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Purchase of new lot needs an advice

Borg · 9 · 3560

Borg

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on: Dec 06, 2014, 11:57 PM
Hi everyone! I'm not sure whether I'm in right board.. But i need your advice, we purchased lot but 4 months after of purchase the seller still couldn't give any document that transfer of title is on process. When we ask him he always advise us that documents are in assessor's office. Usually, how long it may take? What are the documents that I supposed to have right now? Thank you in advance.


prnd32

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Reply #1 on: Dec 07, 2014, 04:29 PM
It should take not more than a week's time, unless the seller is the one causing the delay.  By now the seller should have paid the following:

1.  Capital Gains Tax
2.  Documentary stamp tax
3.  Fee to secure Certificate Authorizing Registration (CAR)
4.  Outstanding real property tax
5.  Transfer tax
6.  Title registration fees

Ask copy of the receipts.   Once you have the copy of the Registration Fee receipt (#6 above), go to http://www.lra.gov.ph/LOTS.htm so you can track the registration status.  It may take a month or so before you can obtain the land title under your name.


kAMi

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Reply #2 on: Dec 07, 2014, 10:27 PM
The easiest way is to let your laywer handle the document processing.


Borg

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Reply #3 on: Dec 08, 2014, 02:01 AM
Thank you for the advice! Appreciate it!


prnd32

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Reply #4 on: Dec 08, 2014, 06:12 PM
Don't just rely on lawyers, if ever you hire one, make sure you know the process yourself.  In fact, you don't even need a lawyer to process the documents.  But you may need one in case the seller fails to deliver the transfer documents.


gang13

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Reply #5 on: Dec 08, 2014, 06:20 PM
You should ask the seller what is the status. Why the delay? Step by step yan. Ask mo, nasa BIR ba? paid na ba ang Capital gains? may CAR na ba? Or nasa RD na ba? May problem ba sa tax dec? Updated ba ang payments ng real estate tax? etc etc.
Saka did u do your due diligence before u bought this property? Clean title ba? May extra judicial ba? Tama ba ang tax declaration? Seller ba mismo ang owner?


ellyrraine

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Reply #6 on: Dec 09, 2014, 02:50 PM
It should take not more than a week's time, unless the seller is the one causing the delay.  By now the seller should have paid the following:

1.  Capital Gains Tax
2.  Documentary stamp tax
3.  Fee to secure Certificate Authorizing Registration (CAR)
4.  Outstanding real property tax
5.  Transfer tax
6.  Title registration fees

Ask copy of the receipts.   Once you have the copy of the Registration Fee receipt (#6 above), go to http://www.lra.gov.ph/LOTS.htm so you can track the registration status.  It may take a month or so before you can obtain the land title under your name.


Hi,

Do you guys have an idea how much the taxes would cost?
Assuming the lot property cost 2M.


prnd32

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Reply #7 on: Dec 09, 2014, 08:55 PM
Hi,

Do you guys have an idea how much the taxes would cost?
Assuming the lot property cost 2M.

1.  Capital Gains Tax - 6%
2.  Documentary stamp tax - 1.5%
3.  Fee to secure Certificate Authorizing Registration (CAR) - 100pesos
4.  Outstanding real property tax - depends on the assessed value of the property
5.  Transfer tax - 0.5%
6.  Title registration fees - around 1.5%



part_timer_lang

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Reply #8 on: Dec 12, 2014, 10:06 AM
^^Sa individual private seller po ba ninyo binili? If sinabi po nyang nasa assessors office na at medyo hindi kayo naniniwala, pwede nyo hingin sa kanya ang receiving copy or pasama kayo mismo sa assessors office para inquire ano na status.

If sa isang developer ka naman bumili, it usually takes 1 year or more before maprocess ang title.


 


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