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Land title transfer procedure?
I bought a house 3 years ago, it was a house on bid from the GSIS. i've been planning to transfer the land title to my name but I don't know where to start. AND...do you have any ideas of the estimated cost too?(transfer process and taxes, lawyers, etc..) What are the kinds of taxes i have to pay since this house is from the GSIS, is there any difference if it's not? I heard the previous owner wasn't able to pay his taxes, do i have to shoulder the unpaid tax? Please help..i am now based abroad and couldn't stay long if I go back to the Philippines but I want to fix everything for my siblings.God bless..
Public Comments
- 1. The first step is register your Deed of Absolute Sale with the Registry of Deeds (RD) of the place where your property is located. You also need to exercise due diligence by asking from the RD a certified true copy of the seller's title to check whether the title is still clean and there is no other legal impediment to the transfer to your name. 2. Next, pay the applicable taxes such as the Documentary Stamp Taxe (usually shouldered by the buyer) and the Capital Gains Tax (usually shouldered by the Seller, in your case, the GSIS). You have to go the BIR Regional District Office (RDO) which depends upon the location of the property for your tax assessment, the accomplishment of the applicable BIR Forms and the payment of tax. Since you bought the property 3 years ago, I assume that the taxes unapid due have earned penalties and surcharges (since capital gains tax and documentary stamp taxes need to be be paid on or before the 10th day of the Month following the notarization of the Deed of Absolute Sale). In which case, you may avail of the Tax Amnesty being offered by the Philippine Government which gives you the option to pay 5% of the assessed value of the property or P50,000.00 of the tax due, whichever is higher. 3. After paying the taxes, BIR will issue you the Certificate Authorizing Registration (CAR). The CAR is very important as it authorizes the RD to effect the transfer. 4. You then have to visit the City/Municipal Assessor's Office and ask for a certified true copy of the latest Tax Declaration as this will be required by the RD to assess your Transfer Fees. You need to pay the Transfer Fees with the City/Municipal Government where your property is located. 5. After paying the Transfer Fees, go back to the RD and show your Official Receipts and the CAR (from the BIR) to effect the transfer to your name. It normally takes 2 weeks to about 1 month to issue the new title in your name. The RD will give you the Owner's Duplicate of Title of your new TCT. Thus, the total amount of your expenses largely depends upon the assessed taxes and other transfer fees. Laywers' fees vary depending upon the terms of your engagement. Trust me, lawyers are not indipensable when it comes to transferring titles as you can do it by yourself without their help. Hope this helps.
- Jake Tornado's answer is very comprehensive. I believe your primary constraint is time ( the number of days you can stay in the Philippines ). I suggest you contact a licensed real estate broker. They do land title transfer as a service and they know the right people in the concerned government agencies. If you don't know a licensed real estate broker, suggest you go to the Contact US page of the PAREB website. http://www.pareb.com.ph/index.html Have a nice day !
