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The Legal Side of Real Estate


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#1 rickyv

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Posted 18 October 2005 - 09:25 PM

hey guys, can anybody help me? I bought a land in bulacan a year ago, the thing is my surveyor is not doing his job, so I prefer to do the job myself and I don't know where to start. I already have a deed of sale and paid the capital gain, can anybody help me guide step by step where should I go next?

thanks.

#2 redax

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Posted 20 October 2005 - 05:24 AM

If you already paid capital gains tax, you should already have BIR clearance to register land in your name. Problem is, is there a TCT or OCT since you have a surveyor doing something. Or is the land you are buying part of one TCT but you did not buy the whole land included in the TCT? If it is just a simple transfer because the land already has its own TCT, the Register of Deeds of the Municipality where the land is located in Bulacan would require Capital Gains Tax and Clearance from BIR, documentary stamps from BIR, Transfer Tax from Municipal or City Treasurer's Office, Tax Clearance from the Municipal or City's Real Estate Division and the Owner's TCT or OCT to transfer title in your name.

#3 rickyv

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Posted 21 October 2005 - 12:37 AM

what is TCT or OCT? The land I bought have no Title, we are only basing on the tax reciept. waht should I do?

#4 redax

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Posted 21 October 2005 - 06:44 AM

Original certificate of registration and transfer certificate of registration. In this case you're going to need a lawyer because you will have to register the land originally under the Torrens system. He will have to prepare and file an application in the proper Regional Trial Court in Bulacan.

#5 rickyv

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Posted 23 October 2005 - 08:30 PM

thanks

#6 pogingpogi

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Posted 06 November 2005 - 09:48 PM

question lang po, medyo ot...panu kung may lupa tapos walang titutlo then sabi nagbabayad naman ng yearly tax sa munisipyo....panu gagawin? sa bureau of deeds ba ko pupunta nung lugar na pagbibilhan ko ng lupa? magkanu naman patitle?

#7 redax

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Posted 06 November 2005 - 11:48 PM

Pareha rin, kung gustong patituluhan kailangan may abogado mag prepare and file ng application for registration ng lupa sa Torrens System. Depende sa abogado singil.

#8 jigger_horny

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Posted 15 November 2005 - 01:12 AM

gaano katagal angn process nito??

#9 bolitski

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Posted 28 November 2005 - 09:51 PM

any idea how they compute Capital Gain Tax?

#10 BnF95

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Posted 29 November 2005 - 11:02 AM

Capital Gains is 6% of the selling price of the land. Although I hear that it might go up.

Take note, you pay the Capital Gains within a month of selling the land or you get penalized like crazy.

#11 THUG

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Posted 08 December 2005 - 01:34 PM

hey guys, can anybody help me? I bought a land in bulacan a year ago, the thing is my surveyor is not doing his job, so I prefer to do the job myself and I don't know where to start. I already have a deed of sale and paid the capital gain, can anybody help me guide step by step where should I go next?

thanks.

<{POST_SNAPBACK}>


i wonder why you are the one who paid the capital gains tax.. capital gains tax is shouldered by the seller since he is the one that earns from the gains of the land..

#12 rickyv

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Posted 09 December 2005 - 12:22 AM

its one of the agreement i had with the owner so that i can get the land as cheap as i can.

#13 THUG

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Posted 09 December 2005 - 09:37 AM

its one of the agreement i had with the owner so that i can get the land as cheap as i can.

<{POST_SNAPBACK}>


the owner/seller can actually avoid paying capital gains tax if the original owner/seller purchases another property of equal or greater value within 18 months..

try to ask the owner what is he going to do with the money you paid him.. if he will be using it to purchase a new lot/house/building of greater value then you don't have to pay the capital gains tax..

#14 crazy8

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Posted 09 December 2005 - 11:59 PM

Capital gains is computed at 6% of purchase price or zonal valuation whichever is higher if purchased from an individual. If it's from a corporation, it's at 7.5%.

#15 NASTYMERLIN27

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Posted 28 November 2006 - 04:40 PM

IN NEED OF A LIST OF DOCUMENTS FOR LAND DEVLMPT....PUNTA KAYO SA CONSTRUCTION THREAD :cool:

ANY CONSTRUCTION QUESTIONS...JUST POST EM THERE :cool:

#16 Dr_PepPeR

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Posted 24 January 2007 - 12:35 PM

the owner/seller can actually avoid paying capital gains tax if the original owner/seller purchases another property of equal or greater value within 18 months..

try to ask the owner what is he going to do with the money you paid him.. if he will be using it to purchase a new lot/house/building of greater value then you don't have to pay the capital gains tax..


Or if the seller uses it for renovation of real property (building or other improvements). But the owner/seller has to enter into an escrow agreement with the BIR and the bank of his choice.

#17 pititoy2

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Posted 05 March 2007 - 12:17 PM

Capital Gains is 6% of the selling price of the land. Although I hear that it might go up.

Take note, you pay the Capital Gains within a month of selling the land or you get penalized like crazy.



Tanong lang ho tungkol dito sa capital gains tax..

Nakabili kasi ako ng rights sa isang subdivision and nagkasundo kami nong seller na ako na ang magtutuloy ng pagbabayad niya sa PAG-IBIG using his name. Mayron kaming Deed of Sale of Assumption of Mortgage na notarized pero di pa namin ipinapaalam sa PAG-IBIG na iba na ang may ari nong bahay at lupa. Then, dahil nga sa di ko pa tapos bayaran ang mortgage at di ko pa nakukuha ang titulo sa PAG-IBIG, di ko pa rin mabayaran ang Capital Gains kahit na mayron na kaming Deed of Sale..

Ano kaya ang magiging capital gains ko niyan kung sakali. (Nagkasundo kami nong seller na ako na ang magbayad ng capital gains)

#18 Dr_PepPeR

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Posted 12 March 2007 - 04:15 PM

Tanong lang ho tungkol dito sa capital gains tax..

Nakabili kasi ako ng rights sa isang subdivision and nagkasundo kami nong seller na ako na ang magtutuloy ng pagbabayad niya sa PAG-IBIG using his name. Mayron kaming Deed of Sale of Assumption of Mortgage na notarized pero di pa namin ipinapaalam sa PAG-IBIG na iba na ang may ari nong bahay at lupa. Then, dahil nga sa di ko pa tapos bayaran ang mortgage at di ko pa nakukuha ang titulo sa PAG-IBIG, di ko pa rin mabayaran ang Capital Gains kahit na mayron na kaming Deed of Sale..

Ano kaya ang magiging capital gains ko niyan kung sakali. (Nagkasundo kami nong seller na ako na ang magbayad ng capital gains)


Your seller (or you since you agreed to shoulder it) is liable for capital gains tax upon registration of the Deed of Sale over the title with the register of deeds. If there is no title yet, then you only have an assignment of rights or at most a conditional sale. The capital gains will be based on the sale price indicated in the Deed of Sale or the zonal valuation of the property whichever is higher.

#19 vanalirak

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Posted 04 July 2007 - 01:44 PM

Tanong lang ho tungkol dito sa capital gains tax..

Nakabili kasi ako ng rights sa isang subdivision and nagkasundo kami nong seller na ako na ang magtutuloy ng pagbabayad niya sa PAG-IBIG using his name. Mayron kaming Deed of Sale of Assumption of Mortgage na notarized pero di pa namin ipinapaalam sa PAG-IBIG na iba na ang may ari nong bahay at lupa. Then, dahil nga sa di ko pa tapos bayaran ang mortgage at di ko pa nakukuha ang titulo sa PAG-IBIG, di ko pa rin mabayaran ang Capital Gains kahit na mayron na kaming Deed of Sale..

Ano kaya ang magiging capital gains ko niyan kung sakali. (Nagkasundo kami nong seller na ako na ang magbayad ng capital gains)



a piece of advise: alanganin ka sa transaction mo with the seller!! Before you concern yourself with the payment of taxes, try to convince the seller to transfer the property in your name. mahirap kasi nian sa pangalan pa rin nia property, anytime, pwede nia ibenta e2. if you are not a member of pag-ibig, you can take out the loan yourself or you can apply with a bank to take out the loan for you. in that case, you can have the title registered in your name.

That being said and to answer your question, the capital gains tax you have to pay with the BIR is 6% of the selling price or the fair market value and or the zonal value of the property computed from the date of your Deed of Sale with assumption of mortgage.

How will you determine the applicable value: the selling price is based on the deed of sale, in your case, it will be the cash consideration plus the amount of mortgage you assumed.

Fair market value is based on the tax declaration, while the zonal value is based on the value assessed or assigned by the BIR of the place where your property is located. whichever is the highest figure that will be used in computing for the capital gains tax of 6%. Aside from the capital gains tax, meron ding 1.5% na documentary stamp tax.

Your problem would be, by the time that you will pay the aforementioned taxes, the BIR will already charge you with interest, surcharges and penalty (in addition to the 7.5% you have to pay) kasi overdue na yung taxes. deadline in paying for the capital gains tax is at least 1 month from the date of the sale, while for the doc stamps, 5th day of the following month. kaya habang pinapatagal mo pagbabayad, mas lumalaki taxes not unless both of you would execute a new deed of sale.

#20 rich_girl

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Posted 20 August 2007 - 02:42 PM

i don't know where to post this..

ano po bang ibigsabihin pag my binebentang bahay at lupa pero rights lang daw? ano yung rights lang? i hope someone can explain.. thanks!

kasi parang government property po yata yun.

Edited by rich_girl, 20 August 2007 - 02:44 PM.





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