Helpful Tips for First time Real Estate Buyer

When buying new property, it is important to look for properties backed by established developers and licensed real estate agents/ brokers, especially in cases of off-plan or pre-selling (the property is at the planning stages and non-existent during the time of the sale).

In general, property can be acquired by simple agreement. After deciding what property to buy as well as inspecting the premises and documents, the buyer usually signs a binding notarized Deed of Sale. Employing the services of a reputable sales agent is convenient because they not only provide vital information regarding the transaction and property, but also assist the buyer in getting the best quality property that they should have but rather give them the best service that they can give.

June 12, 2010

What are the Different Fees to be paid in Transferring the Certificate of Title or the Condominium Certificate of Title?

There are a lot of fees to be paid in transferring the certificate of title or the condominium certificate of title and sharing the expenses in transferring the title of a property between the seller and the buyer is the usual standard procedure practice in the Philippines. Even so both the seller and the buyer can have a mutual agreement on other terms as long as it is done before the signing of the Deed of Sale.

The usual standard procedures are as follows:

• The Seller is the one who pays for the Capital Gains Tax which is equivalent to 6% of the total contract price or the selling price on the Deed of Sale or the zonal value whichever is higher. (Withholding Tax if the Seller is a corporation) The Seller also pays for the unpaid real estate taxes due if there are any and lastly he/she will pay the commission of the Realtor who brought the buyer.

• On the other hand the Buyer pays for the Documentary Tax (1.5%) of the selling price or zonal value or fair market value, which ever is higher. Pays for the Transfer Tax (0.5%), the Registration Fee (0.25%) and lastly for the incidental and miscellaneous expenses incurred during the registration process

June 12, 2010
Cflorendo

Does a Real Estate Sales Person need a License to Market Properties in the Philippines?

The answer to that is yes the RESA law is prohibiting unlicensed Sales Person to sell properties that they don’t own and no if they lawfully own the property that they are selling, a trustee or assignee in bankruptcy or insolvency proceedings and any person acting pursuant to the order of any court of justice are also exempted to this law.

To those people who want to be a part of real estate selling and to those who are already selling but are not yet licensed you must take note of this. The RESA Law or the Real Estate Service Act of the Philippines aims to “safeguard and protect legitimate licensed real estate service practitioners, to finally and completely eradicate the pernicious practices of unauthorized or unlicensed individuals and lastly as an additional security for the public when transacting with brokers or appraisers. Under the bill unlicensed practitioners for real estate will be meted with a penalty ranging P200,000 to P2,000,000, as well as 1 year to 12 years imprisonment.



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