Author Topic: Real Estate Laws  (Read 2483 times)

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Real Estate Laws
« on: December 26, 2007, 11:57:36 PM »
CONSUMMATION OF SALE

It is the process whereby the consideration is paid, the proper document is executed, the commission is paid, the instrument is notarized, filed, and registered with the Bureau of Deeds concerned, and thereby, delivering possession of the property to the purchaser or party concerned.

STEPS AND PROCEDURES IN THE REGISTRATION OF A SALE:

1.   Prepare the document of sale like the Deed of Sale
2.   Pay to update Real Estate Taxes as of date of document of sale
3.   Secure Tax Clearance from the Treasurerís Office after payment of taxes
4.   Prepare BIR Form 1701-E (Individual Capital Gains Tax Return)

REQUIREMENTS IN THE DOCUMENTATION & REGISTRATION OF A SALE

1.   Photocopy of Transfer Certificate of Title (TCT)
2.   Certified true copy of latest Tax declaration (land/improvement)
3.   Real Estate Tax Clearance
4.   Original and photocopy of Deed of Absolute Sale
5.   Certification of no improvement from the Assessorís Office, if vacant lot
6.   Payment of Capital Gains Tax
7.   Pay the Transfer Tax at the Treasurerís Office with the following documents:

a.   Deed of Absolute Sale
b.   Transfer Certificate of Title
c.   Tax Declaration
d.   Real Estate Tax Clearance
e.   Certificate Authorizing Registration from BIR
f.   Capital Gains Tax Receipts
g.   Documentary Stamp Tax Receipts

8.   Submit to the Registry of Deeds where property is located the following documents in original

a.   Ownerís Duplicate copy of Transfer Certificate of Title
b.   Original and photocopy of Deed of Absolute Sale
c.   Certificate Authorizing Registration from BIR
d.   Payment of Capital Gains Tax
e.   Payment of Documentary Stamp Tax
f.   Tax Clearance
g.   Transfer Tax





BASIC LAWS AND AGENCIES GOVERNING REAL ESTATE DEVELOPMENT

PD 957 BETTER KNOWN AS BUYERS PROTECTIVE DECREE, RA 7279 KNOWN AS LINA LAW & BP 220 FOR ITS IMPLEMENTING RULES, GUIDELINES, AND DESIGN & STANDARDS

1.   HLURB FOR THE PRELIMINARY APPROVAL, DEVELOPMENT PERMIT, LOCATION CLEARANCE, FINAL APPROVAL, LICENSE TO SELL AND REGISTRATION CERTIFICATE
2.   LAND MANAGEMENT BUREAU (LMB) FOR THE APPROVAL OF THE SUBDIVISION/DEVELOPMENT PLAN
3.   NATIONAL WATER RESOURCES COUNCIL (NWRC) /LOCAL WATER UTILITIES ADMINISTRATION (LWUA) AND MANILA WATER AND SEWERAGE SYSTEM (MWSS) FOR DRILLING PERMITS AND WATER SERVICE CONNECTIONS
4.   REGISTER OF DEEDS FOR SEGREGATION OF TITLES
BUREAU OF INTERNAL REVENUE (BIR) FOR CAPITAL GAINS TAX, DOCUMENTARY STAMP TAX, VAT ETC.,
5.   TREASURERíS/ASSESSORíS OFFICE FOR REALTY TAX, TRANSFER TAX, TAX DECLARATION, ETC
6.    DEPARTMENT OF AGRARIAN REFORM† (DAR) FOR LAND CONVERSION REQUIREMENTS
7.    DEPARTMENT OF ENVIRONMENT† & NATURAL RESOURCES (DENR) FOR ENVIRONMENT COMPLIANCE CERTIFICATE (ECC)
8.   DEPARTMENT OF AGRICULTURE (DA) AND NATIONAL IRRIGATION ADMINISTRATION FOR CLEARANCE THAT THE LAND IS NO LONGER ECONOMICALLY FEASIBLE FOR AGRICULTURAL PURPOSES
9.   LOCAL GOVERNMENT UNIT (SANGGUNIAN) FOR DEVELOPMENT PERMIT, LOCATIONAL CLEARANCE, MAYORíS PERMIT ETC.
10.   MERALCO FOR ELECTRICAL SUPPLY AND DISTRIBUTION

 


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