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Needs help dealing with Broker

ealimbuyao · 7 · 1303

ealimbuyao

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on: Dec 29, 2011, 02:24 AM
Happy New Year to all!

I have done with the transfer of title to my name. The hired broker is ready to hand the title to me. Here are my questions:

1) I asked for the official receipts from the broker for the money I entrusted him to pay the cap gains tax, transfer fee, doc stamp, etc..I was told that since we lowered the sale price, then the BIR/ ROD can only provide " personal receipts".


We based our taxes' computation from the 4,270,000 sale price. So, I sent the ff amount:

Cap gains tax - 6% - 262,200
Doc stamp - 1.5 % - 64, 050
transfer tax -0.5%- 21,350
reg fee- 0.25%- 10,675

2) As soon as I have the Transfer Cert Title, do I need to check with the Reg of Deeds for its authenticity? Since, the broker is unable to provide me with official receipts, I now doubt the authenticity of the Title.

I feel frustrated about the whole process. Trusting the broker that was hired by the seller is a big issue. I really appreciate your help.

Thanks,
micah
« Last Edit: Dec 31, 2011, 11:13 AM by ealimbuyao »


ealimbuyao

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Reply #1 on: Jan 14, 2012, 04:31 PM
Update:

The title is under our names now.

When we paid for the taxes 2 days ago, they are still under the previous owners.

Do we need to worry about this? I am still waiting for the brokers response to this. What paperworks are needed to facilitate the transfer of names on tax delarations?

Thanks for the replies of the many.


bauer

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Reply #2 on: Jan 14, 2012, 10:48 PM
alam nyo po better check the title again with the register of deeds.

nag issue po ang BIR ng official receipts at hindi 'personal receipts'.  kung 4.270 million ang deed of sale, 6% of 4.270 is P 256,200 kaya may resibo ito at walang lagay ang kailangan dito.

then mag issue BIR ng tax clearance para ma transfer sa pangalan nyo ang titulo.  kung may kalokohan sa pagbayad ng tamang taxes,

pwede po kayo kasuhan ng BIR sa ibang panahon pag natuklasan nila ang 'milagro' na nangyari.

Post Merge: Jan 14, 2012, 10:50 PM
sa experience ko po,

about 7.5% of total contract amount indicated in the deed of sale is the TOTAL EXPENSES for the transfer of title.
« Last Edit: Jan 14, 2012, 10:50 PM by bauer »


naldcagape

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Reply #3 on: Jan 14, 2012, 11:36 PM
Unfortunately, the whole transaction sounds fishy.

You should verify the title in the Registry of Deeds. You should also verify the Tax Declaration in the City's Tax Mapping division. Finally, you should ask for the Certificate Authorizing Registration (CAR) from the "broker" who handed you the title. The CAR is required whenever a title is transferred, it is the proof that the Capital Gains tax was paid. Without the CAR, you will not be able to transfer the title when YOU sell the property even if you have the "Title."

Check for that "broker's" license in the PRC. http://www.prc.gov.ph/services/?id=16
Brokers are now required by law to be certified with the PRC. Chances are that broker is not licensed.


ealimbuyao

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Reply #4 on: Jan 15, 2012, 12:08 AM
Thanks for all your inputs.

A certified true copy of the Title was secured from the Registry of Deeds. And, indeed the names are the new owners' name.

I wonder why the Treasurer's office has still the previous owner's name under the land and uilding taxes. What was missing?

Malabong makipag-usap sa "broker" kung mukhang di nya alam ang ginagawa nya. In that case, can we directly ask BIR for the official receipts?

Yes, I will definitely ask for the CAR. Aside from the CAR, what other paperworks do I need to ask from the said broker.

I thought I was OK already when we verified the TCT by requesting for a certified true copy of tye TCT from the ROD.




naldcagape

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Reply #5 on: Jan 15, 2012, 12:29 AM
It's a separate exercise to have the Tax Declaration transfered to your name. It is not automatically initiated by the Treasurer's office. It should have been done by the "broker".

I haven't tried getting a copy of the CAR from the BIR but I believe it's best that you just go directly to them and ask for their help. They should have a remedy.


mark_ruiz2005

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Reply #6 on: Jan 15, 2012, 04:17 PM
If the issue is the authenticity of the Title, it should be verified from the Registry of Deeds where the Property is located. The Buyer should apply for the Certified True Copy of the Title and should check every details of the said Title from the Certified Copy. Now, with the issue if the taxes are paid, you may secure a certified true copy of the Certificate Authorizing Registration (CAR) from the Registry of Deeds together with the Transfer Tax Receipt and Registration Fees. Said certified copies of the CAR and Transfer Tax together with the Title under your name are the requirements to transfer the ownership of the Tax Declaration under your name so that the next time you pay for your real property tax, the receipt is already registered under your name.


 


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