The Legal Side of Real Estate

[checkline_princess]

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THANK U!

[erick_dcruz]

Hi Team,

 

I need your help,,may question lang ako pag dating sa pag-papagawa ng Bahay....kc meron kming loteng nabili d2 sa QC banda....then balak na namin patayuan ng bahay.....ano ano ba ang mga requirements na kelangan namin before mag patayo ng bahay,,saka pag dating sa building permit mga mag kano kya ang magagastos namin.....?

 

 

Another question...

 

 

Isa pa may nabili kming lote jan sa may bandang bulacan total of 150 square meter na with total amount of more or less 600k ...then nkapag hulog na kmi ng mga 100k then kaso prang gusto na namin i-atras ang pag huhulog kc prang hindi na nmin kayang bayaran kc mga more or less 15k sya per month.....may chance pa ba kmi na ma-i-refund yung na ihulog namin na 100k?

 

 

Mga kapatid please give me some idea nman.....HELP nman po...please....

 

wait ko nlang mga reply nyo ha.....

 

 

 

Advance thanks for your help.............

[azayco]

Hi Team,

 

I need your help,,may question lang ako pag dating sa pag-papagawa ng Bahay....kc meron kming loteng nabili d2 sa QC banda....then balak na namin patayuan ng bahay.....ano ano ba ang mga requirements na kelangan namin before mag patayo ng bahay,,saka pag dating sa building permit mga mag kano kya ang magagastos namin.....?

 

 

Another question...

 

 

Isa pa may nabili kming lote jan sa may bandang bulacan total of 150 square meter na with total amount of more or less 600k ...then nkapag hulog na kmi ng mga 100k then kaso prang gusto na namin i-atras ang pag huhulog kc prang hindi na nmin kayang bayaran kc mga more or less 15k sya per month.....may chance pa ba kmi na ma-i-refund yung na ihulog namin na 100k?

 

 

Mga kapatid please give me some idea nman.....HELP nman po...please....

 

wait ko nlang mga reply nyo ha.....

 

 

 

Advance thanks for your help.............

 

1. I am not too familiar with the requirements and costs of a building permit. It is best to go to your city or municipal hall. They should have a checklist for this.

 

2. See my earlier post. It is also applicable to you.

 

My earlier post

[Queen Darkeinjel]

Sirs and Ma'ams:

 

I have a question po regarding the house we bought from a developer RFO na yung house and we bought it 2 years ago...

 

1. We found out about 1yr ago that the house is still under the name of the previous buyer (pag-ibig) letters still keep coming to our house. What can we do about this?

 

2. We applied for the pag-ibig loan the same time that we bought the house, but the developer did not inform us that the loan was denied (2006) simply because the Pagibig payments (for 2 years) is inconsistent, they just informed us last August since that was the last of the PDCs. What should we do?

 

TIA

[play_boi]

good eveningmay tanung lang po sana ako tunkol sa case ng pinsan ko. may na bili po kasi sya na lot ang owner ay isang 50yo na babae may 2 anak na nakalagay ay guardian po sya. na bili nila yung lot 90's pa nung binenta sa pinsan ko minor pa yung isa sa dalwang bata. bale ang nakalagay po sa title ay"name ng owner at guradian ni ##### & #####"

 

nung mag ttransfer po kami sinabi sa LRA na kailangan ng court order dahil minor yung isa at sa law hindi dapat mag benta ng property ang minor.. the fact na wala naman capabilty bumili ang minor ng lot, ang owner ay ang nanay padin so bakit pa po kailangan ng court order. anyway dapat po ba talaga ang court order para ma tapos na ang pag transfer? ang isa pa po kasing probelm eh kailangan madala ng pinsan ko ang title bago matapos ang buwan pero mukhang matatagalan dahil sa court order! ano po ba ang solusyon sa probelm na ito? at baka naman po may kilala kayo sa LRA na pwede makatulong..

 

maraming salamat po

[Dr_PepPeR]

Sirs and Ma'ams:

 

I have a question po regarding the house we bought from a developer RFO na yung house and we bought it 2 years ago...

 

1. We found out about 1yr ago that the house is still under the name of the previous buyer (pag-ibig) letters still keep coming to our house. What can we do about this?

 

2. We applied for the pag-ibig loan the same time that we bought the house, but the developer did not inform us that the loan was denied (2006) simply because the Pagibig payments (for 2 years) is inconsistent, they just informed us last August since that was the last of the PDCs. What should we do?

 

TIA

 

It's possible that the house and lot you bought was a cancelled contract due to non-payment so it may be in the name of the former buyer. Are you saying that the title is in the name of Pag-ibig? In any case, developers do not usually transfer the title until full payment of the property. As to your second query, I'm not too sure about the policy for Pag-ibig loans but Pag-ibig will usually pay in lump sum to the developer when the title is transferred to the buyer's name. Maybe the best thing is to write the developer about the status of the property you bought so they will be forced to answer you in black and white what exactly are the issues concerning your property.

 

good eveningmay tanung lang po sana ako tunkol sa case ng pinsan ko. may na bili po kasi sya na lot ang owner ay isang 50yo na babae may 2 anak na nakalagay ay guardian po sya. na bili nila yung lot 90's pa nung binenta sa pinsan ko minor pa yung isa sa dalwang bata. bale ang nakalagay po sa title ay"name ng owner at guradian ni ##### & #####"

 

nung mag ttransfer po kami sinabi sa LRA na kailangan ng court order dahil minor yung isa at sa law hindi dapat mag benta ng property ang minor.. the fact na wala naman capabilty bumili ang minor ng lot, ang owner ay ang nanay padin so bakit pa po kailangan ng court order. anyway dapat po ba talaga ang court order para ma tapos na ang pag transfer? ang isa pa po kasing probelm eh kailangan madala ng pinsan ko ang title bago matapos ang buwan pero mukhang matatagalan dahil sa court order! ano po ba ang solusyon sa probelm na ito? at baka naman po may kilala kayo sa LRA na pwede makatulong..

 

maraming salamat po

 

If you bought property that is still in the name of the minor children, the Register of Deeds will require documentation that the minors are of legal age or that the sale was done by the guardian with the approval of the court. That's just the way guardianship works since all acts of dominium made by the guardian are subject to court approval.

Edited November 18, 2008 by Dr_PepPeR

[play_boi]

thanks dr pepper! i guess the really want a court order for that matter. hhaaiiizzz how long is it to apply for a court order?

[johnlove]

Re: transfer of land & house ownership thru donation vs deed of sale, what are the pros & cons? Thank you.

[Dr_PepPeR]

Re: transfer of land & house ownership thru donation vs deed of sale, what are the pros & cons? Thank you.

 

Donation - You pay donor's tax which is a graduated tax based on the value of the property donated. So the higher the value, the higher the tax which can go as high as 30%. Then you pay the usual transfer tax/registration fees. Look up the National Internal Revenue Code for the applicable donor's tax.

 

Sale - You pay capital gains tax of 6% plus 1.5% documentary stamp taxes (or a total of 7.5%) of the value and the usual transfer tax/registration fees.

 

IMHO, it's cheaper to the individual if it's via Deed of Sale.

[azayco]

Re: transfer of land & house ownership thru donation vs deed of sale, what are the pros & cons? Thank you.

 

Sale - I agree with Dr Pepper. Capital gains tax will be 6% of the higher of gross selling price or zonal value. If the house and lot you are selling is your principal residence, the sale may be exempt if you plan to use the proceeds of the sale to buy a new principal residence within 18 months. Documentary stamp tax will be 1.5% of the higher of gross selling price or zonal value.

 

Donation - It is better to donate if the fair market value of the house and lot is less than P1.8 million (At P1.8 million, the rate of capital gains and donor's tax are the same - 6%).

[pol22366]

Sirs and Ma'ams:

 

I have a question po regarding the house we bought from a developer RFO na yung house and we bought it 2 years ago...

 

1. We found out about 1yr ago that the house is still under the name of the previous buyer (pag-ibig) letters still keep coming to our house. What can we do about this?

 

2. We applied for the pag-ibig loan the same time that we bought the house, but the developer did not inform us that the loan was denied (2006) simply because the Pagibig payments (for 2 years) is inconsistent, they just informed us last August since that was the last of the PDCs. What should we do?

 

TIA

 

There are certain things that you need to clarify in order to get a full grasp of you situation and thereafter react.

 

First. Ask from the developer or from pag-ibig why is it that the house (and lot) is still in the name of the previous owner.

 

Second. Ask the develloper or pag-ibig what happened to the payments through PDCs???

 

Third. Ask from pag-ibig is you can re-apply for your loan and/or restructure your previous one.

 

It would be also prudent to ask the developer to certify that you are the current legitimate/recognized possessor of the property.

Edited November 24, 2008 by pol22366

[johnlove]

Thank you Dr. Pepper & azayco.

[teban]

Hi po I would like to ask for your knowledge on our property. My father just passed away last tuesday, we have two properties one which has been declared to my mom but has declared married to my father i.e ( Mother, of legal age, Filipino, married to Father). Now we would like to know if there are estate taxes that we still need to pay or process for the said titles or is it fully named under my mom so therefore the death of my dad does not have any impact to how we process the properties?

 

I would also like to ask kung nagpapagawa ba ng building may name din yung building owner parang sa lot? Kasi yung isang building dad ko nagpagawa so we are still looking for the docs and we assume that if there is a name it would be his.

 

Thanks po!

[rocco69]

dahil ang description ng property ay "Mother, of legal age, Filipino, married to Father", mas malamang sa hindi, ito ay na-acquire ng sila ay mag-asawa na. Kaya mas malamang sa hindi, ito ay conjugal property (pag-aari nilang pareho). Kung ganun, 1/2 nito ay pag-aari ng namatay nyong father. Yung parte niyang ito ay subject to estate tax. Kaya lang kasi, mas maganda na kumunsulta kayo sa abugado kasi may posibilidad din na di ito conjugal property.

 

Yung sa building naman, ang general rule, kung sino ang me-ari ng lupa ay siya ring may-ari ng building. Tapos, walang separate title para sa building.

 

 

 

Hi po I would like to ask for your knowledge on our property. My father just passed away last tuesday, we have two properties one which has been declared to my mom but has declared married to my father i.e ( Mother, of legal age, Filipino, married to Father). Now we would like to know if there are estate taxes that we still need to pay or process for the said titles or is it fully named under my mom so therefore the death of my dad does not have any impact to how we process the properties?

 

I would also like to ask kung nagpapagawa ba ng building may name din yung building owner parang sa lot? Kasi yung isang building dad ko nagpagawa so we are still looking for the docs and we assume that if there is a name it would be his.

 

Thanks po!

[rocco69]

dahil ang description ng property ay "Mother, of legal age, Filipino, married to Father", mas malamang sa hindi, ito ay na-acquire ng sila ay mag-asawa na. Kaya mas malamang sa hindi, ito ay conjugal property (pag-aari nilang pareho). Kung ganun, 1/2 nito ay pag-aari ng namatay nyong father. Yung parte niyang ito ay subject to estate tax. Kaya lang kasi, mas maganda na kumunsulta kayo sa abugado kasi may posibilidad din na di ito conjugal property.

 

Yung sa building naman, ang general rule, kung sino ang me-ari ng lupa ay siya ring may-ari ng building. Tapos, walang separate title para sa building.

 

 

 

Hi po I would like to ask for your knowledge on our property. My father just passed away last tuesday, we have two properties one which has been declared to my mom but has declared married to my father i.e ( Mother, of legal age, Filipino, married to Father). Now we would like to know if there are estate taxes that we still need to pay or process for the said titles or is it fully named under my mom so therefore the death of my dad does not have any impact to how we process the properties?

 

I would also like to ask kung nagpapagawa ba ng building may name din yung building owner parang sa lot? Kasi yung isang building dad ko nagpagawa so we are still looking for the docs and we assume that if there is a name it would be his.

 

Thanks po!

[skyscraper]

Thanks for all the inputs. I just got my new TCT yesterday. Most of the answers to queries here are correct. Thanks for the lawyer members we have. :thumbsupsmiley:

 

Sale - I agree with Dr Pepper. Capital gains tax will be 6% of the higher of gross selling price or zonal value. If the house and lot you are selling is your principal residence, the sale may be exempt if you plan to use the proceeds of the sale to buy a new principal residence within 18 months. Documentary stamp tax will be 1.5% of the higher of gross selling price or zonal value.

 

Donation - It is better to donate if the fair market value of the house and lot is less than P1.8 million (At P1.8 million, the rate of capital gains and donor's tax are the same - 6%).

[teban]

thanks po sir rocco. Ask ko lang din po if such is the case it means na 50% lang dapat yung taxable right? how much po ba ang estate tax? and saan po ito nababase?

 

If in case hindi pa naman ililipat yung name ng mom ko out of the title so wala kaming babayaran na tax tama?

 

thanks po!

[burnik20]

i find this thread very interesting, helpful and informative. my question: i've read in the earlier posts that a person can avoid paying the capital gains tax if he intends to buy another property from the proceeds of the sale, provided the new property to be bought is not of lesser value to the property sold; if this is the case, how many times can a person do this in his lifetime, are there any restrictions? where can i look up this particular rule for reference? thanks in advance.

[rocco69]

1. if such is the case [does] it mean na 50% lang dapat yung taxable right?

 

ang taxable ay ang ari-arian na naiwan ng father mo. Ang sabi mo, there are two properties. Sino ang may-ari nung isa pa?

 

Now, kung ang naiwan na ari-arian ng father mo ay ang 1/2 share niya dun sa lupa na naka-title sa mother mo, yun lang ang taxable.

 

2. how much po ba ang estate tax?

 

ang rate ay:

P200T - P550T - 15% of excess over P200T

P500T - P2M - P15,000 + 8% of excess over 500T

P2M - P5M - P135,000 + 11% of excess over P2M

P5M - P10M - P465,000 + 15% of excess over P5M

P10M and over - P1,215,000 + 20% in excess of P10M

 

3. saan po ito nababase?

 

generally, sa halaga ng lahat na naiwang ari-arian ng pumanaw. although merong mga gastusin na pwedeng i-deduct sa taxable amount (tulad ng halaga ng bahay na pag-aari at tinitirhan ng mag-asawa, up to P1M deductible; yung ginastos sa huling sakit pero di lalampas ng P500T; gastos sa pagpapalibing pero di lalampas ng P200T, etc.)

 

4. If in case hindi pa naman ililipat yung name ng mom ko out of the title so wala kaming babayaran na tax tama?

 

yung tax ay kailangang bayaran sa loob ng anim (6) na buwan mula ng mamatay ang ama ninyo, otherwise tatakbo na ang interest at penalty charges.

 

again, dahil medyo masalimuot ang ganitong bagay-bagay, mas maganda na kumunsulta kayo sa abugado, or at the very least, sa isang CPA.

 

thanks po sir rocco. Ask ko lang din po if such is the case it means na 50% lang dapat yung taxable right? how much po ba ang estate tax? and saan po ito nababase?

 

If in case hindi pa naman ililipat yung name ng mom ko out of the title so wala kaming babayaran na tax tama?

 

thanks po!

[rocco69]

1. if this is the case, how many times can a person do this in his lifetime, are there any restrictions?

 

Ito ay nasa Tax Code, specifically Section 24D(2) na nagsasabi na:

 

(D) Capital Gains from Sale of Real Property. -

 

(1) In General. - The provisions of Section 39( notwithstanding, a final tax of six percent (6%) based on the gross selling price or current fair market value as determined in accordance with Section 6(E) of this Code, whichever is higher, is hereby imposed upon capital gains presumed to have been realized from the sale, exchange, or other disposition of real property located in the Philippines, classified as capital assets, including pacto de retro sales and other forms of conditional sales, by individuals, including estates and trusts: Provided, That the tax liability, if any, on gains from sales or other dispositions of real property to the government or any of its political subdivisions or agencies or to government-owned or controlled corporations shall be determined either under Section 24 (A) or under this Subsection, at the option of the taxpayer.

 

(2) Exception. - The provisions of paragraph (1) of this Subsection to the contrary notwithstanding, capital gains presumed to have been realized from the sale or disposition of their principal residence by natural persons, the proceeds of which is fully utilized in acquiring or constructing a new principal residence within eighteen (18) calendar months from the date of sale or disposition, shall be exempt from the capital gains tax imposed under this Subsection: Provided, That the historical cost or adjusted basis of the real property sold or disposed shall be carried over to the new principal residence built or acquired: Provided, further, That the Commissioner shall have been duly notified by the taxpayer within thirty (30) days from the date of sale or disposition through a prescribed return of his intention to avail of the tax exemption herein mentioned: Provided, still further, That the said tax exemption can only be availed of once every ten (10) years: Provided, finally, that if there is no full utilization of the proceeds of sale or disposition, the portion of the gain presumed to have been realized from the sale or disposition shall be subject to capital gains tax. For this purpose, the gross selling price or fair market value at the time of sale, whichever is higher, shall be multiplied by a fraction which the unutilized amount bears to the gross selling price in order to determine the taxable portion and the tax prescribed under paragraph (1) of this Subsection shall be imposed thereon.

 

Mula sa sumusunod, hindi dahil ipambibili mo rin ang pera na kinita mo ng ibang property ay exempted ka na. Exempted ka kung ang ibenenta mo ay ang iyong "principal residence", yung talagang tinitirhan mo o tinuturing mo na pangunahing bahay mo; pagkatapos ang perang kinita mo ay ipambibili mo rin ng titirhan mo. In other words, nagpapalit ka na tirahan kaya mo ibenenta ang luma mong bahay. Dun lang sa sitwasyon na yan exempted sa capital gains ang seller.

 

Tapos, ito ay magagawa mo lamang, once every ten years.

 

2. where can i look up this particular rule for reference?

 

see www.bir.gov.ph. tingnan mo sa "tax code" section dun

 

i find this thread very interesting, helpful and informative. my question: i've read in the earlier posts that a person can avoid paying the capital gains tax if he intends to buy another property from the proceeds of the sale, provided the new property to be bought is not of lesser value to the property sold; if this is the case, how many times can a person do this in his lifetime, are there any restrictions? where can i look up this particular rule for reference? thanks in advance.

[teban]

thanks sir rocco. Both properties are with the same title as described earlier My mom married to my dad.

 

If in case, we needed to renovate the house would there be any possibility that we can waive the estate taxes by offsetting our costs?

 

Tsaka saan po ba kami pwede humingi ng tulong na attorney or CPA yung hindi po sana costly I think this is a basic legal matter that has not much problems right?

 

 

Thanks po!

[rocco69]

1. if in case, we needed to renovate the house would there be any possibility that we can waive the estate taxes by offsetting our costs?

 

parang malabo na mai-offset niyo ang gastos nyo sa renovation, kasi fixed naman ang value nung properties, at ito yung basehan ng estate tax. Yung mga deductible, makikita nyo rin sa www.bir.gov.ph, sa tax code section, tingnan nyo sa estate tax subsection (andun yung P1M standard deduction etc.)

 

2. saan po ba kami pwede humingi ng tulong na attorney or CPA yung hindi po sana costly?

 

punta kayo sa Public Attorney's Office sa city nyo (dun kayo magtanong sa city hall kung nasaan ito, siguradong alam nila ito, or you can go to East Ave, nasa likod ng Land Registration Authority ito). pwede rin kayong pumunta sa mga legal assistance program ng mga law school (meron ang UP, San Sebastian, Arellano); o di kaya sa Integrated Bar of the Philippines.

 

thanks sir rocco. Both properties are with the same title as described earlier My mom married to my dad.

 

If in case, we needed to renovate the house would there be any possibility that we can waive the estate taxes by offsetting our costs?

 

Tsaka saan po ba kami pwede humingi ng tulong na attorney or CPA yung hindi po sana costly I think this is a basic legal matter that has not much problems right?

 

 

Thanks po!

[teban]

thanks po sir rocco

[cavs]

balak namin bumili lot sa isang subdivision, na check na namin title ok naman at nagkasundo na sa price.

ang problem nasa usa ang lalaki at ang babae lang ang kausap namin.

sa babae naman nkapangalan ang title pero since mag asawa sila, ano ba ang dapat gawin?

 

kailangan ba ng special power of attorney?

matagal daw kasi un sabi nung babae?

 

thanks! pls help...

[teban]

hi po its me again. may problem po kami ulit sa makati lot namin. Bale yung father ko nakakuha na ng occupancy permit sa makati engineering and then naipit yung papers sa engineering till now hindi pa umabot sa assessors. Yung occupancy permit po started 2003 pa. panu po ba yung ganun since dapat di ba ang babayaran namin sa real estate tax is may building na?

 

may nagsasabi kasi na walang kaso yun

may nagsasabi naman na kelangan bayaran agad kasi baka ang laki na daw ng interest

ang pananaw ko naman po ay una hindi namin kasalanan na naipit sa engineering department inaantay namin yung bagong ipapataw na tax pero wala. and then second wala na yung dad ko na sya lang nagaasikaso nun sa city hall before.

 

note: yung buuilding po pala hindi pa talaga tapos na tapos kasi dapat may additional construction na pero may tumitira na po sa 2nd floor wala pa sa first floor.

 

please advise po thanks!