The Legal Side of Real Estate

[Dr_PepPeR]

...uhm,dumb question,sire: where/how do you get a real estate agent? (..m in front of the pc most of the time too... )

 

There are no dumb questions, only dumb answers sire. You could try visiting the Real Estate Brokers Association of the Philippines (REBAP) at http://www.rebap.com.ph/ and I think they have local chapters for each area which you may wish to contact. Just a suggestion.

[julz2006]

There are no dumb questions, only dumb answers sire. You could try visiting the Real Estate Brokers Association of the Philippines (REBAP) at http://www.rebap.com.ph/ and I think they have local chapters for each area which you may wish to contact. Just a suggestion.

 

..i appreciate this a lot,dr. pepper!...ive just shot them an email.lets see what happens...later. :goatee:

[wizard23]

i have a question on secondary market transactions.

 

let's say a property was sold. and the usual arrangement is the seller takes care of the CGT which is usually 6%. i'm aware that some, if not most transactions practice this kind of scheme to lower the taxes.

 

1. seller prepares 2 deed of sale between seller and buyer. one version of deed of sale reflects the actual amount. the other version of deed of sale reflects a lower price for purposes of lowering the taxes to be paid.

 

question: do you notarize both deed of sale. or you notarize only the one that will be submitted to the appropriate agencies for purposes of paying lower taxes (and just keep the "real deed of sale" for reference only)? i know this is kinda illegal but this is a "normal procedure" in some localities.

 

Thanks for any comments, suggestions, feedback.

[Dr_PepPeR]

i have a question on secondary market transactions.

 

let's say a property was sold. and the usual arrangement is the seller takes care of the CGT which is usually 6%. i'm aware that some, if not most transactions practice this kind of scheme to lower the taxes.

 

1. seller prepares 2 deed of sale between seller and buyer. one version of deed of sale reflects the actual amount. the other version of deed of sale reflects a lower price for purposes of lowering the taxes to be paid.

 

question: do you notarize both deed of sale. or you notarize only the one that will be submitted to the appropriate agencies for purposes of paying lower taxes (and just keep the "real deed of sale" for reference only)? i know this is kinda illegal but this is a "normal procedure" in some localities.

 

Thanks for any comments, suggestions, feedback.

 

In most of the transactions I've seen, both versions of the Deed of Sale are notarized, if the notarial fee is not too steep. I think notarizing the one to be used to reflect the lower price is enough. You can't make use of the "real" Deed of Sale anyway, except for your own personal reference purposes. The danger here is if the buyer wants to rescind the sale or wants his money back, he is estopped or limited by the amount that is stated in the Deed of Sale submitted for registration with the Register of Deeds.

[wizard23]

^ thanks a lot dr. pepper. appreciate it.

[groovyjw]

There are no dumb questions, only dumb answers sire. You could try visiting the Real Estate Brokers Association of the Philippines (REBAP) at http://www.rebap.com.ph/ and I think they have local chapters for each area which you may wish to contact. Just a suggestion.

 

dr.pepper pwede din ba ko maghanap ng broker sa binigay mong website (www.rebap.com.ph) regarding the exchange of

title i was asking about...as per your advise i need to consult a broker for my case...tnx

[jbcast86]

mga bossing, tulong naman po, i have some question here;

 

FIRST SCENARIO

 

i have a property in Batangas 200m2 and it is up for sale, sa ngayon nasa inquiry stage palang kami ng prospective buyer.

 

my deal was 1.5m all in, he give me 1.5m, i give him TCT

 

 

2ND SCENARIO

 

I buy a lot in QC, 300 m2, seller opted to have the purchase price of the lot and yung tax, and other fees, is my account (baka next mont ang signing ng DEED of SALE) so next month pa ang payment on tax, etc..Seller will divide his proceeds among his brother and sister, he will also buy a property on a later date, pero mas lesser ang value kesa sa binenta nya

 

part ng payment ko for this lot would come from a bank loan

 

My Question.

 

1. can i avoid paying CGT in batangas lot and qc lot? pa explain naman kung ano gagawin ko, laki kasi ng CGT eh

 

 

I am willing to sit down and talk to somebody who can help me on this (with reasonable fee syempre at legal, ayaw ko ng illegal, dream lot ko kasi itong sa QC eh)

 

Thanks a lot

 

2.

[rocco69]

mga bossing, tulong naman po, i have some question here;

 

FIRST SCENARIO

 

i have a property in Batangas 200m2 and it is up for sale, sa ngayon nasa inquiry stage palang kami ng prospective buyer.

 

my deal was 1.5m all in, he give me 1.5m, i give him TCT

 

 

2ND SCENARIO

 

I buy a lot in QC, 300 m2, seller opted to have the purchase price of the lot and yung tax, and other fees, is my account (baka next mont ang signing ng DEED of SALE) so next month pa ang payment on tax, etc..Seller will divide his proceeds among his brother and sister, he will also buy a property on a later date, pero mas lesser ang value kesa sa binenta nya

 

part ng payment ko for this lot would come from a bank loan

 

My Question.

 

1. can i avoid paying CGT in batangas lot and qc lot? pa explain naman kung ano gagawin ko, laki kasi ng CGT eh

 

 

I am willing to sit down and talk to somebody who can help me on this (with reasonable fee syempre at legal, ayaw ko ng illegal, dream lot ko kasi itong sa QC eh)

 

Thanks a lot

 

can i avoid paying CGT in batangas lot?

 

gawin mo yung ginawa nung buyer sa 2nd Scenario mo, sabihin mo sa buyer nung Batangas lot na ang bayad sa yong 1.5M ay net. sagot niya ang ibang gastos tulad ng CGT.

 

can i avoid paying CGT on qc lot?

 

dahil pumayag ka na sagot mo yung CGT, ang option mo na lang ay pababain ang amount ng CGT na babayaran mo (lahat ng sale ng lupa [kung hindi naman negosyo ng nagbebenta ang real estate business] ay may CGT). Tingnan mo ang zonal valuation ng BIR sa lupa dun sa QC (pwede mong tingnan sa website nila, may values dun o pwede ka ring tumawag sa BIR Main mismo para magtanong ng zonal valuation nung lupa). Ang CGT kasi ay based sa "selling price, market value, or zonal valuation, whichever is higher." Ang presyo na gamitin nyo sa Deed of Sale ay ang zonal valuation (in other words, palabasin nyo na ang presyo ng bilihan ay ang zonal valuation) para yun din ang magiging basehan para sa CGT. Note that exempted ang bentahan sa CGT kung ang kita sa pinagbentahan ay gagamitin din ng nagbenta upang bumili ng bagong tirahan. Kaya kung payag ang nagbenta, mag-oopen pa kayo ng trust fund (w/ the knowledge and assistance of BIR) kung saan idedeposito ang CGT at pagkatapos, pag nakabili na ng bagong tirahan yung nagbenta, papatunayan niya sa BIR na dun nga ginamit ang pera, para ma-withdraw ang nakadeposito at maibalik sa nagbenta (and ultimately, sa iyo). Kaya lang, duda ako na papayag ang seller dito kasi hassle pa ito para sa kanya at di naman siya ang magbebenefit dito kundi ikaw.

 

Note also na dahil uutangin mo sa bangko ang perang pambayad, you have to keep the bank informed of your plans to reduce the CGT and ensure na papayag sila dito, otherwise, problema ka na naman.

[wizard23]

i have a question. not really familiar with the procedures. here goes.

 

House and lot is in Las Pinas. title is already in my sister and brother's name. but for the longest time, the tax declaration is still in my tita's name. it has been attempted to secure tax declaration in my sis and bro's name but i think those who were handling it before were given the runaround in the municipality of laspinas.

 

would like to request information about the step by step procedure how to go about processing the transfer of ownership of tax declaration, what are the docs required, fees, and what are the agencies concerned. thanks in advance.

[Dr_PepPeR]

i have a question. not really familiar with the procedures. here goes.

 

House and lot is in Las Pinas. title is already in my sister and brother's name. but for the longest time, the tax declaration is still in my tita's name. it has been attempted to secure tax declaration in my sis and bro's name but i think those who were handling it before were given the runaround in the municipality of laspinas.

 

would like to request information about the step by step procedure how to go about processing the transfer of ownership of tax declaration, what are the docs required, fees, and what are the agencies concerned. thanks in advance.

 

The change in the tax declaration should be a simple transaction. This is transacted I think in the Office of the City Assessor and you just need to bring proof that the title is already in the name of your brother and sister. Sometimes they will ask for an ocular inspection to determine if there has been any change in the improvements since the issuance of the last tax declaration. Yeah... right.

[wizard23]

The change in the tax declaration should be a simple transaction. This is transacted I think in the Office of the City Assessor and you just need to bring proof that the title is already in the name of your brother and sister. Sometimes they will ask for an ocular inspection to determine if there has been any change in the improvements since the issuance of the last tax declaration. Yeah... right.

 

 

that simple? i remember the last time my bro. in law requested for the change, they were asking for a fee something like P10,000.... geez, some people talaga... anyway, thanks dr. pepper. will just take care of it myself.

[jbcast86]

can i avoid paying CGT in batangas lot?

 

gawin mo yung ginawa nung buyer sa 2nd Scenario mo, sabihin mo sa buyer nung Batangas lot na ang bayad sa yong 1.5M ay net. sagot niya ang ibang gastos tulad ng CGT.

 

Thanks for the reply sir, but i think i cannot do that kasi i already sent out an initial info na ako ang bahala sa transfer into his name....

 

ang problema ngayon, nauna kong bilhin yung sa QC, while itong sa batangas negotiation stage pa lang, can i still avoid paying CGT here? on a premise na naka loan nga yung QC lot na binili ko, although nauna akong bumili ng lupa in qc before mabenta yung lot ko sa qc?

 

TIA

[julz2006]

very very nice dsicussion here,very informative tlaga..

 

maiba nman ng konti:

check me if im in the wrong thread,lately kasi i have this desire to venture on foreclosed properties as lively propagated by the book "Think Rich Pinoy","Grow Rich Pinoy" and Think Rich-Quick!"(authored by a guy named Larry Gamboa-the last one is by a US-based noypi)..some of you brothers may have read and/or heard about these and it's really encouraging..i think later im gonna ask some questions about this business too so im posting this now...

 

just want to see your opinion or maybe some are already doing it...also,i wanna check na pwede to dito and hindi OT..otherwise,please direct me to the right thread..

 

thanks..

Edited July 11, 2008 by julz2006

[azayco]

Julz2006

 

Special purpose vehicles have accumulated over the past 3 years a lot (read: billions) of foreclosed assets from banks. I am also aware of a clique of lawyers/brokers who actively participate in auctions in local governments. Your first step maybe is to buy newspapers and watch out for auction announcements. You can also check the websites of banks and government financial institutions.

 

Good luck!

[Dr_PepPeR]

Another way is to direct email inquiries to the acquired asset departments of banks to get a list of foreclosed properties or ROPOA. Banks are eager to dispose of these properties as maintaining them is an added expense and contribute nothing to their bottom line.