The Legal Side of Real Estate

[Dr_PepPeR]

the owner/seller can actually avoid paying capital gains tax if the original owner/seller purchases another property of equal or greater value within 18 months..

 

try to ask the owner what is he going to do with the money you paid him.. if he will be using it to purchase a new lot/house/building of greater value then you don't have to pay the capital gains tax..

 

Or if the seller uses it for renovation of real property (building or other improvements). But the owner/seller has to enter into an escrow agreement with the BIR and the bank of his choice.

[pititoy2]

Capital Gains is 6% of the selling price of the land. Although I hear that it might go up.

 

Take note, you pay the Capital Gains within a month of selling the land or you get penalized like crazy.

 

 

Tanong lang ho tungkol dito sa capital gains tax..

 

Nakabili kasi ako ng rights sa isang subdivision and nagkasundo kami nong seller na ako na ang magtutuloy ng pagbabayad niya sa PAG-IBIG using his name. Mayron kaming Deed of Sale of Assumption of Mortgage na notarized pero di pa namin ipinapaalam sa PAG-IBIG na iba na ang may ari nong bahay at lupa. Then, dahil nga sa di ko pa tapos bayaran ang mortgage at di ko pa nakukuha ang titulo sa PAG-IBIG, di ko pa rin mabayaran ang Capital Gains kahit na mayron na kaming Deed of Sale..

 

Ano kaya ang magiging capital gains ko niyan kung sakali. (Nagkasundo kami nong seller na ako na ang magbayad ng capital gains)

[Dr_PepPeR]

Tanong lang ho tungkol dito sa capital gains tax..

 

Nakabili kasi ako ng rights sa isang subdivision and nagkasundo kami nong seller na ako na ang magtutuloy ng pagbabayad niya sa PAG-IBIG using his name. Mayron kaming Deed of Sale of Assumption of Mortgage na notarized pero di pa namin ipinapaalam sa PAG-IBIG na iba na ang may ari nong bahay at lupa. Then, dahil nga sa di ko pa tapos bayaran ang mortgage at di ko pa nakukuha ang titulo sa PAG-IBIG, di ko pa rin mabayaran ang Capital Gains kahit na mayron na kaming Deed of Sale..

 

Ano kaya ang magiging capital gains ko niyan kung sakali. (Nagkasundo kami nong seller na ako na ang magbayad ng capital gains)

 

Your seller (or you since you agreed to shoulder it) is liable for capital gains tax upon registration of the Deed of Sale over the title with the register of deeds. If there is no title yet, then you only have an assignment of rights or at most a conditional sale. The capital gains will be based on the sale price indicated in the Deed of Sale or the zonal valuation of the property whichever is higher.

[vanalirak]

Tanong lang ho tungkol dito sa capital gains tax..

 

Nakabili kasi ako ng rights sa isang subdivision and nagkasundo kami nong seller na ako na ang magtutuloy ng pagbabayad niya sa PAG-IBIG using his name. Mayron kaming Deed of Sale of Assumption of Mortgage na notarized pero di pa namin ipinapaalam sa PAG-IBIG na iba na ang may ari nong bahay at lupa. Then, dahil nga sa di ko pa tapos bayaran ang mortgage at di ko pa nakukuha ang titulo sa PAG-IBIG, di ko pa rin mabayaran ang Capital Gains kahit na mayron na kaming Deed of Sale..

 

Ano kaya ang magiging capital gains ko niyan kung sakali. (Nagkasundo kami nong seller na ako na ang magbayad ng capital gains)

 

 

a piece of advise: alanganin ka sa transaction mo with the seller!! Before you concern yourself with the payment of taxes, try to convince the seller to transfer the property in your name. mahirap kasi nian sa pangalan pa rin nia property, anytime, pwede nia ibenta e2. if you are not a member of pag-ibig, you can take out the loan yourself or you can apply with a bank to take out the loan for you. in that case, you can have the title registered in your name.

 

That being said and to answer your question, the capital gains tax you have to pay with the BIR is 6% of the selling price or the fair market value and or the zonal value of the property computed from the date of your Deed of Sale with assumption of mortgage.

 

How will you determine the applicable value: the selling price is based on the deed of sale, in your case, it will be the cash consideration plus the amount of mortgage you assumed.

 

Fair market value is based on the tax declaration, while the zonal value is based on the value assessed or assigned by the BIR of the place where your property is located. whichever is the highest figure that will be used in computing for the capital gains tax of 6%. Aside from the capital gains tax, meron ding 1.5% na documentary stamp tax.

 

Your problem would be, by the time that you will pay the aforementioned taxes, the BIR will already charge you with interest, surcharges and penalty (in addition to the 7.5% you have to pay) kasi overdue na yung taxes. deadline in paying for the capital gains tax is at least 1 month from the date of the sale, while for the doc stamps, 5th day of the following month. kaya habang pinapatagal mo pagbabayad, mas lumalaki taxes not unless both of you would execute a new deed of sale.

[rich_girl]

i don't know where to post this..

 

ano po bang ibigsabihin pag my binebentang bahay at lupa pero rights lang daw? ano yung rights lang? i hope someone can explain.. thanks!

 

kasi parang government property po yata yun.

Edited August 20, 2007 by rich_girl

[Dr_PepPeR]

i don't know where to post this..

 

ano po bang ibigsabihin pag my binebentang bahay at lupa pero rights lang daw? ano yung rights lang? i hope someone can explain.. thanks!

 

kasi parang government property po yata yun.

 

If it is government property, then a private individual cannot sell it since he/she does not own the property in the first place. However, the government may grant the use of its property to individuals or corporations, through a lease or usufruct. But of course, there must be a basis for this, like a law or a contract. I'd say to handle something like this with caution, as it is more likely that the seller may actually be a squatter.

[rich_girl]

ah ok.. so parang kahit bilhin ko pala yung rights na yun, hindi pa rin sakin yung property.. hmm mahirap pala yun.

 

thanks for the info Dr. Pepper

[earthling]

i don't know where to post this..

 

ano po bang ibigsabihin pag my binebentang bahay at lupa pero rights lang daw? ano yung rights lang? i hope someone can explain.. thanks!

 

kasi parang government property po yata yun.

 

 

kapag RIGHTS lang, chances are, these are professional squatters selling portions of the squatted land. you won't get any title.

[Tank Girl]

my understanding is that the title will never be under your name until you pay the remaining debt of the seller or like he said a professional squatter for example in taguig who sells you land but you will never get the title, kase nga government owns it..masakit sa ulo yan

[arn_arn]

Sir paano kung ganito ang scenario naghatian na ng lupa ang magkakapatid then plan ng isang kapatid is ipatitulo na ang lupa kaso hindi pa nababayaran ang inheritance tax for so many years.

 

Ano dapat gawin nung tao para matitle na sa kanya yung lupa?

 

The tax thing paano ba ang bayad? hinati na kasi yung lupa?

 

Then meron such term na 'amnesty' sa ganito scenario? at meron bang such thing na 'amnesty'?

 

Bukod sa inheritance tax ano pa bang mga babayaran pa nung tao?

 

Kailangan pa ba ng attorney sa ganito scenario?

 

Then kung magpapatitulo kailangan pa bang pasukat uli ang lupa kahit na dalawang bese na sinukat ang lupa.

 

 

Thanks..

 

:thumbsupsmiley:

[cirrus2007]

Your problem would be, by the time that you will pay the aforementioned taxes, the BIR will already charge you with interest, surcharges and penalty (in addition to the 7.5% you have to pay) kasi overdue na yung taxes. deadline in paying for the capital gains tax is at least 1 month from the date of the sale, while for the doc stamps, 5th day of the following month. kaya habang pinapatagal mo pagbabayad, mas lumalaki taxes not unless both of you would execute a new deed of sale.

 

Bro, your advise needed:

My younger brother bought a townhouse unit on Oct 2000; but was not able to pay the CGT thereafter; my understanding is that the seller should shoulder paying the CGT, but nothing mentioned on their deed of sale; he wont get new deed of sale coz the seller already migrated to Canada after completing the deed of sale; can my brother sell the property and execute new deed of sale so he can skip the remaining unpaid period? is this transaction VATable?

Thanks!

[redax]

Sir paano kung ganito ang scenario naghatian na ng lupa ang magkakapatid then plan ng isang kapatid is ipatitulo na ang lupa kaso hindi pa nababayaran ang inheritance tax for so many years.

 

Ano dapat gawin nung tao para matitle na sa kanya yung lupa?

 

The tax thing paano ba ang bayad? hinati na kasi yung lupa?

 

Then meron such term na 'amnesty' sa ganito scenario? at meron bang such thing na 'amnesty'?

 

Bukod sa inheritance tax ano pa bang mga babayaran pa nung tao?

 

Kailangan pa ba ng attorney sa ganito scenario?

 

Then kung magpapatitulo kailangan pa bang pasukat uli ang lupa kahit na dalawang bese na sinukat ang lupa.

Thanks..

 

:thumbsupsmiley:

Kailangan nyo muna bayaran estate tax para makakuha Certificate Authorizing Registration from BIR. Problema sa estate tax hinde lang yang lupa na yan kailangan ilagay, kailangan din ibaiba pang ariarian ng pinagmanahan ninyo dahil ang estate tax schedule ay graduated, masmalaki ariarian na naiwan, masmalaki rate of estate tax. Yang paghatihati ninyo, may requirements din yan bago makapagextrajudicial partition tulad ng pagpost sa dyaryo. Kakailangan talaga kayo abogado dahil sya magdraft extrajudicial partition ninyo. Pagnakakuha na CAR sa BIR, puro sa municipyo na ibang requirements, tulad ng certification of payment of real property taxes at transfer tax payments, madali dali na mga yon. Siempre, kailangan rin magbigay techinical descriptions ng paghatihatian na lupa para malagay ng Register of Deeds sa TCT pag sinubdivide ito.

[arn_arn]

Kailangan nyo muna bayaran estate tax para makakuha Certificate Authorizing Registration from BIR. Problema sa estate tax hinde lang yang lupa na yan kailangan ilagay, kailangan din ibaiba pang ariarian ng pinagmanahan ninyo dahil ang estate tax schedule ay graduated, masmalaki ariarian na naiwan, masmalaki rate of estate tax. Yang paghatihati ninyo, may requirements din yan bago makapagextrajudicial partition tulad ng pagpost sa dyaryo. Kakailangan talaga kayo abogado dahil sya magdraft extrajudicial partition ninyo. Pagnakakuha na CAR sa BIR, puro sa municipyo na ibang requirements, tulad ng certification of payment of real property taxes at transfer tax payments, madali dali na mga yon. Siempre, kailangan rin magbigay techinical descriptions ng paghatihatian na lupa para malagay ng Register of Deeds sa TCT pag sinubdivide ito.

 

Thanks sa tip dun sir.

:thumbsupsmiley:

[Kupad]

Guys,

Help me naman, for transfer of Title, ano ba nag tamang procedure? ito po ang scenario.

 

Nabili ko po ang lupa sa Cavite na nakapangalan kay ex: Pedro Santos married to Mila Santos, meron na kaming deed of sale at special power of Attorney na lilipat na sa akin ang title lahat ng documents na sa akin na (original Title at mga dockumentong galing sa National Home mortgage. Nabayaran ko na rin ang lahat tax na kailangan, ibig sabihin cleared na ako sa BIR. Ang problema patay na pala itong si Mila ang asawa ng seller. Naibigay ko na din ang NSO death certificate, at special power of attorney na wala ng maghahabol pati ang anak pina pirma sa SPA. Napa publish na rin namin sa dyaryo na tiong lupa na ito ay ibinenta sa akin, bale 1 month na naka publish. Nang ipapasa na namin sa Registry of Deeds, hinihingan pa kami ng certification na katunayan na wala ng ibang property itong si Mila sa probinsiya at may babayaran pa daw kami sa land reform. Ang tanong ko po ano po ba talaga ang procedure dito? Ano pong koneksiyon ng ibang property ni Mila sa binibili kong lupa sa Cavite? Gaano po ba katagal ang transfer of Title sa RD. Maraming salamat po sana po maliwanagan po ninyo ako sa problemang ito.

[jigger_horny]

a follow up question ...

 

I have a friend who wanted to buy a piece of land na awarded ... it has a TCT however may encumbrances na di pdeng i mortgaged, transfer nor sell within the period of 20 years ... naka 19 years na kc ang lumipas and I think 1 year n lang eh lapse na yung encumbrances ...

 

question is, can I buy the land? safe bang bilhin yun? definitely ba yung encumbrances eh pde mawala after 20 years or may idadagdag pa dun? ano ano yung downside nun?

 

ang upside kc ... pde ko syang baratin ng konti

TIA