So, property in PH is not about location location location. It's about tax tax tax :)
But hey, it's okay.. let's pay!
This is the least we can do to enrich the rich err, our conscience and feed the fed ups..haha let's get positive oki?
Olrayt, to those of yah who are newbies in condo investment, here are Tips to guide you on how to transfer your Condo Title, just don’t forget to give me a $tip when you’re done :)
It is vital that before you bungee jump on your dream home, you must exert due diligence to know the basic facts in buying a property in the Philippines. Else, Internal Rev may slap you with penalties for ignorance.
The first thing to note apart from the documents needed to transfer the Title, is the timeframe in paying the taxes and other dues from different government agencies, particularly the BIR (Bureau of Internal Revenue).
After notarization of the DOAS (Deed of Absolute Sale), the clock starts clicking for
DST (Documentary Stamp Tax) - must be paid on or before the 5th of the following month
CGT (Capital Gains Tax) - within 30days after notarial
If you miss the deadline, please know that mercy is not Tita Kim’s name (Kim Henares, BIR Commissioner).
To Transfer the CCT (Condominium Certificate of Title) @RD (Registry of Deeds), the following are required:
- Notarized DOAS (Deed of Absolute Sale)
- CAR (Certificate Authorizing Registration) @BIR
- DST Receipt@BIR
- Tax Declaration - certified true copy @Assessors
- Owners Duplicate Copy of CCT
- Real Property Tax Clearance@City Hall
- Transfer Tax Receipt@City Hall
- Management Certificate @Condo Administration
- Payment of Registration Fees @RD
- 0.25% of Selling Price
- Miscellaneous fees
- Submit all documents to RD Officer and wait for processing time.
- WAITING PERIOD: 3 weeks to 1month (may vary in other cities)
To secure CAR @BIR
- Notarized DOAS
- Tax Declaration - certified true copy
- CCT- Owners duplicate copy / certified true copy
- Previous CAR from Seller
- Affidavit/Certificate of Non-rental
- TIN of both Seller/s and Buyer/s
- BIR computation sheet for CGT, DST
- CGT = 6% of Selling Price or Zonal Value whichever is higher
- DST = 1.5% of Selling Price
- Payment Forms - P100/- or more
- Payment to accredited Banks.
- If in Taguig, the nearest Bank is BPI. Take note the Bank's cut-off time is 2pm
- Other branches accept payment up to 3pm
- Submit all documents to BIR Officer and wait.
- WAITING PERIOD: Min10 Days. Max-unknown
To pay your Local Transfer Tax@City Hall
- Notarized DOAS
- Tax Declaration - certified true copy
- Local Transfer Tax = 0.50% up to 0.75% of Selling Price or Zonal or Fair Market Value whichever is higher
- Some cities also collect City Tax
While faithful and diligent Real Estate Brokers can help in many ways to guide you in property transactions, it is always in the Buyer’s best interest to know the procedures, requirements as well as payments due in perfecting the ownership of your newly purchased property. So be in the know.
I am sharing this guide to help others who may need first-hand information and the latest update on Condominium Titling and related subjects. Facts and figures are based on my recent transactions in Taguig City, Philippines in June 2015.
Thank you BIR, RD, City Treasury .. I love my Taguig!
WilmaBV
Property Mgr-Dubai certified
Licensed Real Estate Broker
Licensed Real Estate Appraiser
