House/Lot Buying Guide

[Lilacs]

...can you pls share your experiences and tips on the smooth transaction of transferring/buying house from previous owners.

for Mods, kung me similar thread na, paki-merge or delete na lang this. 

TIA!

[betty]

what do you want to know? depended kasi kung cash or through bank loan.

[Lilacs]

hi sis betty,

cash or pwede din installment depende sa agreement ng seller at buyer.

i know kelangan ng Deed of Sale dito.  pero what i am curious about is the actual process of transferring, like sino kina buyer at seller ang dapat  sumagot sa ibang fees like transactions cost i.e capital gains tax, transfer tax, legal fees,  waiting period, etc.

and saan at pano pwede maverify kung clean title nga yung H&L (para iwas problem) mga ganun ba?  would appreciate inputs.

thanks.

[aquacharly]

You verify authenticity of the TCT  and its being "clean-and-clear"  by asking for a CTC from the Register of Deeds.  Do not trust the CTC given to you by the owner or broker.

Usually,  the Seller pays for the Broker's Commission
                                             Cap Gains
                                             and Real EstateTaxes up to the date
                                                   of sale

Do not forget!   Check that Association Dues have been paid by the Seller

Notarial Fees/Doc Stamps depende sa usapan yan... so clear this up with the Broker before hand.

Transfer Fees are always to be paid by the Buyer.

Now, inspite of what I listed above...  there are instances where -- if agreed upon between Buyer and Seller... the Buyer pays for everything, including the Cap Gains.  Depende nga sa usapan... so be very mindful of your discussions with the Broker...  Ask for a listing of who pays for what.

If you are the Buyer --  do not pay the Broker until and after you have the TCT registered in your name.  But make that clear from the start, or just pay partial upon finalization of the Deed of Sale.  But do not pay totally the Broker's Commission hanggang hawak mo the TCT in your name.

That's for cash transactions.

For installment... the TCT has a notation at the bank, to the effect that the there is a mortgage. 

Now remember:  upon full payment,  you have to get that piece of paper from the bank that you are fully paid, and it is releasing the mortgage notation.  Do not be surprised,  you will pay a couple of thousands to have that mortgage notation cancelled by the Registry of Deeds.   

For pre-selling developers .. you get your TCT upon full payment and completion of the unit or lot development.   Watch out again, who pays for the cap gains again, notarization, doc stamps etc etc etc.

[anetski]

should the buyer shoulder the broker's commission as well? hindi po dapat sagot ng seller yun? i heard that there are brokers kasi na nagdo-double commission - commission na from the seller, then meron pa from the buyer. isnt there supposed to be regulation for brokers(since they have a licensing body naman) na ang earning ng commission is from sellers lang?

[tiggerlily]

^ normally, sa seller talaga. kaya nga kung minsan gusto nating mga buyers diretso sa seller ang usapan para maibawas na rin sa price ang commission. it's up to the buyer na naman kung bibigyan pa nya yung broker. doble kabig na sya dun no.

[aquacharly]

should the buyer shoulder the broker's commission as well? hindi po dapat sagot ng seller yun? i heard that there are brokers kasi na nagdo-double commission - commission na from the seller, then meron pa from the buyer. isnt there supposed to be regulation for brokers(since they have a licensing body naman) na ang earning ng commission is from sellers lang?

ANETSKI -- focus on your objective:  to get the lowest possible price for the property you desire.

Kaya nagkakaroon ng Buyers paying for the Broker's Commission.

When I buy, I avail of the services of a Broker who has worked with me over several purchases.   I pay the Broker's commission kasi he searches for me, and negotiates for a lower price.  It is worth his while to attend to my requirements kasi sigurado na sya talagang buy ako and I have the means, kesa sa maghahanap pa sya ng buyers for a certain property.
This broker checks for me and all, and handles the transfer fo the TCT to my/whoever's name/s.

Sometimes, it pays to tell the Seller -- ako bahala sa Brokers Comm (pati pa nga Cap Gains) -- what is your NET price?  Then you can also negotiate the b/c lower.   
Sa ibang brokers kasi.. basta papasok pera sa kanila, kahit na below 3%.   

For the double commission... so what.  Eto ha ANESTSKI -- I have bribed some brokers with a 2nd commission in exchange for their convincing their Seller to accede to my offer.  Simple arithmetic lang yan.. if I am pandering to their greed.. hindi ko na dapat isipin yan.. basta my eyes are focused on getting the lowest possible price for what I want.     Even with the broker's commission,  advantage ko pa rin.

Or, when there are a lot of people after a certain property, you gotta corrupt the broker lalo na kung exclusive broker ito.  Kasi haharangin nya mga offers ng iba... unahin ka.   

So there,  those are the usual cases where  the broker's commission is paid by the Buyer.

As for regulating brokers.. hay forget that.
Anybody can be a broker.. you do not need a licensed broker to come up with a sale nor a Contract.   
Why do they bother to get licensed?  Parang mukha silang kagalang galang.  LOL.  But realistically, any pontio pilato can be a broker basta hawak nya the buyer or seller, or both.

[tiggerlily]

^ nice sis... may natutuhan na naman ako bago. thanks!

[Lilacs]

thank you sisses, for all the insights and infos.

sis aquacharly, that is a good trick about the broker. 

[sweetbabycakes]

paano kung walang broker? plano ko kasi bilhin house and lot ng isang kapatid ko, parang may remaining payments pa yung house and lot. what should i look out for and what should i check?

may tct na ba kung di pa nila fully paid yung house and lot? wala pa kami formal na usapan, should i just go for this strategy, na babayaran ko yung nabayaran na nila and take over the remaining years na payable pa? ok lang ba kung ganoon?

medyo mahirap kasi family ko yung bibilhan ko, di ko alam kung paano ko tatawaran or something...

[miksha]

ano ba mga dapat tinatanong sa seller kapag bumibili ka nang lot? ito lang kase ang naiisip ko:
1. clean title
2. flood free
3. good subdivision. safe area/community
4. near main road
5. available transportation inside subdivision
6. nearby commercial establishments. schools, hospitals, etc...

ano pa ba? thanks!

[may_julian]

you also need to know kung mabilis mag appreciate yung lot na bibilin mo. kasi buying a house is a form of investment. dapat yung binibili mong bahay ay tumataas ang presyo overtime para if ever mag decide kang ibenta siya in the future, mas mataas ang value niya kesa nung binili mo. And jan number one si Avida.

[miksha]

i found this on the internet and i have some questions:

CHECKLIST BEFORE BUYING A PROPERTY
Here are the tips a buyer must remember before buying any property in the Philippines, specially if you are buying a single property from an individual:
 
1. Make sure the “Transfer Certificate of Title” is authentic. The easiest way to check if the title to the property you are buying is authentic is by getting “Certified True Copy” of the title from the Register of Deeds. This office is usually located at the city or municipal hall where the property is located. Ask the seller of the property for a photocopy of the title -you will need the title number and the name of the owner to get a certified true copy of the title from the Register of Deeds. - will they give me a copy or sasabihin lang nila kung yes or no na authentic siya?
2. Verify that title is clean – meaning the property is not mortgaged (no liens & encumbrances on the property). You can see that at the back of the title with the heading “Encumbrances”. This page must be empty if you are told that the title is “clean”. But sometimes the space for the technical description of the property on the front page of the title is not enough and the description of the property is continued on the “Encumbrances” page, this is of course all right. - makikita ko lang ba ito sa original title na hawak nang owner or masasabi din sa register of deeds?
 
3. Make sure that the land described on the title is really the land that you are buying. You can validate this at the Register of Deeds or by hiring a private land surveyor or a geodetic engineer. Land titles don’t have any street name and number to pin point a property, it is a must to confirm that the actual property you are buying matches the technical description on the Transfer Certificate of Title.-does this mean may ihire ako from register of deeds na magsusukat nang lupa? mga magkano naman fee?saka ini-ischedule po ba ito?
4. Make sure that the sellers are the real owners. If you are buying from an individual property owner, ask for identification papers like passport or driver’s license, it is also a good idea to talk to the neighbors to confirm the identity of the sellers (you might as well ask some history of the property).
 
5. Confirm that the yearly real estate taxes are paid. Ask for a copy of the Tax Declaration and Tax Receipts to confirm that real estate tax payments are up to date.- sa owner/seller ito hihingin? do i need to double check if valid and where?
7 Tips for Worry-Free Real Estate Transactions
 
Real Estate transactions in the Philippines are sometimes a cause for worry due to the many inherent problems in the system. What follows are some tips and rules to follow for a worry-free (or “less problematic”) Real Estate transaction:
 
Tip #1. Deal only with Titled property.
 
There are many properties in the Philippines that are not titled, or registered under the Torrens system. If you buy an untitled property (usually evidenced by only a Tax Declaration), you would not enjoy the benefits of the Torrens system, and you will be forced to investigate for yourself the “chain of ownership” from the present owner up to the first, which usually dates back to the 1920′s. With titled property, you can rely on the fact that the owner of the property is that which is stated in the title.
 
Tip #2. Stick to those properties registered in the names of actual sellers themselves.
 
Most properties in the Philippines are titled in the names of the grand parents or even great grandparents of the owners. thus, there is still the need to execute an extra-judicial settlement, which has a “grace period” of two years within which an excluded heir can question the settlement and the sale. This type of litigation is fairly common and is the usual source of problems. Thus, avoid properties not titled in the names of the actual seller.
 
Tip #3. Avoid SPAs (Special Power of Attorney) – deal with the actual sellers themselves.
 
Another of the common sources of property litigation in the Philippines are those involving special power of attorneys. This is an instrument that empowers a party to deal with the property of another, usually for the purpose of selling the property. Oftentimes, unscrupulous individuals procure a special power of attorney surreptitiously from the unwitting owner who is led to believe that the document being signed is something else. Believe it or not, most of the property owners in the Philippines have finished only primary schooling and cannot read English documents. If you must deal with property being sold through an SPA, verify the SPA by questioning the notary public who executed the same, and even meeting the property owner himself.
 
Tip #4. Always check the copy of the title on file with the register of deeds.
 
In the copy on file with the register of deeds are annotated the “involuntary liens” (i.e. claims of third parties and the government, road right of way, etc.). Although the title may still be registered in the name of a person, ownership might have been transferred, questioned, or otherwise affected, and this can be seen at the back of the title on file with the register of deeds. Secure a certified true copy of the title from the register of deeds. Do this yourself or through a trusted party, never from the seller or his middleman.
 
Tip #5. Always have the property identified by a licensed surveyor to be what is being stated in the title.
 
Once you have decided to buy the property, ask the seller to allow you to conduct a relocation survey. Although you might be required to shell out additional expense for the survey, then you can actually be assured of the metes and bounds of the property and that the property you are buying is actually that stated on the title. Furthermore, by asking for a relocation survey, the adjacent owners are summoned, and thus if there be any unforseen questions some of them would be voiced out during the relocation survey.
 
Tip #6. Always see to it that you have a road right of way
 
Just merely looking at the property and seeing a road is not enough. Check the title and see whether or not it is actually bounded by a road lot, road, or street. The surveyor can point this out to you. Most foreigners like the countryside and coasts, where agricultural lands are located. Thus, most agricultural lands when subdivided into smaller parts do not provide for a road in the subdivision plan. Be sure therefore that you have access to the land otherwise, you might be required to purchase a right of way, oftentimes at exhorbitant prices such that you are forced to enter into litigation to have the court fix a reasonable price.
 
Tip #7. Never forget to have your deed of sale, contract of sale or other document over the land annotated on the copy on file with the register of deeds.
 
This should be clear enough to be sure that your records are correctly stored and your property properly transferred to you in official government documents.
Questions On Land Title
 
Title is a generic term that refers to the legal evidence of ownership one has over a property. It includes such documents as Tax Declarations, Real Property Tax Receipts, Deeds of Sale, and the Torrens Title. What we normally think of as title is actually a Certificate of Title also known as the Torrens Title, which results from the Torrens System of Land Registration. The Certificate of Title is the best form of evidence of land ownership.
 
The following are some of the most commonly encountered questions on Land Title and/or Land ownership in the Philippines.
 
1. How can one acquire Land Title?
 
The easiest is through sale and by executing a document called Deed Of Sale, which shows the legal transfer of title from the name of the seller to the buyer. The Deed Of Sale is then taken to the Registry of Deed to be officially recorded. This type of title is also called Transfer Certificate of Title.
 
When no title has yet been issued over a parcel of land, Title it can be acquired either through:
 ◦ Judicial proceedings – by filing a petition for registration in Court
 ◦ Administrative proceedings – by a filing an appropriate application for patent (e.g. homestead) in the Administrative body (DENR) and registration of this patent becomes the basis for issuance of the Original Certificate of Title by the Register of Deeds.
 
2. Are there lands with no Land Certificate of Title yet?
 
Yes and they are called public lands and include the following:
 ◦ Alienable or disposable (A & D Lands) – those that can be acquired or issued title. The Philippines Constitution provides that only agricultural lands can be disposed of to private citizens.
 ◦ Non-alienable lands – includes timber or forest lands, mineral lands, national parks. No title can be issued over any portion within this area.
 
3. Can a foreigner have the Land Title in his/her name?
 
Unfortunately, the answer is – Land Title can only be put in the name of a Filipino or a Corporation with at least 60% Filipino ownership. As a foreigner, it would be helpful to be aware of this limitation on your right of owning Land in the Philippines. Please refer to the article that discusses land ownership in the Philippines made especially to the foreigners.
 
Typical Transaction Costs – Purchases from Individuals
 
1. Capital gains tax – 6% of actual sale price. This is paid by the seller but in some cases it might be expected that the buyer pays. This percentage could differ if the property assessed is being used by a business or is a title- owned by a corporation; in this case the percentage is 7.5%
 
2. Document stamp tax – 1.5% of the actual sale price. This is paid by the seller but in some cases it might be expected that the buyer pays.
 
3. Transfer tax – 0.5% of the actual sale price.
 
4. Registration fee – 0.25% of the actual sale price.
 
Guide when Buying real estate in the Philippines
 
a. General Information
 
As a rule, only Filipino citizens and corporations or partnerships with least 60% of the shares are owned by Filipinos are entitled to acquire land in the Philippines.
 
Aliens can acquire land in the Philippines only on a few exceptions: 1) Acquisition before the 1935 constitution. 2) Acquisition thru hereditary succession -if the foreigner is a legal heir. 4) Purchase of not more than 40% interest as a whole in a condominium project. 4) Purchase by a former natural born Filipino citizen who acquired foreign citizenship & has not applied and granted dual citizenship can purchase up to 1,000 square meters of residential land and 1 hectare of agricultural or farm land.
 
b. Modes of Acquiring Land:
 ◦ Private Grant – voluntary transfer or conveyance of private property by a private owner, such as sale or donation.
 ◦ Public Grant – acquisition of alienable lands of the public domain by homestead patent, free patent, sales patent or other government awards.
 ◦ Involuntary Grant – acquisition of private party against the consent of the former owner, such as foreclosure sale, execution sale, or tax sale
 ◦ Inheritance – acquisition of private property through hereditary succession.
 ◦ Reclamation – filling of submerged land, subject to existing laws and government regulations.
 ◦ Accretion – acquisition of more lands adjoining the banks of rivers due to the gradual deposit of soil as a result of the river current.
 ◦ Prescription – acquisition of title by actual, open, continuous, and uninterrupted possession in the concept of owner for the period required by law.
 
Acquisition is the act of procuring or getting a hold of real estate property. Disposition is the manner of alienation, transfer of possession and ownership thereof as prescribed by the Philippine law. The acquisition and disposition of real estate is embodied in written agreements or contracts voluntarily entered into and subscribed by the selling and buying parties thereof, before a public officer designated as the Notary Public of the City or Province where the subject property is located. Thereafter, the instrument embodying the particular real estate transaction is required by law to be recorded in the Registry of Deeds in the City or Province where the real estate property is involved and located. The Philippines uses the “Torrens” system of real estate ownership.
 
c. The Bundle of Rights Theory
 
The bundle of rights theory inherent to property ownership are the right to use (Jus-Utendi), the right to enjoy the fruits of (Jus-Fruendi), the right to dispose (Jus-Disponendi), the right to abuse (Jus-Abutendi), the right to recover (Jus-Vindicandi), and the right to possess (Jus-Possidendi). The rights incident to ownership are, the right:
 ◦ to enjoy and dispose of a property without other limitations than those established by law;
 ◦ to file action against third parties to recover ownership;
 ◦ to use force as may be reasonably necessary to repeal or prevent an actual or threatened unlawful invasion or usurpation of his property (Art. 429, NCC, relate to Art. 312, RPC);
 ◦ the right to enclose or fence property – walls ditches, live or dead hedges – or by any other means without detriment of servitudes constituted thereon;
 ◦ to demand indemnity for damages caused to property;
 ◦ the right to compensation in the event of expropriation;
 ◦ the right to be restored to possession in case of unlawful dispossession;
 ◦ the right to the surface and subsurface of the land, right to construct thereon any works, plantation and excavation without detriment to servitude and subject to special laws and without right to complain of the reasonable requirements of aerial navigation;
 ◦ the right to hidden treasure;
 ◦ the right to accession and fruits of the property;
 ◦ the right to “quiet title” to real property or any interest therein.
 
d. Limitations on right of property ownership
 ◦ CONSTITUTIONAL – such as police power, eminent domain or expropriation of private property for public use, taxation and escheat when revision of private property to state ownership in case of death of property owner without an heir;
 ◦ LEGAL – zoning ordinances, regulations on subdivision projects, building code, and other special laws and regulations; and
 ◦ CONSENSUAL/VOLUNTARY – easements and servitudes, usufructs, lease agreements, restrictions in subdivision and condominium deeds or restriction.
 
e. The Regalian Doctrine of property ownership
 
A principle in law which means that all natural wealth – agricultural, forest or timber, and mineral lands of the public domain and all other natural resources belong to the state. Thus, even if the private person owns the property where minerals are discovered, his ownership for such does not give him the right to extract or utilize said minerals without permission from the state to which such minerals belong.
 
f. The Steward Concept of property ownership
 
The Steward Concept is a legal doctrine which holds that property ownership presupposes concomitant obligations to the state and the community and that property is supposed to be held by the individual only as trustee for people in general; and that as mere steward, the property owner must exercise his rights to the property not just for his own exclusive and selfish benefit or interest but for the good and general welfare of the nation as a whole.
 
sources: investph.com, real-estate-guide.philsite.net, livinginthephilippines.com, photo from whitenoiseinsanity.wordpress.com

[joban99]

Now remember:  upon full payment,  you have to get that piece of paper from the bank that you are fully paid, and it is releasing the mortgage notation.  Do not be surprised,  you will pay a couple of thousands to have that mortgage notation cancelled by the Registry of Deeds.   

Hello Aquacharley, I just wanted to ask how much the mortgage cancellation fee is and if there are other fees. I just fully paid for my house and will be getting the mortgage notation from the bank in 2 or weeks and Id like to know how much the cancellation fees would be as Im having a relative do this for me since Im abroad. Since I have no idea of the fees, baka he might ask me to give a bigger amount than needed without me knowing.

Also after I have the mortgage notation cancelled by the Registry of Deeds. Is everything ok na? Thanks Aquacharley or to whoever can help me with this issue.

[johan827]

paano kung walang broker? plano ko kasi bilhin house and lot ng isang kapatid ko, parang may remaining payments pa yung house and lot. what should i look out for and what should i check?

may tct na ba kung di pa nila fully paid yung house and lot? wala pa kami formal na usapan, should i just go for this strategy, na babayaran ko yung nabayaran na nila and take over the remaining years na payable pa? ok lang ba kung ganoon?

medyo mahirap kasi family ko yung bibilhan ko, di ko alam kung paano ko tatawaran or something...

hi sweetbabycakes

yan ang case namin nung binenta namin yung h&l namin w/c still mortgaged in Pag-ibig.  what we and the buyer did was:
1. made a deed of conditional sale w/assumption of mortgage
- dito mo ilalatag lahat ng terms of payment
- sinong mag-aayos ng title transfer
- sinong magbabayad ng mga taxes
2.  after a year, they asked kasi na 1 yr to pay yung asking price namin, after the fully paid then binayaran nila yung remaining balance sa pag-ibig.  that's the only time they can have the title. 
3.  then we had deed of absolute sale.  paid the necessary taxes and transfer fees.  and they do the transferring of title.

hth

[aquacharly]

ano ba mga dapat tinatanong sa seller kapag bumibili ka nang lot? ito lang kase ang naiisip ko:
1. clean title
2. flood free
3. good subdivision. safe area/community
4. near main road
5. available transportation inside subdivision
6. nearby commercial establishments. schools, hospitals, etc...

ano pa ba? thanks!

MIKSHA, the seller may not give you accurate answers to your above queries. The seller's objective is to sell --  so, caveat emptor (buyers beware).   You must  do your own research.  Any property I buy --  I gather info re the location, and I go look around  myself at least 2x.   
Get receipts for tax payments & validate  these too.   

Start with the LRA - get requirements for transfer to your name - if & when.
From there you will see you gotta go to other agencies/offices where you will encounter more prerequisite doc lists
You work your way back.  Take notes, see what docs your seller must turn over to you.

Example: if you go  to the BIR - get rqmnts for transfer taxes and whatever else to get your BIR clearance for the LRA/registrar.    A most overlooked rqmnt is that document that shows how much the seller bought the property. Some properties go way  back - no record in the BIR computerized files. It gets interesting here - you know what I mean.  Try not to make deals - after 2 years, the issue  will resurface. But heck, you gotta give some "facilitation fee" - always, hay
buhay.   When they so and o -- ask to see the specific  BIR  provision. With the BIR, Ignorance is NOT Bliss.   Make sure the seller can provide the docs required from their end. 

That BIR list leads you back to other lists with the Assessors Office and Treasurer's Office with City Hall ....   Dyan, you need the seller to turnover docs agin.  Require the seller to be the 1 to get the tax declarations (1 for the lot; another fr improvements) and the Tax Clearance.  Both will cst you grease money. Kung anga anga ka -- sa QC ang racket nila eh.  -- gulatin ka with katerban back taxes and penalties, though you have oriinl tax receipts on hand ha.    Do not get frustrated at  makipag ayos ka.  Eto ha -- once upon a time, nag computerize ang Tax Assessors Office, then after abandoned it -- after assigning Tax Dec nos. &  assessments to Properties.  Subsequently, this office went all the way with   another computerization system -- yun updated ang info.  Lolz, guess what info the Treasurer's Office gulats you with so hindi mo ma gets  Tax Clearance? Alam naman nila na the tax assessment/declaration property numers they are referring are non-existent.  Well, birds of the same feather tong together.

You go back to the Assessors Office to clarify, etc.   You get the run around, but madami offers to
help. Ya know.  Grrrr.   My advIse is -- write letter re your inquiry, etc. Pa receive mo.. Print name, ign & id no. Insist head of office secretary or staff receive your duplcate: with date and time. After 14 business days -- follw up in a letter, say ths is to reiterte your request received when & atach xerox of 1st rcvd copy.  By the 3rd letter - you will get your response - a letter or note o the Treasurers Office that the tax liability assessments on which the Treasurers Office based issance of notice to owner of back taxes are non-existent.   Do not lose patience .  Yes, it can be more grrr in QC. 

Basta, in your contract put down the seller must provide ALL docs to allow you to transfer TCT to your name.  But best to  already have seller turn over to you all docs required kaliwaan  upon payment.   So, you must do  your research.  If hostage mo broker's comm -- even if seller pays, galing naman sa payment mo eh -- o eh di puede mo ihostage. Give say 20percent muna; balance when  tct in your name na -- hwag ka payag  full paymnt of comm balance upon filing of application for tct transfer.  Application lang yan.  Lolz, pag gets na full brokers  comm hindi mo na mahagilap  yan.  Remember: words are cheap.  Act smart. 



The best thing is to have a competent broker, or have sufficient patience & thoroughness to DIY.

[aquacharly]

paano kung walang broker? plano ko kasi bilhin house and lot ng isang kapatid ko, parang may remaining payments pa yung house and lot. what should i look out for and what should i check?

may tct na ba kung di pa nila fully paid yung house and lot? wala pa kami formal na usapan, should i just go for this strategy, na babayaran ko yung nabayaran na nila and take over the remaining years na payable pa? ok lang ba kung ganoon?

medyo mahirap kasi family ko yung bibilhan ko, di ko alam kung paano ko tatawaran or something...

Family or not, look at this as a business transaction.  Do not just pay na wala legal documentation - IMO, bad strategy.

Yung tawaran - well, nobody here can define that for you.  Usapang personal yan, unfortuntely.   

If a mortgaged property -- for sure may TCT, for sure may mortgage annotation & most probably, hawak
ng bank/mortgagor ang original Owner's Duplicate, among other docs.

If property in a new development -- usual racket, you get the TCT a few years after full payment.  Like
the Antipolo Forest Hills properties I bought for cash noong mag open sila for selling with free golf
course membership share  for fairview lots and some non-fvw lots (raffle non, lolz) -- lolz,  got my tcts
3 years after.  Madami legal loopholes nila.   

But kahit no tct yet in new dev -- puede mo buy. Lalo na kilala mo seller.  But! get statement of accounts and balances.  So there, you see the real picture.
If you will have the property and account transferred to your name -- puede BUT the developer will charge processing fees and require legal docs AND malamang re-price the property or charge the seller/your kapatid a fee for "selling".  Ask, and ask well.  Hindi yung mid-way eh, bulaga! meron ka pa pay. 

If you decide na kayong 2 mag areglo -  ok. But the thing is, hindi puede usapan lang, kahit kaharap lahat ng family and relatives.  Get a lawyer, document your agreement. O sige,  you trust your kapatid 100%?    What if, knock  on wood, 1 of you dies? Pano na claim ng heirs nyo?  Messy.  Better legally document and notarize your agreement.

If meron  tct na, though mortgaged -- arrange with the bank. Either lipat na to yor name tct with the annotation intact still, but of course! OR, you have tct annotated that   upon full settlement of mortgage, TCT to  be transferred to you as per notarized agreement, etc etc.    Get a lawyer you can trust to help you.

The thing is, the bank may not agree you assume  the balance.  Kasi they  may  not assess you as a worthy mortgagee --  or, ayaw na nila ma isorbo, 1st mortgage na sila eh. but go ahead, talk to the bank.   Basta be prepped to py their processing , legal, etc fees.   Bank eh, o.. There, fees!  Hehe

Basta - get a statement of account from the bank - dun mo makita exactly where your kaptid is.  Puede ka pa ba assume balance or up for foreclosure na?   But, kahit na foreclosed d na - may 1 year redemption period pa sya..but be prepped to pay more for bank legal and penalty fees.

Ano pa? Ask for Tax Clearance.  Ask for clerance from association, if in a subd.

Basta que kapatid or magulang --  this is a business transaction, treat it that way.  If you do it legally correct -- you avoid future misunderstandings.  document and notarize.

Hello Aquacharley, I just wanted to ask how much the mortgage cancellation fee is and if there
are other fees. I just fully paid for my house and will be getting the mortgage notation from the bank in 2 or weeks and Id like to know how much the cancellation fees would be as Im having a relative do this for me since Im abroad.

It is the bank that you must contact -- email, lahat banks puede email... Give your account particulars.   Say you request for mortgage cancellation and release ...   and to pls give you statement of cost & breakdown.  AND to release to you the original Owner's Duplicate & all other docs you may have given the bank like orig tax pyment receipts, tax dec, etc. upon cancellation and release.   Expect 2 digit thousands as bank fees.      You pay that to the bank & wait. Ask how long ha you will wait.   In a month, you should get from the  bank the Cancellation & Release of Mortgage & all other legal docu. 
Never lose that all.    (you will get an orig copy to keep of the cancellation;   1 copy is attached to your Application with Registry/D for Cancellation of Annotation. There is a  short list of requirements -- easy for you to provide. Kasama the orig Owner's Duplicate of the TCT. )   

I do not see why kelangan mag lagay sa R/D.   Meron man, konti mga  - 1thou.   Just pay the correct fee.    after a month or shorter -- you shd get your orig  duplicate of the tct with an annotation that the
 mortgage annotation is cancelled.  That's it.

The R/D gives a receipt na computerized print out -- yun lang kelangan pay.  Hindi puedeng shake down ka dyan.  Ang racket ng R/D eh lolz -- sa ma nagpapa annotate na stretching the legal grounds for
annotation or lis pendens.  Yung para the tct/property cannot be transferred/sold/mortgaged -- as in frozen until ls pendens settled.  Oo, pera pera yan, or land grabbing.     

Alam mo, ask for print out from R/D of fees you will pay - yun lang bigay mo sa relative.  Plus  costs for xerox, notarization, etc ganun lang.   Well, iba pa consuelo for being your go-fer vs yung lokohin ka nga ng relative mo.   Do not send cash until may send you or show you scanned statement of fees.   Sa bank - you can pay directly via telegraphic transfer.   

Ok that is all based on my experience buying mortgaged properties. 

Ang madalas dangerous,  IMO, is the oversight of mortgagees na campante na ok na kasi naka gets na nila  ang  Certificate of Full Payment sa bank.  nope, get the original Owner's Duplicate of the TCT re-issued with the annotation tht mortgage annotation is cancelled.

MODS - my posts magkasunod. But don't WARNING! WATCHED me ha kasi kung mag antay pa ko ng intervening post eh I may forget to share my info. .  IMO, I am not cluttering the thread for post
count.  Susko.

[aquacharly]

Ok, eto pa ha --    you do not need a broker, que licensed or not --  to have a legal deed of sale.   Pero kelangan notarized.
Eto pa - hwag ka papayag mag double documentation -- 1 undervalued for BIR and another for the real sale value.  Dangerous, , may paper trail -- the BIR will squeeze you hard.  Walang secret na matagal dito sa Phils di ba

IMO, sa mga panahon now --  not that the BIR is clean -- bumagsak na ba Phil islands under the sea???!   But the BIR "help" then harassment  at the end of 2 years is sooooo systematized --  better you pay honestly from the start  and have no future problems. If you play  ball with them now, in 2 years ma blackmail  ka and you will cuenta you paid more after the BIR shakedown. 

Even if sila gumawa ng tax savings hocus  pocus --  lolz, may  loophole sila in their bible -- na kahit sila mali sa computation -- ikaw pa rin liable (meron fine lang, meron fine & kulong.  Lolz. Basta sila wala
kulong, ever. I pray it holds true:    the sons pay  for the sins of the father. Karma).

Eto pa ha  - collective ang crime of tax evasion or tax cheating whatever - both the seller  and buyer are liable and kulong together.

I have a sideline of flipping properties.  I learned all the above kasi my efficient  lawyer   warned me. So when I sell, hindi ko pinapabayaan ang buyer to deal and settle with the BIR.  Baka maki deal sya, undervalue;    and as surely as I have 2 ears -- before 2 years are up -- eto na BIR with a tax deficiency letter.  May their tribe get their  just dues.  Lolz.

The eyebrow raising cooperation you will come across is that between a city's Tax Assessor's Office,  Treasurer's Office and the BIR office.  Lolz, birds of the same feather  tong together. Very interesting, others' transactions packaged by these offices.   In the Phils --  they  sure do it better. Lolz

[joban99]

Wow! Thanks sis aquacharly. You're advice is always appreciated.

[quennna]

im a novice 'broker'
thanks aquacharly for all the insights..