How To Transfer Land Title in the Philippines? Part 1

                                                              

     It is sad to note that here in the Philippines "some"  buyers/investors of real estate property(ies) would have it secondary to transfer their name(s) in their title for different reason(s).  Some says that they would have it (property) only as investment that they would ask the new buyer to transfer it to avoid tax obligation (CGT) on their part.  Well, that is another story for us to discuss later.  However, some first time real estate buyers think that when they paid the property it is instantly in their name or that the transfer of title was part of their contract or sale.It is very important to note that one of the best evidence of ownership is being the first one to registered the sale in the Registry of Deed, while the other two are possession on the property and having to show the oldest & valid title of the property.

Here are some basic steps in transferring Title in your name;
 - Prepare the following documents
     - Notarized Deed of Sale or other instrument of Transfer (Donation, Extra-judicial)
     - Official Reciepts of Notarization of the Deed of Sale (if required)
     - Photocopy of government issued ID's by the Seller and Buyer
     - Original Owners Duplicate Copy of Title and Certified true Copy of Tax Declaration
     - Vicinity map and Lot plan
     - Tax Clearance
     - Original Official Receipts of Transfer Tax payment
     - Certificate of No - Improvements (for vacant lot)
     - Acknowledegment Reciept of Full payment by the Seller
     - Tax Identification Number (TIN) of Buyer and Seller
     - Duly filled up BIR Form(s) for;
          - One Time Registration of TIN for Buyer and Seller/ Application of Registration
          - Capital Gains Tax Form
          - Documentary Stamp Tax Form
  - Present the applicable documents to BIR for determination and computation of tax due.
  - Proceed to BIR authorized accredited Banks for payment of tax due.
  - Pay required fees to BIR.
  - Submit related documents together with Bank reciept of payments to secure C.A.R.,

     When the BIR released the Certificate Authorizing Registration or C.A.R. then you may now pay the Transfer Tax and proceed to the Registry of Deed to apply for a new Title in your name.

by: A.M. Gomez, Real Estate Broker

For any real estate service call: 0919-4174862