• 1. Letter of Request or Transaction Application Form (TAF).
• 2. Photocopy of Title.
• 3. Identification Card

How to Register:

• 1. Approach the Registration Information Officer (RIO) to check if you have the complete documentary required for your transaction. Complete the TAF
• 2. Submit complete documents and the TAF to the Entry Clerk and wait for the Claim Assessment Slip (CAS)
• 3. Proceed to the Cashier and pay the Registration fee and IT Fees indicated in the CAS. Receive receipt and claim stub
• 4. Claim document from the Releasing Clerk on the date indicated on your claim stub

Same process apply on how to get the Certified True Copy/Certification

What are the Basic Requirements for Registration?

1. Original of the deed/instrument

If original document cannot be presented, the duplicate original or certified true copy shall be presented together with a sworn affidavit executed by the interested party stating why the original document cannot be submitted.

2. Certified copy of the latest Tax Declaration of the property

3. If titled property, owner’s copy of the certificate of title, and all issued co-owner’s copy if any

Note:

a. If a document was executed abroad, a Certificate of Authentication by the nearest Philippine Consulate is required.

b. If either party is a corporation, the following are also required:

i. Secretary’s Certificate/Board Resolution indicating the authorized signatory(ies) and the scope of authority

ii. Articles of Incorporation

iii. Certificate of SEC that the articles of incorporation has been registered

For Issuance of Title Transactions

All issuance transactions require the following documents aside from the basic requirements:

1. BIR Certificate Authorizing Registration (CAR) re: payment of capital gains tax or donor’s tax, as the case may be
2. Real property tax clearance re: up-to-date payment of taxes
3. Proof of payment of transfer tax
4. If the land is covered by CARP, DAR clearance and Affidavit of Landholding of transferee

Additional requirements for specific types of issuance transactions:

1.Extra-Judicial Settlement / Adjudication

• Affidavit of Publication stating that the notice of settlement has been published once a week for (3) consecutive weeks
• If minors are involved, Court Order approving the settlement

2. Judicial Settlement of Estate

• Court Order approving the partition
• Certificate of Finality of the court order
• If the property is being sold or encumbered during the settlement proceedings, Letters of Administration

3. Extra-Judicial Foreclosure of Mortgage

• Certificate of Sale by the sheriff/notary public
• Approval of the Executive Judge, RTC

4. Consolidation of Ownership

• Affidavit of Consolidation of the purchase or Final Bill of Sale executed by the highest bidder

5. Judicial Foreclosure of Mortgage

• Court Order directing the sale by public auction
• Deed of Sale issued by the sheriff

6. Execution Sale

• Notice of levy or attachment must first be annotated accompanied with a writ of execution
• Certificate of Sale
• Final Deed of Sale

7. Registration/Sale of Subdivision Project

License to Sell

• • Development Permit
  • Certificate of Registration

For Annotation Transactions

All annotation transactions require the following documents in addition to the basic requirements:

1. Real property tax clearance re: up-to-date payment of taxes

Additional requirements for specific types of annotation transactions:

1. Mortgage / Lease

· Documentary stamp tax

For Subdivision and/or Consolidation Transactions

All subdivision/consolidation transactions require the following documents aside from the basic requirements:

1. Letter request for subdivision/consolidation

2. Sepia or polyethylene film of the plan duly approved by Land Registration Authority or the Land Management Bureau

3. Blue copy of the plan

4. Original technical description (duly approved)

If with change of ownership, the following additional documents are required:

1. Agreement of partition

2. Real estate tax clearance

For Condominium Transactions

If CCTs are to be issued for the first time in the name of the registered owner, the following are required:

1. Master Deed

2. Declaration of Restriction

3. Diagrammatic Floor Plan

4. Letter request for issuance of individual Condominium Certificate of Title

5. Certificate of Registration with HLURB

6. Development permit

7. License to sell

8. Owner’s duplicate of the title of the land and all issued co-owner’s duplicate, if any

For subsequent transfer of CCTs

1. Certificate of Management

Source: LRA

• Tin of Estate
• Photocopy of the death certificate, subject to presentation of the original
• any of the following:
  • Affidavit of self adjudication
  • Deed of extra judicial settlement of the estate, if the estate has been settled extra judicially
  • court order if settled judicially
  • sworn declaration of all properties of the estate
• Official receipts/deposit slip for this purpose and fully validated return as proof of payment

B. For Real Properties if any

• Certified True Copy of the latest tax declaration issued by the Local Assessor’s Office for land and improvement applicable to the taxable transaction
• Owner’s copy for presentation purposes only together with the photocopy thereof for authentication or Certified True Copy of Transfer Certificate of Title (TCT), Condominium Certificare of Title (CCT), Original Certificate of Title (OCT)
• Sworn declaration of No improvement by at least one of the transferees or Certificate of no improvement issued by the Assessor’s Office, if applicable.

C. For Personal Properties if any

• Certificate of Deposit/Investment/Indebtness owned by the decedent and the surviving spouse duly signed by the Bank Manager
• Certificate of Registration of Motor Vehicle together with the official receipt/cost of acquisition for the purpose of applying the 20% annual depreciation rate.
• Proof of valuation of shares of stocks at the time of death
  • a. For listed stocks – certification of the price index from the Philippine Stock Exchange/latest FMV published in newspapers
  • b. For unlisted stocks – latest audited financial statements of the issuing corporation with the computation of the book value per share
• Such other requirements as may be required by the law/rulings/regulation/other issuances
  • Notice of Death, if applicable
  • Statement duly certified by a CPA containing the itemized assets, deductions, and the amount of the tax due or still due, if applicable.

Steps and Procedures in Transferring a Title in the Philippines

Source: Real Estate in the Philippines by Edward L. Tan (buy his book today!)

From Real Estate in the Philippines Book by Edward L. Tan (get a copy now from your nearest bookstores!)

Maximum Loanable Amount

The usual maximum amount that a borrower can avail from a private bank or financial institution for a housing loan will be based on 70% of the appraised value of the property and the combined monthly salary of the prospective borrower and his spouse.

The rule of the thumb made by private banks and financial institutions on how much one can borrow for a housing loan is based on the single or combined monthly salary/income of the husband and wife is based on the following formula for the salary bracket:

Monthly amortization divided by .30 = Salary Income Bracket

This formula could also be used for HDMF borrowers for a rough assessment on what their salary should be in order to qualify for their desired loan.

Using the example for the private house and lot or condominium with a balance of P2,280,000 and applying the formula:

Total contract price: P3,000,000

Downpayment: P720,000

Balance: P2,280,000

Monthly Amortization for 10 yrs, 20%: P45,584.42

P45,584.42 divided by .30 = P151, 958.07 (required monthly salary)

If the combined income is less than P1,823, 376.84 a year (required monthly salary of P151,948.07 x 12 mos) then the prospective buyer cannot borrow the amount of P2,280,000. Even though the spouses are sure that they can pay the monthly payment of P45,584.42. But this formula is just a rough assessment; the couple’s combined monthly income will just have to be more or less around P151,948.07

• Tin of Mortgagee and Buyer
• Notarized Deed of Consolidation, if any, but only photocopied documents shall be retained by the BIR.
• Certified True Copy of the latest Tax Declaration issued by the Local Assessor’s Office for land and improvement relevant to the date of transaction.
• Sheriff’s Certificate of Sale or Final Order of the Court confirming the Sale
• Owner’s copy for presentation purposes only together with the photocopy thereof for authentication on Certified True Copy of Transfer Certificate of Title (TCT), Condominium Certificate of Title (CCT), Original Certificate of Title (OCT)
• Sworn Declaration of No Improvement by at least one (1) of the transferees or Certificate of No Improvement issues by the Assessor’s Office, if applicable
• Official Receipt/Deposit Slip and duly validated return as proof of payment
  

These questions are the ones we encounter on a regular basis. Hopefully as someone who’s interested in bidding/buying on foreclosed properties/acquired assets, you will take the time to read this article.

1. Do you need to spend some time learning the process before you can get good at it?
Buying through foreclosure is a specialty and that you must likely will have to spend some time learning the ropes and learning how not to get burned.

2. How does the bank treat foreclosures?
Banks who acquired assets through foreclosure have a problem. Why? Because they are not in the real estate business and the banking regulators don’t like it when the bank forecloses. Foreclosure is seen by the regulators as evidence that the bank does not observe good lending practices. Because if it did the property would have never gone into foreclosure. The regulators may even write the bank up for making lending mistakes…not a happy outcome for the bank!

3. Do foreclosed properties have clean titles?
Yes, titles are already transferred under the name of the bank which foreclosed the properties. Although there are some properties with issues or concerns because titles are still in the process of transfer to the name bank which foreclosed the properties.

4. Are there other minor or major issues the buyer has to deal with in buying foreclosed property?
Yes, such as property occupied by the former owner which is still contesting the foreclosure process in court. The buyer could talk to the owner and reach out an agreement that will be beneficial to both and to save on a lot of costs imposed by the bank. A number of times the properties are occupied by illegal occupants or squatters. Tax declaration is also one aspect which may delay consolidation of documents or transfer of the properties under the bank name. Right of way is also one issue which the buyer will have to rectify himself.

5. Are there caretakers manning/guarding bank’s foreclosed properties?
Yes, there are caretakers manning bank’s foreclosed properties, specially the high valued properties ( 10M –up). No assigned caretakers for low valued properties ( 2M-below) due to cost of maintenance. These low-cost properties are sold on: “ sale as is, where is, basis” and buyers have to the take care of ejecting the illegal occupants. If you leave the job of ejection with the bank, then it may take forever specially for low valued properties

6. What is the price a buyer has to offer to purchase foreclosed property?
If the indicative price is stated, buyer could offer this price or 10% lower to take care of other charges when the sales materializes. In sealed bidding, if the floor price is indicated, the buyer could only offer price equal or higher than floor price.

7. Can a buyer avail of Pagibig loan to buy foreclosed property?
Yes, Pagibig housing loan may be used to finance purchase of acquired asset which is disposed of through sealed public bidding and negotiated sale. Take note Pagibig member shall be allowed to borrow an amount up to a maximum of 2M Pesos only.

8. Can a buyer avail of bank financing?
Yes, a buyer can avail of bank financing depending on his capacity to pay, but he or she has to pay the 25% downpayment in cash. The balance of 75%: through BDO, PNB or BPI or other banks which will charge their prevailing interest rate at the time of loan approval.

• It’s Thunderbird Resort’s first real estate project in Asia that aims to be the premiere leisure & wellness residential community in Northern Luzon
• It’s a distinct development combining hotel, casino, beach & golf club facilities with a real estate community that sells house & lots on a leasehold right
• Target Market: Class A-B locally based Filipinos & OFWs (Metro Manila & Regions 1-3) & foreigners
• Will have wellness programs will feature services of medical, behavioral & nutrition experts that will support healthy living for residents & resort patrons

How does Thunderbird Resort’s lease affect home ownership?

• Thunderbird Pilipinas Hotels & Resorts Inc. (TPHRI) currently has a 47-year lease period in a signed agreement with the BCDA
• Buyers will be issued a limited warranty deed that entitles buyers similar rights as that of titled property; it asserts that lot ownership is dependent on Thunderbird Pilipinas’ lease contract with the BCDA & is automatically extended with every renewal
• Each 25-year lease renewal is automatically extended to lot owners

Q: What will happen to the Limited Warranty Deed if the lease is not renewed? Does this mean that I will pay for the lot & build a house but will release ownership when the lease expires?

Should the lease not be renewed, the property including all improvements will be returned to BCDA. The likelihood of this happening though is quite remote. Thunderbird Pilipinas (TPHRI) as developer, with interests in its hotel, golf course, casino & real estate investments, will be ensuring & spearheading the continuity of this enduring lease

What are the competitive advantages of The Point Residences?

• Free membership to the Beach & Golf Club
• Entire Property is guarded 24/7
• 5-minutes drive to the International Airport
• Lot positions offer great sea & golf course views
• Unique Mediterranean Concept
• VAT exemption
• Existing facilities operational since 2006…

What are the site development details of the project?

• Total allotted area for development = 15 hectares
• Total no. of lots & condos= 139 lots & 2 condos
  • Phase 1 = 39 lots
  • Phase 2 = 40 lots
  • Phase 3 = 60 lots
  • Phase 1 Mid-rise Condominium Development
  • Phase 2 Mid-rise Condominium Development
• Lot Sizes for Phase 1
  • Ranges from 300-450 sqm
• Lot Prices in Phase 1
  • Range from Php 7,705-9,200/sqm
• House Construction Cost with Impact Asia
  • Php 35,000/sqm

What are the amenities of the project?

Facilities
- Health & Wellness Center
- The Point Clubhouse
- Event Hall & Function Rooms
- Fitness Gym & Spa
- Commercial Center
- Chapel & Meditation Garden
- Wedding Cliff Pavilion
- Kid’s Pavilion & Play Area
- Basketball Court
- Tennis Court
- Swimming Pools
- Jog Path

Residential Services
- Housekeeping
- Laundry
- Landscaping
- Waste Management
- Shuttle Services
- Automated Community Gates
- 24 Hour Security
- CCTV Surveillance Network
- Rental Program

Q: What type of payment schemes do you have?

For lots in-house financing plans, we have 4 options:

1) Cash Payment With 12% Discount
2) 12 months, 20% DP, 5% Discount, 0% Interest
3) 24 months, No DP, 12% Interest
4) 60 months, Payment with 20% DP, No Discount & 12% Interest Rate

For more flexible payment schemes, inquire with your Broker or Property Specialist on other available options. Further, we are also currently under negotiations with major banks for project accreditation.

Q: How much will the homeowner’s association fee be? Are there any other fees relevant to homeowners?

Association dues will only be charged when there is an established Homeowner’s Association that will only be set up once there is a slightly populated residential area. Such development will be announced in due time.

Free Golf & Beach Club Membership that comes attached with lot purchases will incur monthly fees if actively used & are charged P1,500 & P750 respectively.

Q: When is the turnover for house & lots?

Construction of Phase 1 is expected to start by Quarter 4 of 2010.
Q: What is expected to of the commercial area in the vicinity?

The commercial area located in Phase 1 across the hotel will be a 2-storey building & will feature a coffee shop, some restaurants, convenience store & Wellness Center.

Q: Can buyers construct houses with the design & contractor of our choice?

Lot owners have the choice to use their own architectural designs given that they follow the provisions of the Deed of Restrictions. They can also their house built either by IMPACT ASIA, The Point’s official General Contractor or their preferred personal contractor.

Q: Can foreigners directly buy house & lots in this project?

Yes, foreigners may purchase house & lots at The Point. Philippine Law in general states that foreigners or non-Philippine nationals may purchase condominiums, buildings, & enter into a long term land leases, that covers this development.

Buying a Real Estate Property in the Philippines or for any country for that matter requires due diligence by the prospective buyer: from searching for a property to finalizing the sale. Although a broker can help you furnish these documentary requirements, it’s always best to know in advance. Here are some basic questions to help you when buying a new house & lot:

1. Is your broker/agent accredited by the developer to sell their projects?

2. Is your developer credible? Had they ever had an unfinished project? Do you have friends or know anyone who has bought from this developer and what can they say about their purchases?

3, Are there any tenants in the property? Are their illegal squatters? Will you have a difficult time ejecting them? Does the developer know about this and have they made moves towards resolving it?

4. How secure is the area? Are there any security measures or precautions in place to safeguard against robbers, illegal squatters and the likes?

5. With 2009′s Ondoy flooding, how safe is your area from flash floods or landslide(natural calamities)? What has your developer done to address these?

6. Do you know the exact location of the property you are buying (this is targeted towards ofws who rely on relatives to decide for them when buying a property, take extra precaution because you’ll never know if block 9 lot 10 is on the edge of ravine!)

7. Does the measurement of the property reflect what is written in the technical description and title? Is the measurement accurate?

8. How is the water/electric situation in the area? Do you have clean water? Do you have stable electricity?

9. Are the materials used for the house (if buying a house) durable and in agreement with the ones stated on the contract? Or as promised by the developer?

10. What are the ordinances in the area about the height restrictions for buildings?

Here’s hoping your questions are answered MORE than adequately!

A. Mandatory Requirements (Taxable/Exempt)

• Tin of all Donors
• Notarized Deed of Donation
• Certified True copy of the latest Tax Declaration issued by the Local Assessor’s Office for land and improvement applicable to the taxable transaction
• Owner’s copy for presentation purposes only together with the photocopy thereof for authentication or Certified True Copy of Transfer Certificate of Title (TCT), Condominium Certificate of Title (CCT), Original Certificate of Title (OCT).
• Sworn declaration of No Improvement by at least one (1) of the transferees or Certificate of No Improvement issues by the Assessor’s office, if applicable.
• Proof that the Donee is a qualified relative of the Donor, if the donation if being taxed using the schedular rates (e.g. Birth Certificate, Marriage Contract, Baptismal Certificate, affidavit of a third party)
• Official Receipts/Deposit slip for this purpose and duly validated return as proof of payment

B. Additional Requirements: If applicable

1. For Personal Properties

• Proof of valuation of shares of stock at the time of donation

• a. For listed stocks – certification of the price index from the PSE/latest FMV publishes in newspapers at the time of transaction
• b. For unlisted stocks – latest audited financial statements of the issuing corporation with computation of the book value per share.

• Certificate of deposit/investment/indebtness/stocks for donated cash or securities
• Certificate of Registration of motor vehicle, if any.

2. Others

• Special Power of Attorney, if the signatory on the document is not the owner as appearing on the title
• Certificate of Exemption/BIR Ruling issues by the Commissioner of the Internal Revenue or his Authorized representative if tax exempt.
• Such other requirements as may be required by law/rulings/regulations/other issuances.

Foreclosure occurs when a lender or other lien holder (person or organization that has the right to seize your property for payment on a debt) takes possession of a property because the property owner has failed to make regular, timely payments, and other efforts to collect the money have failed.

Most people know that foreclosure can occur when a homeowner fails to make mortgage payments, but foreclosure can also occur if a homeowner fails to pay property taxes, homeowners’ association assessments or contractor’s bills.

After a creditor takes possession of a home through foreclosure, the creditor usually wants to quickly sell the property, rather than bear the expense of maintenance, security and upkeep. If you are a potential homebuyer, you may find good deals on homes being sold through foreclosure.

You can find information about homes in foreclosure from:

* Local newspapers
* Subscription newsletters
* The county deed recorder’s office
* Lenders’ Web sites

Buying from a Bank after Foreclosure

There’s little risk involved with property a bank has seized through foreclosure. The bank will generally pay any other outstanding debts, such as property taxes or amounts owed to the IRS, in order to sell the house with a clear title. Plus, the bank will have already evicted the tenants or former homeowners, and appraised the house before attempting to resell it.

A bank has the flexibility to negotiate on the selling price, down payment, interest rate and closing costs. Added together, these factors can make a big difference in whether you can afford a home, especially for first-time homebuyers.
Buying from the Homeowner Prior to Foreclosure

If you can communicate with a homeowner whose property is facing foreclosure, it may be possible to buy a house by giving the homeowner a small amount of cash in exchange for any equity in the house. You’ll then be responsible for paying any outstanding debts.

But it’s important to thoroughly check out any existing liens or other debts on the property, so you know what you’re getting into. You may be able to negotiate a discounted settlement with any lien holders.

You’ll also want to inspect the property and estimate the costs of necessary repairs. If the costs of paying off the lender, cashing out the homeowner and making repairs are more than the fair-market value of the home, it’s a bad deal.

If you decide to purchase the property directly from the homeowner, it’s important to have a local real estate lawyer draft the purchase agreement.
Buying at a Foreclosure Auction

Buying at a foreclosure auction is the riskiest way to purchase foreclosed property, and shouldn’t be attempted by a first-time buyer.

You may not be able to inspect the property, and will likely have to come up with the entire purchase price in cash in a short period of time (sometimes measured in hours rather than days). Plus you’ll still end up owing any unpaid property taxes and junior liens (debts put on the property after the debt which caused the property to kick into legal foreclosure).

Buying at auction also comes with the possibility that the former owner will exercise their right of redemption by coming up with the cash to buy the house back within a certain period of time. The IRS also has 120 days to redeem the property if back taxes are owed. A local real estate lawyer can fill you in on the redemption laws in your state.

If you’re tempted to buy at a foreclosure auction:

* Research the condition of the property and any existing debts such as liens, unpaid taxes and previous construction debts, by ordering a full title search on the property
* Scope out land use problems such as zoning or toxic waste issues
* Find out how the auction process and rules work
* Sit in on some other auctions ahead of time
* Decide what your maximum offer will be and don’t go above it
* Arrange any financing you may need ahead of time

Buying a HUD Home

The US Department of Housing and Urban Development (known as HUD) often has houses for sale which are sold to the public after HUD or FHA mortgage foreclosures.

HUD properties are sold “as is” on a cash basis through a conventional lender other than HUD. You can only purchase HUD property through an approved HUD broker or agent, who will submit an offer for you. Buyers can also request that HUD pay some or all of the financing and closing costs.

HUD maintains an online list of homes for sale.
Disadvantage to Buying a Foreclosed Home

One disadvantage to buying a foreclosed home is that the property may be sold “as is,” so it’s important to inspect carefully and budget for any needed repairs. As foreclosure rates have increased, some unhappy homeowners facing foreclosure have been known to damage a home before moving out. Before buying a foreclosed home, it’s important to get a complete assessment of all damage and understand how much it will cost to repair the home.

source: lawyers.com