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What is the standard practice in the sharing of expenses for the transfer of title? The following is the standard practice in the sharing of expenses between the buyer and seller when transferring the real estate property title to a new owner: ON THE ACCOUNT OF THE SELLER: Capital Gains Tax equivalent to 6% of […]
What is the procedure for the application of bank loans? Here are the steps in the bank financing of your house and lot unit in Fonte di Versailles 1) We will first check for the possible approval of your loan to ensure that before any payment is made like reservation or down payment, your application willo be approved. We will […]
The following are the steps in transferring title from seller to buyer upon full payment of mortgaging of property 1) Land Tax Division – City Hall – seller should pay the quarterly real estate tax for the issuance of tax clearance. The requirements are the previous real estate tax and tax declaration. Processing time: one to […]
HOW TO PURCHASE ONLINE: 1) First, you will choose a property you like. 2) After choosing your property, you can reserve it online. The Real Estate Agent who serves you will send you an advice to deposit together with the bank details of the developer. These details should include the following: Exact name of the developer (recipient […]
LIST OF REQUIREMENTS IN SECURING BUILDING PERMITS 2 photocopies of Transfer Certificate of Title (T.C.T) 2 photocopies of Tax Declaration 2 photocopies of Current Tax Receipt 5 sets of plans signed and sealed by a duly licensed Architect or Civil Engineer/Master Electrician in case of Eletrical Plans. Sanitary Plans signed by a duly licensed Sanitary […]
Who has the right on the property in the case of double sale? Rule in case of double sale: The priority of rights in case of double sale of titled property shall be governed by the following rules: 1. The buyer who acquired in good faith and was the first to register the sale shall have a […]
Former Natural-born Philippine Citizen now Naturalized American Citizen Any natural-born Philippine citizen who has lost his Philippine citizenship may still own private land in the Philippines up to a maximum area of 1,000 square meters of urban land or 5,000 square meters in the case of rural land. In case of married couples, the total […]
Rights of unit owner: Absolute ownership of his unit Co-ownership of land and common areas Exclusive easement of the space of his unit Non-exclusive easement to common areas for ingress or egress Right to sell, lease, or mortgage his unit Right to repair, paint, decorate the interior surface of his unit Right to participate and […]
Why can other developers offer no equity no down payment while others cannot when all their properties are financed through one and the same financing institution which is Pag-ibig ? As a matter of standard policy, Pag-ibig requires 20% to 30% equity while the 80 to 70%% of the appraised /fair market value of the […]
REAL ESTATE TAXATION : Assessment Level for Land: Classification Not more than Residential 20% of FMV Commercial/ Industrial/ Mineral 50% of FMV Agricultural 40% of FMV Timber 20% of FMV Scientific/ Cultural/ Hospital […]
