Submit the Deed of Absolute Sale/ Deed of Donation/ Extrajudicial Settlement of Estate/ Waiver of Rights or other Deed of Conveyances to the BIR for assessment.
Pay for the Capital Gains Tax and Documentary Stamp Tax at the Bank.
Capital Gains Tax/ Donor Tax is 6% and Documentary Stamp Tax is 1.5% of the Selling price/ Fair Market Value / Zonal Valuation of the Land. (Rule is which ever is higher.)
Documents to submitted to the BIR:
A. Deed of Absolute Sale/ Deed of Donation/ Extrajudicial Settlement of Estate/ Waiver of Rights/ Other Deed of Conveyances
B. Acknowledgment Receipt (no need for EJS, Deed of Donation and Waiver of Rights
C. Certified true copy of the title
D. Tax Declaration for the land and if there is improvement Tax Declaration for Building.
E. Certificate of No Improvement or Certificate of Improvement
F. Vicinity Map
G. Special Power of Attorney (SPA) if you authorized someone to process the titling.
H
. TINs of the Buyer and Sellers (Parties) or IDS
Be sure to have the Tax Identification Number of the buyer and seller or parties in the Deed.
Then wait for at least 1 month for the BIR to release the electronic Certificate Authorizing Registration (ECar).
Second Step: DAR
Check whether the land is classified as agricultural or residential.
If it is agricultural, you have to secure DAR Clearance from DAR.
Requirements are the following:
A. Deed of Absolute Sale
B. SPA
C. Certified true copy of the title.
D. Certificate total land holding from the city or municipality and another certificate of total land holdings where the property is located.
E. MARPO clearance
F. Affidavit of Transferor and transferee
Once the DAR Clearance is release proceed to Register if Deeds.
Third Step: ROD
In ROD the requirements are:
1. Receipt of the Payment of Transfer tax
(Pay the transfer tax at the Treasurer’s Office of the city or municipality where the property is located.
Rate is not more than fifty percent (50%) of the one percent (1%) of the total consideration.
2. Original title
3. Petition for the issuance of title.
4. Deed of Partition (if lot bought or inherited or received is only a portion of the entire property.)
4. ECar
5. DAR Clearance (for agricultural land)
6. Petition for the removal of annotation
Then pay for the printing of the title.
Wait for at least 1-3 months for your title to be released. Good luck.
If you have questions, please consult a lawyer.
by: Atty. Sadjail
No comments:
Post a Comment