Important considerations when buying real estate in the Philippines
When purchasing land in the Cebu Philippines, you must take the following actions. The first thing you will receive if the real estate agent or landowner comes and says he is selling his LAND is a copy of the TITLE. You have a copy of the property's title, so you'll go there to look it up in the REGISTER OF DEEDS because you should since you don't know that the land has BURDENS (problems): lending/CLAIMING someone else. Must be spotless. As a result, such copy ought to be prominently displayed in the Register of Deeds copy. They are the same as before. So you can identify whether it is FAKE, has BURDENS, or the land has issues.
The Register of Deeds is a significant government agency that oversees and keeps track of property transfers and other legal papers in the Philippines. The office is split up into three locations in M Velez St Cebu City 6000, Lapu-Lapu City Hall Quezon National Highway 6015 Cebu, and Zamora St Mandaue City, 6014 Cebu.
If there is no structure or fence in the other lot that passed, have a Geodetic Engineer conduct a Relocation survey in the Boundaries to see if the real ground is okay. On the property, you intend to purchase.
You will execute a DEED of SALE called, for instance, if you have already seen it and determined that there is no issue. A DEED OF SALE, also known as a "Contract of Sales," must be signed by both the buyer and the seller and notarized.
Will make the first payment within a month of the notarization. It's called DOCUMENTARY STAMPS, and you have to pay it before the signing month expires.
Since the seller made money, he must pay BIR and the so-called CAPITAL GAIN TAX after that. Additionally, BIR will issue a CERTIFICATE OF AUTHORITY TO REGISTER, which notifies the Register of Deeds that all taxes have been paid and that the buyer can now take possession of the property in their name.
The final step is to bring the (CERTIFICATE OF AUTHORITY TO REGISTER) to the Register of Deeds if you have previously seen it. The Transfer Fees are the final payment, which the Register of Deeds will announce. The Register of Deeds will take everything if it has already been paid for, which shouldn't be too expensive. You will simply have to wait while the title's OWNERS' COPY is sent. You must follow up there. That will take some time due to the Register of Deeds. Therefore, follow-up is required.
Important Tips Before Buying Philippine Real Estate
There are many things to consider before buying a property in the Philippines, including location, market conditions, and the size and type of property you are looking for. Here are some key tips to help you make the best decision for your property purchase:
1) Location is key. Make sure you understand the local market conditions and the surrounding area before making a purchase.
2) Consider your needs. Do you need a large property for a large family, or do you need a small property for a single person?
3) Ask for advice. Talk to your friends and family, and consult with a professional real estate broker or lawyer about there to get specific advice.
No comments:
Post a Comment