The Legal Side of Real Estate

[aris_m]

may nabasa ako na isang book about estate planning ang percentage tax based on total donations is determined for the whole amount of donation for a whole year meaning pwede pakonti konti yung donations just to be able to get to the lower tax bracket.

 

Totoo po yan...sa Pinas...100K donation 0% ang tax rate....so yearly siguro donate ka 100k...baka medyo matagal lang...

[burnik20]

masters, is there a local equivalent for the 1031 exchange in the US, wherein the capital gains tax on the sale of an investment (not principal residence) property can be deferred if the gains is used for buying another property? if so, where can i look this up for reference? thanks again!

[play_boi]

goodevening po mga real estate guru and attorneys! mag tatanung lang po sana ako regarding sa case ng kapatid ko. bale may bibilihin po sya na house and lot worth 6m ang problem po is yung owner ng property nsa canada. pinsan din po namin iniwan nya ang papeles nya sa kapatid nya at nag bigay na lang sya ng SPA para sa lahat ng transactions. wala po ba magiging problem yun maski hindi mag appear ang talagang buyer? bale ang pipirma lang ng deed of sale is yung kapatid nya na may SPA?

 

thanks

[Dr_PepPeR]

masters, is there a local equivalent for the 1031 exchange in the US, wherein the capital gains tax on the sale of an investment (not principal residence) property can be deferred if the gains is used for buying another property? if so, where can i look this up for reference? thanks again!

 

I don't know of the 1031 exchange but gains from sales from investments in stocks cannot be deferred, for other types of investments like fixed income securities there are no capital gains tax. The only deferment I know of capital gains tax is the case quoted by rocco69 which is not really a deferment but an exemption since technically you are exchanging a capital asset for another similar capital asset.

 

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

[Dr_PepPeR]

goodevening po mga real estate guru and attorneys! mag tatanung lang po sana ako regarding sa case ng kapatid ko. bale may bibilihin po sya na house and lot worth 6m ang problem po is yung owner ng property nsa canada. pinsan din po namin iniwan nya ang papeles nya sa kapatid nya at nag bigay na lang sya ng SPA para sa lahat ng transactions. wala po ba magiging problem yun maski hindi mag appear ang talagang buyer? bale ang pipirma lang ng deed of sale is yung kapatid nya na may SPA?

 

thanks

 

As long as the SPA authorizes the agent to sell that particular property and you are reasonably sure it is genuine then it should be sufficient for the transfer of the TCT.

[play_boi]

thank you so much Dr. pepper!!!!!!!!!!!!!!!

[queenamidala1972]

please check out the website of my friends www.ibpbatangas.com

[cbotc]

Good morning sirs:

 

There is a property I am intending to purchase still titled in the name of owners who are elderly spouses Mr and Mrs Santos. Mrs Santos died five years ago, her estate hasn't been extra judicially settled. They have no children.

 

Can Mr Santos sell the property to me by executing an Affidavit of Self Adjudication with an Absolute Deed of Sale for the property?

 

Thanks in advance.

[pol22366]

Good morning sirs:

 

There is a property I am intending to purchase still titled in the name of owners who are elderly spouses Mr and Mrs Santos. Mrs Santos died five years ago, her estate hasn't been extra judicially settled. They have no children.

 

Can Mr Santos sell the property to me by executing an Affidavit of Self Adjudication with an Absolute Deed of Sale for the property?

 

Thanks in advance.

 

The affidavit of self adjudication works similar to an extrajudicial settlement of estate, hence to be similar to an extrajudicial settlement all the legal rudiments of the said documents must also be performed. The affidavit must also be published and will also have to undergo a two year "open claim" period wherein debtors (or heirs) may go after the real property in case the wife left unsettled obligations.

 

So to answer your question, it is not enough that Mr. Santos execute the affidavit, he must publish it, and wait for two years before he can safely dispose it without any problem.

[spadon]

The affidavit of self adjudication works similar to an extrajudicial settlement of estate, hence to be similar to an extrajudicial settlement all the legal rudiments of the said documents must also be performed. The affidavit must also be published and will also have to undergo a two year "open claim" period wherein debtors (or heirs) may go after the real property in case the wife left unsettled obligations.

 

So to answer your question, it is not enough that Mr. Santos execute the affidavit, he must publish it, and wait for two years before he can safely dispose it without any problem.

Thanks for the reply, sir pol22366, I have a followup question:

 

Can Mr Santos do the affidavit of self-adjudication with all the necessary procedures and publication just for this property to be sold to me? I understand, he may have other properties still in the name of both he and his deceased spouse. I am interested in purchasing only one of their properties. Is it necessary for Mr Santos to settle all of the properties first?

 

It is of concern to me, since extra judicial settlement of all the properties will take time and I am interested only in one property.

 

Thanks in advance again.

[jopok]

have a question ,dont know if it fits in here,,may lupa ung grandfather ko,maliit lang naman,ung nga lang nasa bayan,,7 na magkakapatid ang father ko,4 are already dead including my father,,ang problem ay ito,ung bunso nila(patay na din)nung nabubuhay pa ay nagpapirma ng kasulatan na nagsasabing ibinibigay sa kanya ng magkakapatid ang karapatan sa pamamahala ng lupa,dun (din kasi sya nakatira) nagawa nyang papirmahin sa kasulatan ung 2 kapatid na babae at yun 1 kapatid na may karamdaman..ung 3 kapatid (father ko,ung panganay nila,at ung siniundan ng bunso)ay mga patay na,so di sila kasama dun sa pirma or kahiyt sino anak o representative nila...ang tanong ko,pag kwem\nestyon ko ung ginawang pagtratranfer ng property sa pangalan ng bunso at sa heir na..may karapatan ba ako,at legal ba ang ginawang ng tyuhin ko na pag papalipat ng titulo sa pangalan nya?ano aksyon pwede ko gawin para maitama ito...ang lupa worth ng lupa eh baka nasa 3 or 4M

[jbcast86]

Mga Sir,

 

Tanong lang po, yung lote na bibilhin ko eh may "SECTION 7 RA 26" in the process ng bank loan ko, napa transfer ko na sa pangalan ko ang titulo, ang problema, sabi ng banko, kailangan daw nila ng petition for cancellation na na-filed sa korte ng tungkol sa Section 7 RA-26.

 

Pa-enlighten naman po, kung ano ito.

 

Salamat po

[redax]

" Pursuant to Section 7 of Republic Act No. 26, this certificate of title, the original of which was reconstituted without prejudice to any party whose right or interest in the property was duly noted on said original copy at the time it was destroyed."

Section 9 of the same law states that after 2 years from the date of reconstitution of the certificate of title, a registered owner may petition the court for the cancellation of the annotation of reconstitution on the certificate of title.

Kailangan mo mag file ng Petition to Cancel Encumbrance pag gusto mo patangal annotation na yan.

[rocco69]

1. may karapatan ba ako na kwestyunin ang ginawang pagtratransfer ng property sa pangalan ng bunso at sa heirs niya?

 

oo, may karapatan ka dahil isa kang heredero ng iyong ama. Lumalabas na isa sa mga may-ari ng lupa ang iyong ama, dahil minana niya ito sa lolo mo, at minana mo rin ang lupa (isang bahagi ng parte ng ama mo dahil, yung mga kapatid mo ay nagmana rin mula sa iyong ama). Kaya masasabi natin na isa kang co-owner ng lupa na yan.

 

2. legal ba ang ginawang ng tyuhin ko na pag papalipat ng titulo sa pangalan nya?

 

hindi. ayun sa kwento mo, ang pinirmahan ng ilan sa mga magkakapatid ay kasulatan sa PAMAMAHALA ng lupa. Kahit tatlo lang ang pumirma (bale apat kasama ang bunso), ito ay may bisa dahilan na sa pagpapamahala ng "co-owned property", mayorya lang ng mga may-ari ang kailangan. Ngunit, subalit, datapwat... ang kasulatan na ito ay limitado lang sa pamamahala ng lupa, hindi ito pagpaparaya ng mga parte ng ibang may-ari pabor sa kanilang bunso. Isa pa, wala namang pinirmahan ang ibang kapatid na ipinaparaya nila, ibinibigay, o ibenebenta ang mga parte nila sa kanilang bunso, kung kaya hindi legal na balewalain ng bunso ang mga parte ng kanyang mga kapatid at ipatitulo lamang sa kanyang pangalan ang lupa.

 

3. ano aksyon pwede ko gawin para maitama ito?

 

pwede kang magsampa ng kaso para sa pagpa-partisyon ng lupa, para makuha mo na ang parte mo (siyempre, kailangang patunayan mo dun sa kaso na co-owner ka, bago ito ma-partisyun). pwede rin siguro ang annulment of title and reconveyance. ang problema mo lang, baka matagal na na napakansela ang titulo ng tiyuhin mo ang dating titulo at di mo na ito mahabol dahil paso na ang kaso. Kailangang kumunsulta ka agad-agad sa abugado para ma-abisuhan ka kung ano ang pinakamagandang gawin sa kaso mo.

 

have a question ,dont know if it fits in here,,may lupa ung grandfather ko,maliit lang naman,ung nga lang nasa bayan,,7 na magkakapatid ang father ko,4 are already dead including my father,,ang problem ay ito,ung bunso nila(patay na din)nung nabubuhay pa ay nagpapirma ng kasulatan na nagsasabing ibinibigay sa kanya ng magkakapatid ang karapatan sa pamamahala ng lupa,dun (din kasi sya nakatira) nagawa nyang papirmahin sa kasulatan ung 2 kapatid na babae at yun 1 kapatid na may karamdaman..ung 3 kapatid (father ko,ung panganay nila,at ung siniundan ng bunso)ay mga patay na,so di sila kasama dun sa pirma or kahiyt sino anak o representative nila...ang tanong ko,pag kwem\nestyon ko ung ginawang pagtratranfer ng property sa pangalan ng bunso at sa heir na..may karapatan ba ako,at legal ba ang ginawang ng tyuhin ko na pag papalipat ng titulo sa pangalan nya?ano aksyon pwede ko gawin para maitama ito...ang lupa worth ng lupa eh baka nasa 3 or 4M

[rocco69]

tama rin si Moed (dun sa Legal Advice thread) na dapat ay tingnan mo kung paano nailipat ng tiyuhin mo ang lupa sa pangalan niya (at di nga pupwede na kasulatan lang sa pamamahala ang gagamitin niya para mailipat sa kanya ang titulo). pumunta ka sa Register of Deeds at tingnan yung titulo ng lolo mo (makikita mo dun kung anong paraan ang ginawa niya). kumuha ka na rin ng kopya ng mga papeles na yun mula sa Register of Deeds para pagpunta mo sa abugado, kumpleto na ang mga papel mo at di na mahihirapan ang abugadong kukunsultahin mo.