Agreement in buying real estate

Posted in QA on March 26th, 2010 by admin | 3 Comments »

This post is from the column of Ma’m Persida Acosta (Public Attorney’s Office) published by the Manila Times — Dear PAO, I am planning to buy a residential property this December.  The seller and I have agreed that he will shoulder all the expenses relative to the transfer of the property. What documents do I need to check to ensure... ...read the full story

Philippines Real Estate Tax

Posted in Guides on March 25th, 2010 by admin | No Comments »

Real Estate Tax Real estate tax is levied on Philippine real property and the applicable rate varies depending on the location. The maximum rate that a city or municipality within Metro Manila may impose is 1% while cities and municipalities outside Metro Manila may levy the tax at the rate not exceeding 2%. The owner has the option to pay the... ...read the full story

How much do Philippines Real Estate Brokers charge if you hire them to sell your house?

Posted in QA on March 17th, 2010 by admin | 20 Comments »

The typical rate of a Philippines Real Estate Broker is from 3-5% of the selling price of the real estate property (commission). This means No Sale, No Commission. So be nice to your real estate broker =) In addition to the information above, here’s short excerpt from lawyers.com A “real estate broker” is someone who, for a commission... ...read the full story

How do you check the Zonal Value of a Real Estate Property in the Philippines?

Posted in QA on March 16th, 2010 by admin | 21 Comments »

First, let’s define the term ZONAL VALUE or Zonal Valuation: Zonal Valuation – is an approved zonal schedule of fair market values on real property used by the Bureau of Internal Revenue as basis for the computation of internal revenue taxes. Zonal valuation is used primarily: basis for computing the fair market value of the property computation... ...read the full story

What Are The Expenses Involved in a Sale of a House in the Philippines?

Posted in QA on March 11th, 2010 by admin | No Comments »

Here’s a rundown of the standard sharing between buyer and seller when transferring the real estate property title to the new owner: (please not this is not absolute as buyers and sellers can negotiate on other terms before signing the deed of sale) Buyer’s Expense Amount Seller’s Expense Amount Documentary Stamp Tax 1.5% x Tax... ...read the full story

Can Foreigners Buy Philippines Real Estate?

Posted in QA on March 10th, 2010 by admin | No Comments »

Foreigners frown when they realize they cannot buy Philippines Real Estate just as easily as they can in other countries or in their own homeland. Here in the Philippine islands, foreigners are barred from buying Philippines Real Estate property (house and lots, townhouses, etc) EXCEPT in the following: When the purchase refers to a condominium unit... ...read the full story

What are the Rights of Condominium Unit Owners in the Philippines?

Posted in News on March 8th, 2010 by admin | No Comments »

Previously, we had discussed the obligations of Condominium unit owners in the Philippines. Today we tackle the rights of condominium unit owners (what? you thought you had none? of course you have!): Absolute ownership of his unit and co-ownership of common areas Right to Sell, lease or mortgage his exclusive unit Right to participate and vote in... ...read the full story

What are the Obligations of Condominium Unit Owners in the Philippines?

Posted in QA on March 6th, 2010 by admin | 1 Comment »

First, let us define condominium based from the definition of our good friends in wikipedia.org A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually owned while use of and access to common facilities in the piece such as hallways,... ...read the full story

What does a TCT of Real Estate Property in the Philippines contain?

Posted in QA on March 4th, 2010 by admin | 1 Comment »

Buying a house for sale in the Philippines? Here’s what your TCT or Transfer Certificate of Title should contain: TCT Serial No. TCT Number Page and Book number Location of the Property (lot block and survey no) Technical Description Tie Line Reference Points Name & Address of Registered Owner Original Registration of OCT Place, Date &... ...read the full story

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