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If I buy a property by installment, when should I start paying the Realty Tax? REALTY TAX: Real Estate tax and assessment on the lot or unit shall be paid by the owner or developer without recourse to the buyer for as long as the title has not been passed to the buyer. However, if […]
What if the buyer becomes delinquent in his installments, can the seller forfeit everything? The answer is NO. The seller or developer cannot forfeit everything if the buyer has been paying for at least 2 years. A seller or developer may have the buyer sign into a contract of forfeiture of payments in case the […]
Consequences of non-payment of assessment of condo dues or association dues with homeowners association. The management body may constitute a lien on the delinquent condominium unit or housing unit by registering with the Register of Deeds a notice of assessment and delinquency. Such lien may be enforced in the same manner provided by law for […]
Is a condominium corporation mandatory to be formed in every condominium project? Condominium Corporation : Optional and Mandatory Requirement. The condominium corporation is optional if no unit will be sold in foreigners. However, the corporation is mandatory if some units, not exceeding forty percent interest in the project, will be sold to foreigners, in which […]
Value Added Tax is a basic government tax for all commodities set at 12% on top of the price of such commodity PHILIPPINE VAT LAW: “The VAT is equivalent to 12% of the gross selling price or gross value in money of goods or properties sold, bartered or exchanged. Any excise tax on these goods […]
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 BUYER: Documentary Stamp Tax – 1.5% of the […]
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