The Legal Side of Real Estate

[rapidfayr]

The father is a compulsory heir of the lolo/lola. A disagreement between them does not constitute sufficient grounds for disinheritance.

if the owner of the property, the grandfather in this case, dies without a written will, the property will be subject to extra judicial settlement. the wife (grandmother) and all the children will have their share. but if there is a written will, its a different story.

 

too many complications.

[-wet-]

it is uncommon for parents not to forgive their children whatever the cause. im very positive that this case can settled out from legal proceedings. maari pa siguro magpatayan ang magkakapatid. but in this case, si lola (naku lalo na at nanay pa ni dad) lalambot din yan.

 

my personal advise... mahinahon na paguusap at respeto sa isat-isa.

Edited June 10, 2009 by -wet-

[play_boi]

good day! mag tatanung lang sana po ako sa mga lawyers dito. heres the situation

may bibilihin po kaming property. we found out that the title is not yet transfered to the seller mula ng kinuha nya sa isang company nung 10 to 15 years ago. so hawak nya ang title meron din na deed of sale from the company pero hindi notarized.

 

ngayon nung bibilihin na namin ang sabi nya mas ok kung hindi na muna i transfer from the company to him pero ang gusto sana namin eh i transfer from company to him (seller) and seller to us. ang sabi nya lalaki daw ang taxes so we decided na sige ok lang pero nung hinahanap na namin ang company ang problem yata eh dissolved na ang company! so paano mag execute ng deed of sale ang company? ano ba dapat ang mga hihingiin na docs? anong dapat pong transaction para malipat from the company to us?

 

TIA

 

 

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another question po paano malalaman na ang lot na bibilihin ay walang ibang nag ke claim? thanks

[Dr_PepPeR]

good day! mag tatanung lang sana po ako sa mga lawyers dito. heres the situation

may bibilihin po kaming property. we found out that the title is not yet transfered to the seller mula ng kinuha nya sa isang company nung 10 to 15 years ago. so hawak nya ang title meron din na deed of sale from the company pero hindi notarized.

 

ngayon nung bibilihin na namin ang sabi nya mas ok kung hindi na muna i transfer from the company to him pero ang gusto sana namin eh i transfer from company to him (seller) and seller to us. ang sabi nya lalaki daw ang taxes so we decided na sige ok lang pero nung hinahanap na namin ang company ang problem yata eh dissolved na ang company! so paano mag execute ng deed of sale ang company? ano ba dapat ang mga hihingiin na docs? anong dapat pong transaction para malipat from the company to us?

 

TIA

 

You need the following documents from the company:

1. Copy of SEC Certificate of Registration

2. Copy of Articles of Incorporation

3. Copy of By-Laws

4. Original of the Board Resolution or Secretary's Certificate authorizing the sale of the land to you and designating the authorized signatories thereto

5. TIN of the Company and the authorized signatories.

 

If the company doesn't exist, your Seller has a problem. Ask him to provide those documents otherwise he should transfer the title first to his name.

 

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another question po paano malalaman na ang lot na bibilihin ay walang ibang nag ke claim? thanks

 

 

Check the annotations/encumbrances at the back of the title in the Registry of Deeds.

[play_boi]

wow!! thanks a lot dr pepper! follow up question sir. if the company does exist is it safe for us to follow these ff suggestions from him

 

1. he will not transfer the property to him anymore instead, he will make another DOS and ask the company to do the transfer of ownership? to avoid double taxes

 

2. he will make another DOS (from him to US w/ the real price) aside from the DOS of company to us?

 

thanks

[Dr_PepPeR]

wow!! thanks a lot dr pepper! follow up question sir. if the company does exist is it safe for us to follow these ff suggestions from him

 

1. he will not transfer the property to him anymore instead, he will make another DOS and ask the company to do the transfer of ownership? to avoid double taxes

 

2. he will make another DOS (from him to US w/ the real price) aside from the DOS of company to us?

 

thanks

 

1. That's OK for as long as it is his responsibility to have the title registered in your name. Remember, you know nothing about the company and if their documentation is flawed you will not be able to have the title transferred to your name.

 

2. This is more expensive to whoever pays the Capital Gains Tax, but this would really be the proper way to do it.

 

Whatever method you use, I still suggest that full payment be withheld until the title is transferred to your name. The seller should ensure the new title is issued in your name.

[play_boi]

youve been very helpful!! thanks a lot ill keep you posted with the progress. God bless

[play_boi]

hi sir! at last the seller decided to transfer it from the company to the seller and seller to us. kaya lang sir ok lang ba na 2 DOS ang ipapasok para pag transfer eh deretso na from the company to us? or kelangan talaga ilipat muna sa name nila or one transaction at a time? kasi sabi pwede naman daw ng katulad ng unang binaggit ko na 2 DOS na lang ang ipapasok para hindi na humaba ang waiting time.

 

another question po

paalis na kasi ng bansa ang kapatid ko. yung bibili ng lot na yan, ano po kayang dapat na docs ang i produce dahil maiiwan lang sila mag asawa ng SPA sa akin. ano pa po kaya mga requirements ang dapat nila iwan para hindi na sila ma hassle pag nasa ibang bansa na?

 

thanks

[Dr_PepPeR]

hi sir! at last the seller decided to transfer it from the company to the seller and seller to us. kaya lang sir ok lang ba na 2 DOS ang ipapasok para pag transfer eh deretso na from the company to us? or kelangan talaga ilipat muna sa name nila or one transaction at a time? kasi sabi pwede naman daw ng katulad ng unang binaggit ko na 2 DOS na lang ang ipapasok para hindi na humaba ang waiting time.

 

another question po

paalis na kasi ng bansa ang kapatid ko. yung bibili ng lot na yan, ano po kayang dapat na docs ang i produce dahil maiiwan lang sila mag asawa ng SPA sa akin. ano pa po kaya mga requirements ang dapat nila iwan para hindi na sila ma hassle pag nasa ibang bansa na?

 

thanks

 

Yes, you can have the Registry of Deeds process the two Deeds of Sale simultaneously. Make sure your seller does that for you, because capital gains tax will have to be paid at the BIR, which can also be a long process, and then something else may happen when you go to the Registry of Deeds, like unacceptable documents or missing documents. An SPA is sufficient, just make sure it is acceptable to the Registry of Deeds.

[JohnMayall]

I own a condo and am considering selling it to a prospective party as a private sale. I think I know how to proceed but need advice on a few topics.

 

Who pays for the DOS?

How much should the DOS cost?

How does the seller know the buyer has paid the full cost of the condo before sigining a DOS?

How and when does the seller pay capital gains tax?

[Dr_PepPeR]

I own a condo and am considering selling it to a prospective party as a private sale. I think I know how to proceed but need advice on a few topics.

 

Who pays for the DOS?

How much should the DOS cost?

How does the seller know the buyer has paid the full cost of the condo before sigining a DOS?

How and when does the seller pay capital gains tax?

 

If you mean DOS = Deed of Sale:

1. Normally the Seller but sharing of expenses can be negotiated.

2. Usually you can just copy a DOS but there are other expenses like documentary stamps (I think it's 1.50 for every 1K but you should check), notarial fee (depends on what you can get away with from the Notary) and if you get a lawyer to prepare your DOS, the fee (depends on what you can get away with.)

3. When he receives the cash.

4. The seller goes to the BIR then files a return for the capital gains tax, showing a copy of the Deed of Sale. CGT should be paid within 30 days from the date of notarization of the DOS.

[JohnMayall]

If you mean DOS = Deed of Sale:

1. Normally the Seller but sharing of expenses can be negotiated.

2. Usually you can just copy a DOS but there are other expenses like documentary stamps (I think it's 1.50 for every 1K but you should check), notarial fee (depends on what you can get away with from the Notary) and if you get a lawyer to prepare your DOS, the fee (depends on what you can get away with.)

3. When he receives the cash.

4. The seller goes to the BIR then files a return for the capital gains tax, showing a copy of the Deed of Sale. CGT should be paid within 30 days from the date of notarization of the DOS.

 

 

Thanks for the info.

[SINless]

I own a condo and am considering selling it to a prospective party as a private sale. I think I know how to proceed but need advice on a few topics.

 

Who pays for the DOS?

How much should the DOS cost?

How does the seller know the buyer has paid the full cost of the condo before sigining a DOS?

How and when does the seller pay capital gains tax?

If you mean DOS = Deed of Sale:

1. Normally the Seller but sharing of expenses can be negotiated.

2. Usually you can just copy a DOS but there are other expenses like documentary stamps (I think it's 1.50 for every 1K but you should check), notarial fee (depends on what you can get away with from the Notary) and if you get a lawyer to prepare your DOS, the fee (depends on what you can get away with.)

3. When he receives the cash.

4. The seller goes to the BIR then files a return for the capital gains tax, showing a copy of the Deed of Sale. CGT should be paid within 30 days from the date of notarization of the DOS.

As an aside, normally the seller has to pay for pretty much for everything except for the Documentary Stamps, Registration (at the RD), and the transfer of the tax declaration. However most of those can be negotiated. Just remember to collect ALL the requirements of the BIR, the Assessor's Office, the Treasurer's Office, and the RD before signing the DoS, otherwise the time limitations for certain items may get you or your buyer penalized.

 

The standard list of requirements are:

Certified True Copy of the CTC/TCT (Condominium Transfer Certificate/Tranfer Certificate of Title for non-condo) at least 2, better to have 3 copies. One is required by the BIR, one is required by the City Treasurer's Office, sometimes the City Assessor's Office also requires them depending on which city.

Certified True Copy of the Tax Declaration, again at least 2 copies, better to have 3. BIR and the Register of Deeds both require them, and sometimes so does the City Treasurer's Office.

Certification of Tax Payment

Notarized Deed of Sale (at least 6 copies - 1 for the notary, 1 for you, 1 for the buyer, 1 for the BIR/Treasurer's Office to stamp and will ultimately be taken by the RD, sometimes the City Assessor wants a copy as well, so 6 is a safe number.)

 

Just remember, the time limits

Capital Gains Tax - 30 days after execution of deed of sale

Documentary Stamps - on the 5th of the following month after the execution of deed of sale

Transfer Tax - 60 days after execution of deed of sale

Edited July 21, 2009 by SINless

[Dr_PepPeR]

If you mean DOS = Deed of Sale:

1. Normally the Seller but sharing of expenses can be negotiated.

2. Usually you can just copy a DOS but there are other expenses like documentary stamps (I think it's 1.50 for every 1K but you should check), notarial fee (depends on what you can get away with from the Notary) and if you get a lawyer to prepare your DOS, the fee (depends on what you can get away with.)

3. When he receives the cash.

4. The seller goes to the BIR then files a return for the capital gains tax, showing a copy of the Deed of Sale. CGT should be paid within 30 days from the date of notarization of the DOS.As an aside, normally the seller has to pay for pretty much for everything except for the Documentary Stamps, Registration (at the RD), and the transfer of the tax declaration. However most of those can be negotiated. Just remember to collect ALL the requirements of the BIR, the Assessor's Office, the Treasurer's Office, and the RD before signing the DoS, otherwise the time limitations for certain items may get you or your buyer penalized.

 

The standard list of requirements are:

Certified True Copy of the CTC/TCT (Condominium Transfer Certificate/Tranfer Certificate of Title for non-condo) at least 2, better to have 3 copies. One is required by the BIR, one is required by the City Treasurer's Office, sometimes the City Assessor's Office also requires them depending on which city.

Certified True Copy of the Tax Declaration, again at least 2 copies, better to have 3. BIR and the Register of Deeds both require them, and sometimes so does the City Treasurer's Office.

Certification of Tax Payment

Notarized Deed of Sale (at least 6 copies - 1 for the notary, 1 for you, 1 for the buyer, 1 for the BIR/Treasurer's Office to stamp and will ultimately be taken by the RD, sometimes the City Assessor wants a copy as well, so 6 is a safe number.)

 

Just remember, the time limits

Capital Gains Tax - 30 days after execution of deed of sale

Documentary Stamps - on the 5th of the following month after the execution of deed of sale

Transfer Tax - 60 days after execution of deed of sale

 

Now this is expert advice, from a true professional.

[play_boi]

Hello magandang Hapon po. mag tanong lang sana ako regarding illegal squaters. may target na bilihin na property ang client ko. kaya lang po nung nakita nya may illegal squater pero nag sisimula pa lang mag bakod. there was one time na pinuntahan nila para kausapin pero galit pa yung mag i squat. yung bibilhan nya ipanapa ubaya na ang pag papaalis dun sa client ko kaya lang hindi nya alam kung kaninong tao sya lalapit. sa baranggay? sa city hall? sa police?

 

hindi pa naman actualy nag squat nag lalagay pa lang ng bakod pero may nag babantay. ano po ang best na gawin dito?

 

TIA