiate an inheritance;

(14) To ratify or recognize obligations contracted before the agency;

(15) Any other act of strict dominion.