The Legal Side of Real Estate

[boyreyno]

magkano po ang transfer tax, capital gains tax po? Ano po ba ang mga babayaran na tax pag bibili ng bahay? kasi 2nd owner ako so sa vendor lang hindi developer. 70sqm along masaito t 2M, excluding tax, ok na po ba yun o mhal?

 

tia.

[nwebe]

Happy New Year GM's !!!

 

I intend to purchase a house and lot this 2016 at around jan-feb. My issue here is that come April, I will be starting my annulment process. My question is this...

Can I put the title under the name of my 14 year old daughter so as not to include the property in the proceedings? If it is not possible, what other options would you suggest? I intend to give this to her as her inheritance when my time is up but I do not want my soon-to-be ex wife to benefit from this property in whatever way possible.

 

TIA

 

You should ask the seller if they will allow it to begin with, since your daughter is a minor.

[Ricardio]

Happy New Year GM's !!!

 

I intend to purchase a house and lot this 2016 at around jan-feb. My issue here is that come April, I will be starting my annulment process. My question is this...

Can I put the title under the name of my 14 year old daughter so as not to include the property in the proceedings? If it is not possible, what other options would you suggest? I intend to give this to her as her inheritance when my time is up but I do not want my soon-to-be ex wife to benefit from this property in whatever way possible.

 

TIA

Sir this only my opinion ( anyone can correct me if I am wrong), any property bought after marriage would belong to the conjugal property ninyong mag-asawa.

Now if binili mo ung house na kasal pa kayo you may DONATE that house to your minor child pero as parents kayo pa rin mag aadminister ng property. However donation would require that there be a NOTARIZED WRITTEN CONSENT ng BOTH SPOUSES para sa pag DONATE, sell, o mortgage ng Conjugal Property.

 

[Dominator93]

Very informative. Thanks!

[Inbred]

magkano po ang transfer tax, capital gains tax po? Ano po ba ang mga babayaran na tax pag bibili ng bahay? kasi 2nd owner ako so sa vendor lang hindi developer. 70sqm along masaito t 2M, excluding tax, ok na po ba yun o mhal?

 

tia.

Capital Gains Tax - 6%, Doc Stamps Tax - 1.5%, Transfer Tax - 0.75%.

 

Pero since ikaw ang buyer, ang tax na babayaran mo is usually is yung Doc Stamps Tax (1.5%), Transfer Tax (.75%) and pag-notarize ng mga docs mo lang. Ang Capital Gains Tax, sa account ng Seller yun pero ang ginagawa ng iba, pinapabayad ito sa buyer ng lupa, basta nag-agree ang buyer at seller sa ganung approach.

[5tormtrooper]

i need help... or apparently a real estate lawyer who can solve my issue....

 

i inherited a lot, 1000 sqm... a developer contacted our family to show us plans for it. we haven't agreed to it then discovered they pushed through with the development eating up 400 sqm of it turning it into the village road. the lot actually looks ok but shouldn't we be entitled to something? when we asked the developer what our options are, di na sumagot. its been hard to communicate with them.

 

i had the area surveyed and the lot now criss crosses on a property of another developer at the back. creating a headache for us.

 

title is still in the name of my ancestors who already died, and now it becomes an issue on cap gains naman.

 

all real property taxes are up to date. help please, i'm looking into putting up my house there (i live in a small condo) but with all these issues, parang wait and see lahat ng parties. might as well sell it para walang headache. but the cap gains is an issue

[PalosVerdes]

i need help... or apparently a real estate lawyer who can solve my issue....

 

i inherited a lot, 1000 sqm... a developer contacted our family to show us plans for it. we haven't agreed to it then discovered they pushed through with the development eating up 400 sqm of it turning it into the village road. the lot actually looks ok but shouldn't we be entitled to something? when we asked the developer what our options are, di na sumagot. its been hard to communicate with them.

 

i had the area surveyed and the lot now criss crosses on a property of another developer at the back. creating a headache for us.

 

title is still in the name of my ancestors who already died, and now it becomes an issue on cap gains naman.

 

all real property taxes are up to date. help please, i'm looking into putting up my house there (i live in a small condo) but with all these issues, parang wait and see lahat ng parties. might as well sell it para walang headache. but the cap gains is an issue

First, do you wish to recover the area of your property encroached by the developer? If so, you have the option of filing an ejectment case against the developer. There are requisites for this kind of case.

 

Second, if it is inherited property, you need to settle the estate/ inheritance tax before you can have a title with your name on it. Question is, from your ancestors whose names are on the title, who are their heirs? The heirs would have to execute an Extra Judicial Settlement of Estate if there is no conflict among them. Or if you are the only heir, execute an Affidavit of Self Adjudication. You will have to settle the penalty charges of the BIR if your ancestor has died a long time ago.

 

Third, if you wish to sell instead the whole property to the developer, you may do so. You may execute an Extra Judicial Settlement of Estate With Sale.

 

Your case, from the information you provided, shouldn't be difficult and you have the upper hand actually. But you will definitely need a lawyer to help you out. You actually can demand a big amount considering the apparent bad faith committed by the developer.

 

Regards,

 

Atty. B.

[PalosVerdes]

Happy New Year GM's !!!

 

I intend to purchase a house and lot this 2016 at around jan-feb. My issue here is that come April, I will be starting my annulment process. My question is this...

Can I put the title under the name of my 14 year old daughter so as not to include the property in the proceedings? If it is not possible, what other options would you suggest? I intend to give this to her as her inheritance when my time is up but I do not want my soon-to-be ex wife to benefit from this property in whatever way possible.

 

TIA

Being a minor, your daughter cannot sign the deed of sale, so, therefore, you will be the one signing for her. I would suppose that the seller wouldn't have objections to or refuse your proposal considering he will be earning from the sale. He wouldn't have any legal issue with it, too. If you will be signing the deed of sale, what might appear in the title is your name "in trust for" your daughter. That is so because the name to be placed on the title would follow what is indicated in the deed of sale.

 

True, the property may not be declared as among the properties you and your spouse will have to settle in the annulment proceedings. BUT, if she finds out, if I were her lawyer, I would still include it in the settlement by alleging that the money used in the purchase of the property is conjugal funds. Remember everything acquired during the time of marriage belongs to both spouses, and that includes money. Of course, your spouse might think also not to meddle with the property anymore considering it is for the benefit of your child. But then...di ba?

 

And if you're already dead, necessarily your soon-to-be-ex will still be the guardian of the child particularly overseeing the property for her benefit until the time that she reaches the age of majority. Here's the scenario worth considering, you're already dead, your daughter is still a minor, your ex-spouse administers the property, she can petition the court for authority to sell the property and claim that the proceeds will be used for the needs of your daughter, like education. Sa ilalim ng lupa, ang magagawa mo lang eh, wala..patay ka na eh.

 

Your option is to make a will. State in the will that the property will be solely for your daughter and that it will not be sold except by her when she reaches 18.

[cbotc]

Maters, what is the penalty for late transfer of title? I bought a condo unit a few years ago and forgot to have the title transferred to my name from the developer. Thanks in advance for the information.

[99PercentCaffeine]

Good day!

 

We have recently moved in to an apartment that is much bigger than our previous residence. Against my better judgement I agreed to take in a bedspacer. He took one of the two spare rooms that are not occupied and paid for the required one month deposit and advance. I gave him an ackowledgement receipt and was preparing a lease agreement when he suddenly got a "job" elsewhere which necessitated moving out soon. We never agreed to a short term stay and while we had no contract yet, he said that he wanted to stay till at least December of this year.

 

While incensed, I tried to be reasonable and offered that we pay back his deposit as soon as there is another tenant. He is insisting that we pay him back in a week regardless of whether or not we find a tenant right away, which I find appalling. I have perused RA 9161 and RA 9653 to find out what our recourse may be (said tenant claims his father is a lawyer), and found no specific provisions that cover buyers remorse. I would like to know the amount of time landlords have to pay back deposits by tenants who suddenly changed their minds. If any lawyers or expert landlords here can provide advise, I would greatly appreciate it. Thanks.

 

 

PS

 

IN light of this development, I am leaning towards not accepting tenants at all, if I can avoid it. However, I need at least 10 days to get the money back out. Do I have that long? Thanks again.

[camus]

Good day!

 

We have recently moved in to an apartment that is much bigger than our previous residence. Against my better judgement I agreed to take in a bedspacer. He took one of the two spare rooms that are not occupied and paid for the required one month deposit and advance. I gave him an ackowledgement receipt and was preparing a lease agreement when he suddenly got a "job" elsewhere which necessitated moving out soon. We never agreed to a short term stay and while we had no contract yet, he said that he wanted to stay till at least December of this year.

 

While incensed, I tried to be reasonable and offered that we pay back his deposit as soon as there is another tenant. He is insisting that we pay him back in a week regardless of whether or not we find a tenant right away, which I find appalling. I have perused RA 9161 and RA 9653 to find out what our recourse may be (said tenant claims his father is a lawyer), and found no specific provisions that cover buyers remorse. I would like to know the amount of time landlords have to pay back deposits by tenants who suddenly changed their minds. If any lawyers or expert landlords here can provide advise, I would greatly appreciate it. Thanks.

 

 

PS

 

IN light of this development, I am leaning towards not accepting tenants at all, if I can avoid it. However, I need at least 10 days to get the money back out. Do I have that long? Thanks again.

You must pay him back. But there is no law as far as I know that says how long. That's what a signed contract is for. Since you don't have a contract, and you need at least 10 days, then I think 10 days is fine. He or his dad can report you, it's their right to do so, but that process would take longer than 10 days. So it's better for him to just wait. He's being such a baby, it's only 3 fcuking days!

 

And don't be discouraged. Not all tenants are asshats. But next time, no signed contract, no move in.

[camus]

Maters, what is the penalty for late transfer of title? I bought a condo unit a few years ago and forgot to have the title transferred to my name from the developer. Thanks in advance for the information.

There's no penalty per se. The problem is the value of your property may have already increased from the time you purchased it. And so if you transfer it now, you will be paying tax based on a higher valuation.

[99PercentCaffeine]

You must pay him back. But there is no law as far as I know that says how long. That's what a signed contract is for. Since you don't have a contract, and you need at least 10 days, then I think 10 days is fine. He or his dad can report you, it's their right to do so, but that process would take longer than 10 days. So it's better for him to just wait. He's being such a baby, it's only 3 fcuking days!

 

And don't be discouraged. Not all tenants are asshats. But next time, no signed contract, no move in.

 

 

Thank you, for your response, Camus.

[camus]

Thank you, for your response, Camus.

 

Welcome

[camus]

There's no penalty per se. The problem is the value of your property may have already increased from the time you purchased it. And so if you transfer it now, you will be paying tax based on a higher valuation.

By the way, my previous reply only applies if you haven't yet notarized the deed of sale. If deed of sale is already notarized then you need to pay taxes on it within 60 days. Penalty is surcharge 25% and interest 2% per month.

[99PercentCaffeine]

Good day!

 

We have recently moved in to an apartment that is much bigger than our previous residence. Against my better judgement I agreed to take in a bedspacer. He took one of the two spare rooms that are not occupied and paid for the required one month deposit and advance. I gave him an ackowledgement receipt and was preparing a lease agreement when he suddenly got a "job" elsewhere which necessitated moving out soon. We never agreed to a short term stay and while we had no contract yet, he said that he wanted to stay till at least December of this year.

 

While incensed, I tried to be reasonable and offered that we pay back his deposit as soon as there is another tenant. He is insisting that we pay him back in a week regardless of whether or not we find a tenant right away, which I find appalling. I have perused RA 9161 and RA 9653 to find out what our recourse may be (said tenant claims his father is a lawyer), and found no specific provisions that cover buyers remorse. I would like to know the amount of time landlords have to pay back deposits by tenants who suddenly changed their minds. If any lawyers or expert landlords here can provide advise, I would greatly appreciate it. Thanks.

 

 

PS

 

IN light of this development, I am leaning towards not accepting tenants at all, if I can avoid it. However, I need at least 10 days to get the money back out. Do I have that long? Thanks again.

 

 

I was hoping this would be resolved by now. Alas, the ex-tenant is adamant and not willing to listen to reason. Based on the practice of the landlords in the area (I have done a thorough survey since this whole matter started. He vacated 2 days ago and came by today demanding his money back PRONTO. So I countered with an offer that since we do not have a binding contract, I give him back his security deposit (minus the advance, which he consumed). I offered to put everything in writing, including the exact amount that he will receive as refund (his entire deposit) and the exact date as to when he can come by to collect it.

 

The ex-tenant just said "Magkita na lang tayo sa korte". I agree that such is a legal recourse he can and must utilize. I just want to confirm if I understand the process correctly. These cases start on the barangay level, and, if amicable settlement is not reached, the complainant reserve the right to file with the courts.

 

He's also been alluding to the fact that his father is a lawyer and that he can "by-pass" the barangay. I have not seen any provision in the laws that says that so I want to know if that is even remotely possible. I'd like to say I have faith in the letter of the law and due process but I want to be sure I am prepared for any and all possibilities.

[cbotc]

 

 

I was hoping this would be resolved by now. Alas, the ex-tenant is adamant and not willing to listen to reason. Based on the practice of the landlords in the area (I have done a thorough survey since this whole matter started. He vacated 2 days ago and came by today demanding his money back PRONTO. So I countered with an offer that since we do not have a binding contract, I give him back his security deposit (minus the advance, which he consumed). I offered to put everything in writing, including the exact amount that he will receive as refund (his entire deposit) and the exact date as to when he can come by to collect it.

 

The ex-tenant just said "Magkita na lang tayo sa korte". I agree that such is a legal recourse he can and must utilize. I just want to confirm if I understand the process correctly. These cases start on the barangay level, and, if amicable settlement is not reached, the complainant reserve the right to file with the courts.

 

He's also been alluding to the fact that his father is a lawyer and that he can "by-pass" the barangay. I have not seen any provision in the laws that says that so I want to know if that is even remotely possible. I'd like to say I have faith in the letter of the law and due process but I want to be sure I am prepared for any and all possibilities.

From what I know, the BIR requires landlords to put security deposits from tenants in a bank account which is audited by the BIR. This means that security deposits should always be available for refund to tenants, in fact the tenant is entitled to interest earned by his deposit if any (just like Meralco paying back it's customers for interest earned by meter deposits made by the customer). I am not aware of a law covering refunds however. Your case is complicated by the fact that there is no contract, had a contract been in place you could have even forfeited the deposit for pre- termination of the lease contract. Yes, the first step to resolution would be at the barangay level.

[japlog]

Question lang po..

If un technical description ng title has erroneous points ano po ba process nito para maayos? The title indicates 6 pts but 2 of these points are erroneous. I already verified that it is not typo error as the previous title had the same entries. Meron po ba mas mabilis na way to have this settled? Kasi I plan to loan from the bank for house construction.

[masi]

Question lang po..

If un technical description ng title has erroneous points ano po ba process nito para maayos? The title indicates 6 pts but 2 of these points are erroneous. I already verified that it is not typo error as the previous title had the same entries. Meron po ba mas mabilis na way to have this settled? Kasi I plan to loan from the bank for house construction.

 

Are you willing to pay the services of a geodetic engineer? If so, engage one and he will be able to "verify" your TCT with the Land Registration Authority (LRA) and the DENR Land Management Service (formerly Bureau of Lands), where all Technical Descriptions are approved and filed.

[camus]

I was hoping this would be resolved by now. Alas, the ex-tenant is adamant and not willing to listen to reason. Based on the practice of the landlords in the area (I have done a thorough survey since this whole matter started. He vacated 2 days ago and came by today demanding his money back PRONTO. So I countered with an offer that since we do not have a binding contract, I give him back his security deposit (minus the advance, which he consumed). I offered to put everything in writing, including the exact amount that he will receive as refund (his entire deposit) and the exact date as to when he can come by to collect it.

 

The ex-tenant just said "Magkita na lang tayo sa korte". I agree that such is a legal recourse he can and must utilize. I just want to confirm if I understand the process correctly. These cases start on the barangay level, and, if amicable settlement is not reached, the complainant reserve the right to file with the courts.

 

He's also been alluding to the fact that his father is a lawyer and that he can "by-pass" the barangay. I have not seen any provision in the laws that says that so I want to know if that is even remotely possible. I'd like to say I have faith in the letter of the law and due process but I want to be sure I am prepared for any and all possibilities.

Yes barangay first. If it cannot be resolved, the barangay issues a certificate. The court asks for that certificate before it will accept cases. It is possible to bypass if malakas ka. But I wouldn't sweat it if I were you. Even if goes to court, the court will also want you to settle.

[japlog]

 

 

Are you willing to pay the services of a geodetic engineer? If so, engage one and he will be able to "verify" your TCT with the Land Registration Authority (LRA) and the DENR Land Management Service (formerly Bureau of Lands), where all Technical Descriptions are approved and filed.

 

Thanks sir Masi for the advise. I actually acquired the services of the geodetic engineer to survey the lot only and get the correct desc. I will check with him if he can provide the service you mentioned. Thanks again

[PalosVerdes]

Question lang po..

If un technical description ng title has erroneous points ano po ba process nito para maayos? The title indicates 6 pts but 2 of these points are erroneous. I already verified that it is not typo error as the previous title had the same entries. Meron po ba mas mabilis na way to have this settled? Kasi I plan to loan from the bank for house constructioIf

If the technical description on your title is the same as that from which it was derived, how can you say that it was erroneous? In short, determine which is the correct technical description and compare it with your title. The advice is right that you verify with the LRA. Engaging a Geodetic Engr is also correct in order for him to tell you "this is the technical description of your property". After determining from the LRA what is the correct technical description of your property/ title, the question is to what does the error pertain? Will it make your property move from one location to another or it presents an open polygon? If the remedy is really to correct the technical description on your title to conform to that verified from the LRA, then the only remedy is to file a Petition in the RTC where the land is situated for "correction of technical description". The law requires that any correction or revision in the title to land may only be done by the Register of Deeds upon lawful order of the competent court. I believe banks would still entertain your application upon the condition that you file the proper Petition and update them of the developments of the case.

[japlog]

If the technical description on your title is the same as that from which it was derived, how can you say that it was erroneous? In short, determine which is the correct technical description and compare it with your title. The advice is right that you verify with the LRA. Engaging a Geodetic Engr is also correct in order for him to tell you "this is the technical description of your property". After determining from the LRA what is the correct technical description of your property/ title, the question is to what does the error pertain? Will it make your property move from one location to another or it presents an open polygon? If the remedy is really to correct the technical description on your title to conform to that verified from the LRA, then the only remedy is to file a Petition in the RTC where the land is situated for "correction of technical description". The law requires that any correction or revision in the title to land may only be done by the Register of Deeds upon lawful order of the competent court. I believe banks would still entertain your application upon the condition that you file the proper Petition and update them of the developments of the case.

Sir I compared the title held by previous owner and the tech desc is exactly same as mine. Last year when I planned to build a house on the said lot, the contractor told me na "hindi nagsasara un lote" so basically an open polygon and he told the points that are incorrect. I had a geodetic engineer to survey the lot to verify the correct tech desc. So from the 6 pts described on the title, 2 were incorrect while the other 4 pts are correct(based dun sa existing mohon sa lot).

Thanks for the advise sir.

[pogingpogi]

Question sir

 

May property father ko 2 storey building "office space" may umuupa na size is 100sq and yung lupa sa kanya din mismo. Biglang namatay si father. Recently just found out na nasa pangalan namin dalawa yung property.

 

Ano kailangan ko gawin kailangan ba alisin na name niya sa title? ? sabi ng iba do estate tax procedure para name ko na ang magappear , some gawin donation /donor's tax na ang daw gagawin? And gawa daw ako company para makapagresibo sa mga tenants?

 

Please advice

[jazon7099]

Question sir

 

May property father ko 2 storey building "office space" may umuupa na size is 100sq and yung lupa sa kanya din mismo. Biglang namatay si father. Recently just found out na nasa pangalan namin dalawa yung property.

 

Ano kailangan ko gawin kailangan ba alisin na name niya sa title? ? sabi ng iba do estate tax procedure para name ko na ang magappear , some gawin donation /donor's tax na ang daw gagawin? And gawa daw ako company para makapagresibo sa mga tenants?

 

Please advice

ano ibig mo sabihin sir na nakapangalan sa inyong dalawa ung property?

 

pero ang titulo po ba e nakapangalan pa din sa father mo.boss? kung ung titulo ng lupa ay kapangalan sa namatay mong ama e eatate proceesings po. kung mag isa mo na lng na tagapagmana e gawa ka ng self adjudication. kung may mga kasama ka pa at ala kau issue sa hatian e gawa ka ng extra-judicial settlement. kung d kau magkaintindihan sa mga hati hati nyo e ipakorte mo po ang paghahati