The Legal Side of Real Estate

[adelphi]

How much money do you guys recommend to get into real estate?

[jbcast86]

Sir,

 

If i may ask, is there such a law in existence that prescribe a "certain time frame" for the owner to vacate his property after he receive full payment?

 

Thanks in advance

[pol22366]

Sir,

 

If i may ask, is there such a law in existence that prescribe a "certain time frame" for the owner to vacate his property after he receive full payment?

 

Thanks in advance

 

There is no such time frame, it depends on your agreement.

[azayco]

^^

 

Let me add that, ordinarily, after full payment, the buyer is entitled to possession of the property. An exception is where the buyer and seller agree to extend the seller's possession of the property.

[Bad_Wolf]

depends on what type of real estate business you want to get into. there are a lot of specializations as far as real estate business is concerned. You can be a real estate dealer (subdivision, condo, townhouse, etc. unit development or buy & sell), wherein you may money from the proceeds from the sale or lease of real estate units. This entails large amounts of money as land, construction/development costs are quite high. You can also be a service provider (broker, agent, etc.), not much money involved here but as with any profession this requires a lot of know-how, background knowledge, experience, people skills,etc.

 

How much money do you guys recommend to get into real estate?

[jose22]

Hello,

 

Need advise on Real Property Taxes for LGU.

QC Hall is sending me a bill for back taxes on real property since 1991. This contains all the back taxes for a building

for the past 17years or so.

The taxes for the land was paid but the improvements was not.

 

I know that the LGU Code places a limit on the number of years that may be collected - 5 years only for all taxes and penalties.

And 10 years in cases of fraud.

 

When I mentioned this to the City Assessor, they dismissed this saying that all taxe must be paid.

 

Is this correct? Prescription periods are valid even in Local Property Taxes right?

 

Thank you.

[azayco]

Correct. Generally, five years for back taxes and ten years for cases where fraud is present. The 10 year period is reckoned from the date of discovery of the fraud.

 

 

If the building has not been previously declared for assessment and is being declared for the first time, it is 10 years back. I think the assessor's office is referring to this as the basis.

[jose22]

azayco,

 

thanks for the reply.

 

10 years from the discovery of the fraud?

 

unfortunately, the building (townhouse lang talaga) was used by my father who past away recently. we do not know anything regarding his affairs regarding taxes and his business. We were only sent a notice for payment recently after his demised. We searched his records and the city assessors records and found out that there is a tax dec for the building. It was filed in qc but it was not paid.

 

Since the notice was sent recently, does it mean the 10 years starts from 1998?

Edited September 12, 2008 by jose22

[moed]

Unfortunately even if you are correct that the right to collect back taxes applies only to the past 5 years, city hall is a formidable opponent when it comes to collecting taxes. They will probably threaten to levy the real property if you don't pay the taxes.

If you are serious in contesting the assessment, take note that you only have 60 days from receipt of the notice of assessment to file a written protest with the local treasurer contesting the assessment. After this period it will be final and executory. If protest is denied, you have 30 days to appeal the denial of the protest with the court. If no reply is made to protest, you should file appeal within the 60 day period from receipt of the notice of assessment.

[Silver Bullet]

May I have your opinion on this matter real estate brokers and landlords, I have a unit for lease and a broker introduced me to her prospective tenant a year ago, the tenant rented my unit and a 1month rent commission was paid to the broker. 10 months into the contract I asked the tenant if she plans to renew the lease or not, so I have ample time to look for a replacement so as to minimize vacancy. The tenant said to me that she intends to renew the lease provided that I don't increase and since she is accustomed to my policy that in case she has a delay in payment I don't charge penalty. So I made a contract and went to her office and signed. Here comes the broker asking the tenant if she will renew the lease or if not she will look for a new tenant, my question is am I obligated to give a commission to the broker for the renewal of the lease? what is the normal or standard procedure in this scenario? Thanks in advance for the comments.

[wizard23]

May I have your opinion on this matter real estate brokers and landlords, I have a unit for lease and a broker introduced me to her prospective tenant a year ago, the tenant rented my unit and a 1month rent commission was paid to the broker. 10 months into the contract I asked the tenant if she plans to renew the lease or not, so I have ample time to look for a replacement so as to minimize vacancy. The tenant said to me that she intends to renew the lease provided that I don't increase and since she is accustomed to my policy that in case she has a delay in payment I don't charge penalty. So I made a contract and went to her office and signed. Here comes the broker asking the tenant if she will renew the lease or if not she will look for a new tenant, my question is am I obligated to give a commission to the broker for the renewal of the lease? what is the normal or standard procedure in this scenario? Thanks in advance for the comments.

 

 

Hi. I am a licensed broker and i'm engaged in the rental business also.

 

although this is a gray area for me. here's my opinion. if you don't have a contract between you and the broker stipulating that the broker gets commission for 1st time successful referrals as tenants, and commissions for renewals of lease for the same tenant, then you are not obliged to pay the broker even if he/she was the one who gave you that tenant. after all, you already paid that broker due him/her when his/her first referral was successful. commissions are given per transaction and not tied up to renewals i think, unless specified in an earlier agreement between the lessor and the broker.

[wizard23]

anyone into cep seminars? i'm looking to renew my cep and i read an ad over the weekend. price for the cep seminar for one day is P4,500. ganun na ba kamahal? or anyone who could recommend a cep seminar in the near future that charges a lower fee? thanks for the inputs.

[Silver Bullet]

Hi. I am a licensed broker and i'm engaged in the rental business also.

 

although this is a gray area for me. here's my opinion. if you don't have a contract between you and the broker stipulating that the broker gets commission for 1st time successful referrals as tenants, and commissions for renewals of lease for the same tenant, then you are not obliged to pay the broker even if he/she was the one who gave you that tenant. after all, you already paid that broker due him/her when his/her first referral was successful. commissions are given per transaction and not tied up to renewals i think, unless specified in an earlier agreement between the lessor and the broker.

 

 

Thanks wizard23 for your insights, I didn't sign an agreement just a verbal agreement with the broker, for the initial referral, we didn't have any agreement for the renewal.

[mr.bukol]

hi , we have a problem in our lot , our lot has a 2 houses na , its titled , somebody built a house on our lot in la union , any advice on how or what to do ? thanks

[Dr_PepPeR]

hi , we have a problem in our lot , our lot has a 2 houses na , its titled , somebody built a house on our lot in la union , any advice on how or what to do ? thanks

 

From the way you narrated this, it looks like squatting. Now you will have to file a case for eviction.