23/04/2024
BAGO BUMILI NG LUPA❗️❗️❗️
FAQs on real estate investments:
Beware of the word “CLEAN TITLE”.
You can only call it clean title IF:
✅ Owners that appear in the title of the property are still ALIVE & CAN SIGN documents
✅ NO disputes attached in the title AND “certified true copy” of the title.
Please take note of the “AND” because not all disputes are printed in the original title itself. Thus, it is very important to request for the latest certified true copy of the title.
✅ All real estate taxes are paid on time. Always request for latest real estate tax clearance.
✅ The owners are married (on or after 1987) The property is considered conjugal even if only one property owner is in the title. Both should sign sale documents. Should the property owner dies, heirs should file and pay for the estate tax of all the properties.
✅ The property estate taxes are not yet paid, the property cannot be called “CLEAN”.
✅ Magkaiba po ang real estate tax na binabayaran ninyo annually at ang estate tax (BIR FORM 1801) You only pay estate tax if the owner in the title ay deads na. Penalties (like big penalties) apply for late filing.
Public service lang po 🙂. Ang estate tax clearance po is NON-NEGOTIABLE. Kailangan talaga syang e file at bayaran whether you like it or not, pag nadeads ang owner na nakalagay sa title. Yep di mo siya matransfer without paying it (kaya nga may amnesty para dun sa matagal na di nattransfer, naextend yun btw)
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P.S. I am not a real estate expert (freelance agent lng 🙂) but a Financial Advisor, and owning real estate properties is a pretty common dream milestone among majority of my clients kaya naman I'm sharing this so we can all learn and earn together. 😊
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