The Legal Side of Real Estate

[brian croser]

HELP!

 

My aunt and uncle are American citizens .... they claim that former Filipino citizens who decide to retire as balikbayans in the Philippines can now buy real estate in their own names here ... they are about to make a substantial downpayment on a house and lot in Tagaytay where they plan to retire next year. Just to make sure they are not being duped, can anyone please advise on the following:

 

1. Is it true that ex-Filipinos who will retire in the Philippines can now buy real estate in their own names here?

 

2. Are there any particular requirements (retiring balikbayan registration, etc.) they need to do before acquiring property here?

 

 

Thanks!

[wizard23]

as far as i can remember, there is a law called balikbayan law. under the balikbayan law, ex-Filipinos can buy properties/land here in their names. they just have to execute an affidavit stating that they are buying this particular property and to comply with the balikbayan law, they will reside in the Philippines within 2 years from date of purchase.

[ela_bat]

Your aunt can also apply for a Philippine passport ( dual citizenship). With the Philippine passport she and her husband can validly own the land being purchased.

 

Or, go to a trusted lawyer, incorporate a corporation with 40% being owned by your aunt and uncle, 60% owned by the lawyers or trusted Filipino friends or relatives. Let the corporation buy the land. For your aunt's protection, have the lawyers, friends or relatives execute a deed of assignment for the 60 % shares of stock

[ela_bat]

baka ang court records ay na wala or nasunog in which case kailangan i reconstruct ang papers ng case mo

[jbcast86]

Mga Sir,

 

Magtatanong ho ulit...

 

a certain piece of property (333 m2) with improvements in QC is up for sale, the TCT is under the name of the seller, a agreement was made between the seller and the buyer that;

 

1. to subdivide the property into 2

 

200 m2 will be sold to the buyer (this where the old house is located)

133 m2 will be retained by the seller

 

My question is;

 

a. When the TCT is sent to BIR/RD to be subdivided. Is it posible to transfer the 200 m2 directly to the buyer?

Initial information that was obtained says that the seller have to applied for subdivision of lot and the title of 2 lot

(200 and 133) will be under his name. tsaka pa lang pwedeng i transfer yung 200 m2 sa buyer.

 

b. If direct transfer is posible, ano po ang procedure, (deed of sale, cgt, lot plan, etc) tsaka gaano kaya katagal aabutin

ang processing.

 

c. If direct transfer is NOT posible, ano po ang procedure, (deed of sale, cgt, lot plan, etc) tsaka gaano kaya katagal aabutin ang processing.

 

sana po masagot, importante lang.....Thanks in advance

[brian croser]

Thanks wizard and ela bat for your replies!

[ela_bat]

sir with all due respect I think your question is better answered by your lawyer. I think sir your lawyer is more that competent to answer your question and take care of your rights

[redax]

Mga Sir,

 

Magtatanong ho ulit...

 

a certain piece of property (333 m2) with improvements in QC is up for sale, the TCT is under the name of the seller, a agreement was made between the seller and the buyer that;

 

1. to subdivide the property into 2

 

200 m2 will be sold to the buyer (this where the old house is located)

133 m2 will be retained by the seller

 

My question is;

 

a. When the TCT is sent to BIR/RD to be subdivided. Is it posible to transfer the 200 m2 directly to the buyer?

Initial information that was obtained says that the seller have to applied for subdivision of lot and the title of 2 lot

(200 and 133) will be under his name. tsaka pa lang pwedeng i transfer yung 200 m2 sa buyer.

 

b. If direct transfer is posible, ano po ang procedure, (deed of sale, cgt, lot plan, etc) tsaka gaano kaya katagal aabutin

ang processing.

 

c. If direct transfer is NOT posible, ano po ang procedure, (deed of sale, cgt, lot plan, etc) tsaka gaano kaya katagal aabutin ang processing.

 

sana po masagot, importante lang.....Thanks in advance

 

It would be easier for you if you have the seller subdivide the title to the property first, that way, all you would have to do is get the title to the lot you are buying and the deed of sale upon payment of the sale price. Then you proceed with the necessary steps to change the title to your name which if you backread, has already been presented here.

[jbcast86]

my mistake, maybe i should have re-phrase my question..

 

Magtatanong ho ulit...

 

a certain piece of property (333 m2) with improvements in QC is up for sale, the TCT is under the name of the seller, a agreement was made between the seller and the buyer to do the following;

 

1. to subdivide the property into 2 (meaning 2 TCT ang lalabas)

 

200 m2 will be sold to the buyer (this where the old house is located)

133 m2 will be retained by the seller

 

2. after lumabas yung 2 TCT, tsaka pa lang i pa process yung transfer ng 200 m2 sa pangalan ng buyer.

 

My question is;

 

a. When the TCT is sent to BIR/RD to be subdivided. Is it posible to transfer the 200 m2 directly to the buyer?

Initial information that was obtained says that the seller have to applied for subdivision of lot and the title of 2 lot

(200 and 133) will be under his name. tsaka pa lang pwedeng i transfer yung 200 m2 sa buyer (tama ho ba?).

 

b. Is direct transfer is posible during the course of sub-dividing the lot, ano po ang procedure, (deed of sale, cgt, lot plan,

etc) tsaka gaano ho kaya katagal aabutin ang processing?

The buyer dont have the luxury of time in waiting for the lot to be subdivided into 2 TCT under seller's name, and then

process it again para ma transfer sa pangalan ng buyer yung 200 m2

 

sana po masagot, importante lang.....Thanks in advance

[pol22366]

wla na ung lawyer eh di nanamin kuknin.please help lang kahit guide as to what is next.

 

Hello.

 

If you're going to replace your lawyer, you have the right to get all the files in his possession so that you can give it to your new lawyer who will have to reconstruct the Court records...However, your present lawyer has the right to retain the files if you have not yet settled all your fees, reimbursements, etc. with him.

 

My suggestion is that you communicate with your present lawyer first and get your files, before moving on.

[cirrus2007]

I had acquired a townhouse unit on year 2000 and fully paid on year 2006; I have already cleared paying the real property tax with our municipal up to this year 2008. According to NHMFC, there is a 12,000 VAT I need to pay; is this the CGT?

[cirrus2007]

Another case, amigos!

I had acquired a parcel lot in Mindanao last year (August 2007). Received the Deed of Sale with notarial; paid 83% of agreed price; will pay the balance upon receipt of the title. But to this date, I have not received the title. I doubt the seller could return my money if I decided to cancel the deed of sale (is cancellation possible?). Do you have remedy or recommended action items I could take to push the seller to give me the TCT? or is this (titling) my responsibility?

[ela_bat]

The first thing you should do is have the deed annotated (adverse claim) with the registry of deeds or the city/municipal assessor so that third parties can be notified of such deed of sale. Second, send a demand letter to the seller. If he still refuse to give you the title (TCT) you have no other recourse but to file a case against the seller for specific performance, asking him to fulfill his obligation in the deed of sale plus damages.

[cirrus2007]

The first thing you should do is have the deed annotated (adverse claim) with the registry of deeds or the city/municipal assessor so that third parties can be notified of such deed of sale. Second, send a demand letter to the seller. If he still refuse to give you the title (TCT) you have no other recourse but to file a case against the seller for specific performance, asking him to fulfill his obligation in the deed of sale plus damages.

 

Thanks for the reply, bro!

Clarification pls on annotating the deed of sale; is this a must for a Deed of Sale?

Regarding the TCT, am afraid or I doubt if the TCT is availalbe; I think the lot is due for registration, that's why I hold paying the whole price. What's my recourse on this case?

Thanks again!

God-speed!

[ela_bat]

Thanks for the reply, bro!

Clarification pls on annotating the deed of sale; is this a must for a Deed of Sale?

Regarding the TCT, am afraid or I doubt if the TCT is availalbe; I think the lot is due for registration, that's why I hold paying the whole price. What's my recourse on this case?

Thanks again!

God-speed!

 

 

As i said in order to protect your right against third party have the deed annotated. This will be a warning to all potential buyers that there is a existing deed of sale with respect to the said land. Now with respect to the tct, i can not understand what you are saying. Are you saying that you bought a land that is only evidenced by a tax declaration or is the tct loss?