The Legal Side of Real Estate

[baduyboy07]

thanks for the reply sir. but the kasama is the one pushing for the sale of the property cause they dont want to till the land anymore since this is not an irrigated land and with the worsening drought year after year, the copy yield is decreasing by the year. so they found a buyer of the land and is pushing for it. now, we have already informed them the amount we are going to give them. but i want to know if they have the right to ask for an amount more than what we are willing to give.. thanks again

[TheSmilingBandit]

The property is yours, you can give whatever percentage you feel like giving them. Just get a written agreement from them agreeing that they are no longer interested in tilling the land.

[rocco69]

siya pala ang me gusto eh. basta ba pumayag siya sa amount na ino-offer nyo, OK na yun, just follow the advice of smiling bandit as to the written agreement.

 

thanks for the reply sir. but the kasama is the one pushing for the sale of the property cause they dont want to till the land anymore since this is not an irrigated land and with the worsening drought year after year, the copy yield is decreasing by the year. so they found a buyer of the land and is pushing for it. now, we have already informed them the amount we are going to give them. but i want to know if they have the right to ask for an amount more than what we are willing to give.. thanks again

[baduyboy07]

thanks for the advice guys..

[Arneeious]

My grandmother is planning to transfer the title of her property from her name to me. What's the best way to do this so that we won't have to pay too much taxes? Donation? Last Will and Testament? Etc.

[Dr_PepPeR]

My grandmother is planning to transfer the title of her property from her name to me. What's the best way to do this so that we won't have to pay too much taxes? Donation? Last Will and Testament? Etc.

 

Deed of Sale - you will pay 6% Capital Gains Tax and 1.5% Documentary Stamp Tax.

[TheSmilingBandit]

Deed of Sale - you will pay 6% Capital Gains Tax and 1.5% Documentary Stamp Tax.

 

Indubitably so, the laird and maester of all things female is right, that is generally the cheapest way to transfer the property.

[redax]

Indubitably so, the laird and maester of all things female is right, that is generally the cheapest way to transfer the property.

This is assuming that the property is a capital asset. If the property is an ordinary asset, it would be more complicated.

[rocco69]

Kung ordinary asset yan, ibig sabihin negosyo niya ang magbenta ng lupa. hindi na yan magtatanong dito at siguradong alam na niya ang pasikot-sikot sa real estate business. anyway, mukhang capital asset lang ito dahil lola niya ang gustong magtransfer ng property.

 

This is assuming that the property is a capital asset. If the property is an ordinary asset, it would be more complicated.

[moed]

Kung ordinary asset yan, ibig sabihin negosyo niya ang magbenta ng lupa. hindi na yan magtatanong dito at siguradong alam na niya ang pasikot-sikot sa real estate business. anyway, mukhang capital asset lang ito dahil lola niya ang gustong magtransfer ng property.

 

Not necessarily. Wealthy people have properties which they rent out, be it retail commercial spaces or extra residential houses, apartments or condos.

Edited April 22, 2010 by moed

[TheSmilingBandit]

Good point, however based on his post that its his grandmother's property, odds are its a personal property, thus a capital asset. However, you are right in that if its an ordinary asset they'd have to pay 12%VAT and 6%CWT in addition to the 1.5%DST.

[redax]

Good point, however based on his post that its his grandmother's property, odds are its a personal property, thus a capital asset. However, you are right in that if its an ordinary asset they'd have to pay 12%VAT and 6%CWT in addition to the 1.5%DST.

The biggest factor here is that if it is an ordinary asset and the grandmother makes it appear that she sold the property to her grandson, it will be considered ordinary income which would be subject to the individual income tax rates which goes as high as 34%. Most sellers of ordinary asset usually retire the property from trade or business for 2 years before they sell it so it could be converted to a capital asset.

[redax]

The biggest factor here is that if it is an ordinary asset and the grandmother makes it appear that she sold the property to her grandson, it will be considered ordinary income which would be subject to the individual income tax rates which goes as high as 34%. Most sellers of ordinary asset usually retire the property from trade or business for 2 years before they sell it so it could be converted to a capital asset.

Correction, individual income tax rates goes as high as 32% not 34%.

[Ninong2]

mga sirs, can anybody help me, i bought a condo unit, thru pag-ibig, however, the area is much smaller compare to the model that the developer shown to me. the bad thing, that my pag-ibig loan is already taken out by the developer and still i not move in because i did not accept the condo unit. i already filed a complaint with hlurb and pag-ibig. what else the other legal step that i need to take... thanks po...

[moed]

mga sirs, can anybody help me, i bought a condo unit, thru pag-ibig, however, the area is much smaller compare to the model that the developer shown to me. the bad thing, that my pag-ibig loan is already taken out by the developer and still i not move in because i did not accept the condo unit. i already filed a complaint with hlurb and pag-ibig. what else the other legal step that i need to take... thanks po...

 

How about the size of the unit as stated in the contract to sell, is it the size of the unit being delivered to you?