A green tag property is a real estate property that has already undergone specific administrative and legal processes by a bank after foreclosure.
Based on the provided reference, GREEN TAG properties are:
- Real estate properties.
- Already cleared with Titles and Tax Declarations.
- These documents are duly consolidated / transferred under the name of the Bank which foreclosed the property/ies.
- They have authorized caretakers.
- Particularly those with improvements.
- Can be visited anytime.
Essentially, when a bank forecloses on a property, it goes through a process to transfer the legal ownership documents (Titles) and tax records (Tax Declarations) into its name. Once these steps are completed and the property has designated caretakers and is readily available for viewing (especially if it has existing structures or improvements), it may be classified by the bank as a "green tag property." This classification indicates that the property is relatively clear regarding documentation and access, making it potentially easier for prospective buyers to consider and inspect.
