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Sunrise terrace condo Makati 2Br 140sqm fully-furnished Real Estate - CONDOMINIUM 413
LOCATION - Along Paliparan Road, Dasmariñas Cavite AREA - 2.6 hectares PRICE - P6,500 per square meter negotiable Real Estate - LOT INDUSTRIAL 413
As an OFW working abroad, can my wife be allowed to attend the Loan Counseling Sessions? Real Estate Guide - ACQUISITIONS 412

Yes. Your wife can be allowed to attend the Pag-Ibig loan counseling session provided she brings a notarized Special Power of Attorney authorizing her to attend the session on your behalf.

How can I protect myself from fraudulent or spurious real property sellers or property developers? Real Estate Guide - ACQUISITIONS 412

Here are some helpful tips that may protect you from dealing with fraudulent or spurious property sellers or property developers:

a). Conduct Title Search – This involves checking the veracity and authenticity of the Owner’s Duplicate Copy of the Transfer Certificate of Title (TCT) or the Condominium Certificate of Title (CCT) which represents seller’s proof of ownership over the property. Don’t rely on the seller’s mere act of showing you the Owner’s Duplicate Copy of the TCT or CCT. Check the following:
The last digit of the TCT or CCT number and the page number (shown on the upper right hand portion of the TCT or CCT) must be the same. So if the page number of the TCT or CCT ends in 8, the last digit of the TCT or CCT must also be 8.
The genuine Owner’s Duplicate Copy of the TCT and CCT bears a security mark which can be seen if the original copy is exposed to light. The security mark can either be NLTDRA (National Land Titles and Deeds Registration Administration) or LRA (Land Registration Authority) which is printed across the title.
The red seal appearing on the Owner’s Duplicate Copy of the TCT or CCT does not or should not smear even if you try to scratch it with a wet towel or wet hand.
It is important to visit the Register of Deeds which issued the TCT or CCT to verify the authenticity and veracity of the title. Compare the seller’s copy of the TCT or CCT with the original one filed with the Register of Deeds. All aspects of the TCT or CCT on file with the Register of Deed and the copy of the TCT or CCT furnished to you by the seller (either photocopy or original), must be exactly the same: title number, page number, book number, font of the typewriter used, opening and ending words or number per page, and all information and data are the same line per line.
Probe the Identity of the Seller. If the Seller is the registered owner of the real property being sold, request for copies of seller’s IDs (preferably driver’s license, passport, Tax Identification Number or ID) to properly establish his identity. If the seller is transacting with a real estate broker, you may request an affidavit from the broker that the seller is known to him as the registered owner of the property being sold. If seller is a corporate entity, request for a copy of the company’s Securities and Exchange Commission Certificate of Registration, Board Resolution authorizing the sale of the property by the person transacting with you and IDs of authorized representative(s).If the seller is a person other than the registered owner of the property, the seller must have a special power of attorney specifically authorizing him to sell the property and that the SPA has not expired. Again it is advisable to request for the seller’s IDs for verification purposes.
Establish Seller’s Ownership of Property. As a registered owner of property, the seller must have a clear knowledge of the history of the property and relevant documents to establish ownership. Probe the seller on this information and confirm it with the information in the Register of Deeds and the title itself. The previous owner of the property is recorded and registered in the Register of Deeds and the previous owner’s title number from where the seller’s title originated is shown in the title itself.
Establish Developer’s Compliance with Laws. In case sellers are property developers, request for copies of Certificate of Registration and License to Sell from the Housing and Land Use Regulatory Board (HLURB). You may conduct additional verification with the HLURB to determine if the seller-developer is in full compliance with the existing laws, rules and regulations.

Who are liable to pay the creditable withholding tax? Real Estate Guide - TRANSACTION TAX 412

The following are liable to pay the CWT:

Seller or transferor of real property classified as ordinary assets habitually engaged in real estate business as per proof of registration with the Housing and Land Use Regulatory Board (HLURB) or the Housing and Urban Development Coordinating Council (HUDCC);
Seller or transferor of real property classified as ordinary assets not habitually engaged in real estate business.

When is the VAT return required to be filed and the tax required to be paid? Real Estate Guide - TRANSACTION TAX 412

The monthly VAT declaration return should be filed and the tax due thereon should be paid on or before the 20th day of the following month using BIR Form 2550M.

Example:

Tax on the Gross Sales Receipts received in January should be paid not later than February 20.
The quarterly VAT Return should be filed and the tax due thereon should be paid on or before the 25th day of the month following the end of each quarter using BIR Form 2550Q.

Example:

Tax on the Gross sales receipts (GSR) received in March must be paid and the VAT return must be filed not later than April 25. But instead of the monthly return (BIR Form 2550 M) the quarterly return (BIR Form 2550 Q) should be used and must also report GSR in January and February.

What is the rate of the Creditable Withholding Tax (CWT)? Real Estate Guide - TRANSACTION TAX 411

The rates of CWT are as follows:

Seller or transferor is habitually engaged in real estate business as per proof of registration with HLURB or HUDCC:
Selling price is P500,000 or less = 1.5%
Selling price is more than P500,000 but not more than P2 Million = 3%
Selling price is more than P2 Million = 5%
seller or transferor is not habitually engaged in real estate business = 6%

RESIDENCES GREENBELT - 78 sqm 1 br Fully furnished 1 parking P 80 T plus dues 3 months deposit 3 months advance Real Estate - CONDOMINIUM 411
LEASE CONTRACT Real Estate Guide - LEGAL CONTRACTS 410

LEASE CONTRACT

 

KNOW ALL MEN BY THESE PRESENTS:


This CONTRACT OF LEASE is made and executed at the City of _____, this day of _______________, 20__, by and between:

 

        (NAME OF LESSOR), of legal age, single/married to (Name of spouse if any),   Filipino, and with residence and postal address at (Address), hereinafter referred to as the LESSOR.

 

-AND-

 

        (NAME OF LESSEE), Filipino and with residence and postal address at (Address), hereinafter referred to as the LESSEE.

 

WITNESSETH; That

 

WHEREAS, the LESSOR is the owner of THE LEASED PREMISES, a residential property situated at (Address of property to be leased);

 

WHEREAS, the LESSOR agrees to lease-out the property to the LESSEE and the LESSEE is willing to lease the same;

 

NOW THEREFORE, for and in consideration of the foregoing premises, the LESSOR leases unto the LESSEE and the LESSEE hereby accepts from the LESSOR the LEASED premises, subject to the following: 

 

TERMS AND CONDITIONS

 

1. PURPOSES:   That premises hereby leased shall be used exclusively by the LESSEE for residential purposes only and shall not be diverted to other uses. It is hereby expressly agreed that if at any time the premises are used for other purposes, the LESSOR shall have the right to rescind this contract without prejudice to its other rights under the law.

 

2. TERM:  This term of lease is for ONE (1) YEAR. from (Date) to (Date) inclusive. Upon its expiration, this lease may be renewed under such terms and conditions as my be mutually agreed upon by both parties,  written notice of intention to renew the lease shall be served to the LESSOR not later than seven (7) days prior to the expiry date of the period herein agreed upon.

 

3. RENTAL RATE:   The monthly rental rate for the leased premises shall be in PESOS: AMOUNT IN WORDS (P 00,000.00), Philippine Currency. All rental payments shall be payable to the LESSOR.

 

4. DEPOSIT:   That the LESSEE shall deposit to the LESSOR upon signing of this contract and prior to move-in an amount equivalent to the rent for THREE (3) MONTHS or the sum of  PESOS: AMOUNT IN WORDS (P 00,000.00), Philippine Currency.  wherein the two (2) months deposit shall be applied as rent for the 11th and 12th months and the remaining one (1) month deposit shall answer partially for damages and any other obligations, for utilities such as Water, Electricity, CATV, Telephone, Association Dues or resulting from violation(s) of any of the provision of this contract.

 

5. DEFAULT PAYMENT:  In case of default by the LESSEE in the payment of the rent, such as when the checks are dishonored, the LESSOR at its option may terminate this contract and eject the LESSEE. The LESSOR has the right to padlock the premises when the LESSEE is in default of payment for One (1) month and may forfeit whatever rental deposit or advances have been given by the LESSEE.

 

6. SUB-LEASE:   The LESSEE shall not directly or indirectly sublet, allow or permit the leased premises to be occupied in whole or in part by any person, form or corporation, neither shall the LESSEE assign its rights hereunder to any other person or entity and no right of interest thereto or therein shall be conferred on or vested in anyone by the LESSEE without the LESSOR'S written approval.

 

7. PUBLIC UTILITIES:   The LESSEE shall pay for its telephone, electric, cable TV, water, Internet, association dues and other public services and utilities during the duration of the lease.

 

8. FORCE MAJEURE:   If whole or any part of the leased premises shall be destroyed or damaged by fire, flood, lightning, typhoon, earthquake, storm, riot or any other unforeseen disabling cause of acts of God, as to render the leased premises during the term substantially unfit for use and occupation of the LESSEE, then this lease contract may be terminated without compensation by the LESSOR or by the LESSEE by notice in writing to the other.

 

9. LESSOR'S RIGHT OF ENTRY:   The LESSOR or its authorized agent shall after giving due notice to the LESSEE shall have the right to enter the premises in the presence of the LESSEE or its representative at any reasonable hour to examine the same or make repairs therein or for the operation and maintenance of the building or to exhibit the leased premises to prospective LESSEE, or for any other lawful purposes which it may deem necessary.

 

10. EXPIRATION OF LEASE:   At the expiration of the term of this lease or cancellation thereof, as herein provided, the LESSEE will promptly deliver to the LESSOR the leased premises with all corresponding keys and in as good and tenable condition as the same is now, ordinary wear and tear expected devoid of all occupants, movable furniture, articles and effects of any kind. Non-compliance with the terms of this clause by the LESSEE will give the LESSOR the right, at the latter's option, to refuse to accept the delivery of the premises and compel the LESSEE to pay rent therefrom at the same rate plus Twenty Five (25) % thereof as penalty until the LESSEE shall have complied with the terms hereof.  The same penalty shall be imposed in case the LESSEE fails to leave the premises after the expiration of this Contract of Lease or termination for any reason whatsoever.

 

11. JUDICIAL RELIEF:   Should any one of the parties herein be compelled to seek judicial relief against the other, the losing party shall pay an amount of One Hundred (100) % of the amount clamed in the complaint as attorney's fees which shall in no case be less than P50,000.00 pesos in addition to other cost and damages which the said party may be entitled to under the law.

 

12. This CONTRACT OF LEASE shall be valid and binding between the parties, their successors-in-interest and assigns.

 

IN WITNESS WHEREOF,  parties herein affixed their signatures on the date and place above written.

 

 

 

(Name of Lessor)                               (Name of Lessee)

LESSOR                                                LESSEE

 

Signed in the presence of:

 

 

_____________________________                  ______________________________

 

ACKNOWLEDGEMENT

 

Republic of the Philippines)

_________________________) S.S

 

BEFORE ME, personally appeared:

 

   Name                                 CTC Number             Date/Place Issued

 

 

Known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to me that the same is their free and voluntary act and deed.

 

This instrument consisting of ____ page/s, including the page on which this acknowledgement is written, has been signed on each and every page thereof by the concerned parties and their witnesses, and and sealed with my notarial seal.

 

WITNESS MY HAND AND SEAL, on the date and place first above written.

 

                                                                                                                                                         Notary Public

 

Doc. No.______;

Page No. ______;

Book No.______;

Series of 20___.

GREENBELT PARKPLACE CONDO - 30 SQM 1 br P 30T plus dues P 3,400 3 months deposit and pdc Real Estate - CONDOMINIUM 410
Gold Loop Condo for Sale and for Lease 198sqm 3br unfurnished with 1parking slot for sale 3br P12M for lease 3br P55K-60K per month +dues Real Estate - CONDOMINIUM 410
Law on Urban Development and Housing Program REPUBLIC ACT NO. 7279 Real Estate Guide - REAL ESTATE LAW 409

AN ACT TO PROVIDE FOR A COMPREHENSIVE AND CONTINUING URBAN DEVELOPMENT AND HOUSING PROGRAM, ESTABLISH THE MECHANISM FOR ITS IMPLEMENTATION, AND FOR OTHER PURPOSES.

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

Article I – TITLE, POLICY, PROGRAM AND DEFINITION OF TERMS Section 1. Title – This Act shall be known as the “Urban Development and Housing Act of 1992.” Section 2. Declaration of State Policy and Program Objectives – It shall be the policy of the State to undertake, in cooperation with the private sector, a comprehensive and continuing Urban Development and Housing Program, hereinafter referred to as the Program, which shall:

Uplift the conditions of the underprivileged and homeless citizens in urban areas and in resettlement areas by making available to them decent housing at affordable cost, basic services, and employment opportunities;
Provide for the rational use and development of urban land in order to bring about the following:
Equitable utilization of residential lands in urban and urbanizable areas with particular attention to the needs and requirements of the underprivileged and homeless citizens not merely on the basis of market forces;
Optimization of the use and productivity of land and urban resources;
Development of urban areas conducive to commercial and industrial activities which can generate more economic opportunities for the people;
Reduction in urban dysfunctions, particularly those that adversely affect public health, safety and ecology; and
Access to land and housing by the underprivileged and homeless citizens;
Adopt workable policies to regulate and direct urban growth and expansion towards a dispersed urban net and more balanced urban-rural interdependence;
Provide for an equitable land tenure system that shall guarantee security of tenure to Program beneficiaries but shall respect the rights of small property owners and ensure the payment of just compensation;
Encourage more effective people’s participation in the urban development process; and
Improve the capability of local government units in undertaking urban development and housing programs and projects.

Section 3. Definition of Terms – For purposes of this Act:

“Affordable cost” refers to the most reasonable price of land and shelter based on the needs and financial capability of Program beneficiaries and appropriate financing schemes;
“Areas for priority development” refers to those areas declared as such under existing statutes and pertinent executive issuances;
“Blighted lands” refers to the areas where the structures are dilapidated, obsolete and unsanitary, tending to depreciate the value of the land and prevent normal development and use of the area.
“Consultation” refers to the constitutionally mandated process whereby the public, on their own or through people’s organizations, is provided an opportunity to be heard and to participate in the decision-making process on matters involving the protection and promotion of its legitimate collective interests, which shall include appropriate documentation and feedback mechanisms;
“Idle lands” refers to non-agricultural lands in urban and urbanizable areas on which no improvements, as herein defined, have been made by the owner, as certified by the city, municipal, or provincial assessor;
“Improvements” refers to all types of buildings and residential units, walls, fences, structures or constructions of all kinds of a fixed character or which are adhered to the soil but shall not include trees, plants and growing fruits, and other fixtures that are mere superimpositions on the land, and the value of improvements shall not be less than fifty percent (50%) of the assessed value of the property;
“Joint venture” refers to the commitment or agreement by two (2) or more persons to carry out a specific or single business enterprise for their mutual benefit, for which purpose they combine their funds, land resources, facilities and services;
“Land assembly or consolidation” refers to the acquisition of lots varying ownership through purchase or expropriation for the purpose of planned and rational development and socialized housing programs without individual property boundary restrictions;
“Land banking” refers to the acquisition of land at values based on existing use in advance of actual need to promote planned development and socialized housing programs;
“Land swapping” refers to the process of land acquisition by exchanging land for another price of land equal value, or for shares of stock in a government or quasi-government corporation whose book value is of equal value to the land being exchanged, for the purpose of planned and rational development and provision for socialized housing where land values are determined based on land classification, market value and assessed value taken from existing tax declarations: Provided, That more valuable lands owned by private persons may be exchanged with less valuable lands to carry out the objectives of this Act;
“Land use plan” refers to the rational approach of allocating available land resources as equitably as possible among competing user groups and for different functions consistent with the development plan of the area and the Program under this Act;
“On-site development” refers to the process of upgrading and rehabilitation of blighted and slum urban areas with a view of minimizing displacement of dwellers in said areas, and with provisions for basic services as provided for in Section 21 hereof;
“Professional squatters” refers to individuals or groups who occupy lands without the express consent of the landowner and who have sufficient income for legitimate housing. The term shall also apply to persons who have previously been awarded homelots or housing units by the Government but who sold, leased or transferred the same to settle illegally in the same place or in another urban area, and non-bona fide occupants and intruders of lands reserved for socialized housing. The term shall not apply to individuals or groups who simply rent land and housing from professional squatters or squatting syndicates;
“Resettlement areas” refers to areas identified by the appropriate national agency or by the local government unit with respect to areas within its jurisdiction, which shall be used for the relocation of the underprivileged and homeless citizens;
“Security of tenure” refers to the degree of protection afforded to qualified Program beneficiaries against infringement or unjust, unreasonable and arbitrary eviction or disposition, by virtue of the right of ownership, lease agreement, usufruct and other contractual arrangements;
“Slum Improvement and Resettlement Program or SIR” refers to the program of the National Housing Authority of upgrading and improving blighted squatter areas outside of Metro Manila pursuant to existing statutes and pertinent executive issuances;
“Small property owners” refers to those whose only real property consists of residential lands not exceeding three hundred square meters (300 sq. m) in other urban areas;
“Socialized housing” refers to housing programs and projects covering houses and lots or homelots only undertaken by the Government or the private sector for the underprivileged and homeless citizens which shall include sites and services development, long-term financing, liberalized terms on the interest payments, and such other benefits in accordance with the provisions of this Act;
“Squatting syndicates” refers to groups of persons engaged in the business of squatter housing for profit or gain;
“Underprivileged and homeless citizens” refers to the beneficiaries of this Act and to individuals or families residing in urban and urbanizable areas whose income or combined household income falls within the poverty threshold as defined by the National Economic and Development Authority and who do not own housing facilities. This shall include those who live in makeshift dwelling units and do not enjoy security of tenure;
“Unregistered or abandoned lands” refers to lands in urban and uranizable areas which are not registered with the Register of Deeds, or with the city or municipal assessor’s office concerned, or which are uninhabited by the owner and have not been developed or devoted for any useful purpose, or appears unutilized for a period of three (3) consecutive years immediately prior to the issuance and receipt or publication of notice of acquisition by the Government as provided under this Act. It does not include land which has been abandoned by reason of force majeure or any other fortuitous event: Provided, That prior to such event, such land was previously used for some useful or economic purpose;
“Urban areas” refers to all cities regardless of their population density and to municipalities with a population density of at least five hundred (500) persons per square kilometers;
“Urbanizable areas” refers to sites and lands which, considering present characteristics and prevailing conditions, display marked and great potential of becoming urban areas within the period of five (5) years; and
“Zonal Improvement Program or ZIP” refers to the program of the National Housing Authority of upgrading and improving blighted squatter areas within the cities and municipalities of Metro Manila pursuant to existing statutes and pertinent executive issuances.

Article II – COVERAGE AND EXEMPTIONS Section 4. Coverage – The Program shall cover all lands in urban and urbanizable areas, including existing areas for priority development, zonal improvement sites, slum improvement and resettlement sites, and in other areas that may be identified by the local government units as suitable for socialized housing. Section 5. Exemptions – The following lands shall be exempt from the coverage of this Act:

Those included in the coverage of Republic Act No. 6657, otherwise known as the Comprehensive Agrarian Reform Law;
Those actually used for national defense and security of the State;
Those used, reserved or otherwise set aside for government offices, facilities and other installations, whether owned by the National Government, its agencies and instrumentalities, including government-owned or controlled corporations, or by the local government units: Provided, however, That the lands herein mentioned, or portions thereof, which have not been used for the purpose for which they have been reserved or set aside for the past ten (10) years from the effectivity of this Act, shall be covered by this Act;
Those used or set aside for parks, reserves for flora and fauna, forests and watersheds, and other areas necessary to maintain ecological balance or environmental protection, as determined and certified to by the proper government agency; and
Those actually and primarily used for religious, charitable, or educational purposes, cultural and historical sites, hospital and health centers, and cemeteries or memorial parks.The exemptions herein provided shall not apply when the use or purpose of the abovementioned lands has ceased to exist.

Article III – NATIONAL URBAN DEVELOPMENT AND HOUSING RAMEWORK

Section 6. Framework for Rational Development – There shall be a National Urban Development and Housing Framework to be formulated by the Housing and Land Use Regulatory Board under the direction of the Housing and Urban Development Coordinating Council in coordination with all local government units and other concerned public and private sectors within one (1) year from the effectivity of this Act:

The Framework shall refer to the comprehensive plan for urban and urbanizable areas aimed at achieving the objectives of the Program. In the formulation of the Framework, a review and rationalization of existing town and land use plans, housing programs, and all other projects and activities of government agencies and the private sector which may substantially affect urban land use patterns, transportation and public utilities, infrastructure, environment and population movements shall be undertaken with the concurrence of the local government units concerned.

Article IV – LAND USE, INVENTORY, ACQUISTION AND DISPOSITION

Section 7. Inventory of Lands – Within one (1) year from the effectivity of this Act, all city and municipal governments shall conduct an inventory of all lands improvements thereon within their respective localities. The inventory shall include the following:

Residential lands;
Government-owned lands, whether owned by the National Government or any of its subdivisions, instrumentalities, or agencies, including government-owned or controlled corporations and their subsidiaries;
Unregistered or abandoned and idle lands; and
Other lands.In conducting the inventory, the local government units concerned, in coordination with the Housing and Land Use Regulatory Board and with the assistance of the appropriate government agencies, shall indicate the type of land use and the degree of land utilization, and other date or information necessary to carry out the purposes of this Act.For planning purposes, the Housing and Urban Development Coordinating Council shall be furnished by each local government unit a copy of its inventory which shall be updated every three (3) years.

Section 8. Identification of Sites for Socialized Housing – After the inventory, the local government units, in coordination with the National Housing Authority, the Housing and Land Use Regulatory Board, the National Mapping Resource Information Authority, and the Land Management Bureau, shall identify lands for socialized housing and resettlement areas for the immediate and future needs of the underprivileged and homeless in the urban areas, taking into consideration the degree of availability of basic services and facilities, their accessibility and proximity to job sites and other economic opportunities and the actual number of registered beneficiaries.

Government-owned lands under paragraph (b) of the preceding section which have not been used for the purpose for which they have been reserved or set aside for the past ten (10) years from the effectivity of this Act and identified as suitable for socialized housing, shall immediately be transferred to the National Housing Authority subject to the approval of the President of the Philippines or by the local government unit concerned, as the case may be, for proper disposition in accordance with this Act.

Section 9. Priorities in the Acquisition of Land – Lands for socialized housing shall be acquired in the following order:

Those owned by the Government or any of its subdivisions, instrumentalities, or agencies, including government-owned or controlled corporations and their subsidiaries;
Alienable lands of the public domain;
Unregistered or abandoned and idle lands;
Those within the declared Areas for Priority Development, Zonal Improvement Program sites which have not yet been acquired;
Bagong Lipunan Improvement of Sites and Services or BLISS sites which have not yet been acquired; and
Privately owned lands.Where on-site development is found more practicable and advantageous to the beneficiaries, the priorities mentioned in this section shall not apply. The local government units shall give budgetary priority to on-site development of government lands.

Section 10. Modes of Land-Acquisition – The modes of acquiring lands for purposes of this Act shall include, among others, community mortgage, land swapping, land assembly or consolidation, land banking, donation to the Government, joint-venture agreement, negotiated purchase, and expropriation: Provided, however, That expropriation shall be resorted to only when other modes of acquisition have been exhausted: Provided, further, That where expropriation is resorted to, parcels of land owned by small property owners shall be exempted for purposes of this Act: Provided, finally, That abandoned property, as herein defined, shall be reverted and escheated to the State in a proceeding analogous to the procedure laid down in Rule 91 of the Rules of Court.

For the purpose of socialized housing, government-owned and foreclosed properties shall be acquired by the local government units, or by the National Housing Authority primarily through negotiated purchase: Provided, That qualified beneficiaries who are actual occupants of the land shall be given the right of first refusal.

Section 11. Expropriation of Idle Lands – All idle lands in urban and urbanizable areas, as defined and identified in accordance with this Act, shall be expropriated and shall form part of the public domain. These lands shall be disposed of or utilized by the Government for such purposes that conform with their land use plans. Expropriation proceedings shall be instituted if, after the lapse of one (1) year following receipt of notice of acquisition, the owner fails to introduce improvements as defined in Section 3(f) hereof, except in the case of this provision, however, are residential lands owned by small property owners or those the ownership of which is subject of a pending litigation.

Section 12. Disposition of Lands for Socialized Housing – The National Housing Authority, with respect to lands belonging to the National Government, and the local government units with respect to other lands within their respective localities, shall coordinate with each other to formulate and make available various alternative schemes for the disposition of lands to the beneficiaries of the Program. These schemes shall not be limited to those involving transfer of ownership in fee simple but shall include lease, with option to purchase, usufruct or such other variations as the local government units or the National Housing Authority may deem most expedient in carrying out the purposed of this Act.

C onsistent with this provision, a scheme for public rental housing may be adopted.

Section 13. Valuation of Lands for Socialized Housing – Equitable land valuation guidelines for socialized housing shall be set by the Department of Finance on the basis of the market value reflected in the zonal valuation, or in its absence, on the latest real property tax declaration.

For sites already occupied by qualified Program beneficiaries, the Department of Finance shall factor into the valuation the blighted status of the land as certified by the local government unit or the National Housing Authority. Section 14. Limitations on the Disposition of Lands for Socialized Housing – No land for socialized housing, including improvements or rights thereon, shall be sold, alienated, conveyed, encumbered or leased by any beneficiary of this Program except to qualified Program beneficiaries as determined by the government agency concerned.

Should the beneficiary unlawfully sell, transfer, or otherwise dispose of his lot or any right thereon, the transaction shall be null and void. He shall also lose his right to the land, forfeit the total amortization paid thereon, and shall be barred from the benefits under this Act for a period of ten (10) years from the date of violation.

In the event the beneficiary dies before full ownership of the land is vested on him, transfer to his heirs shall take place only upon their assumption of his outstanding obligations. In case of failure by the heirs to assume such obligations, the land shall revert to the Government for disposition in accordance with this Act.

Article V – SOCIALIZED HOUSING

Section 15. Policy – Socialized housing, as defined in Section 3 hereof, shall be the primary strategy in providing shelter for the underprivileged and homeless. However, if the tenurial arrangement in a particular socialized housing program is in the nature of leasehold or usufruct, the same shall be transitory and the beneficiaries must be encouraged to become independent from the Program within a given period of time, to be determined by the implementing agency concerned.

Section 16. Eligibility Criteria for Socialized Housing Program Beneficiaries – To qualify for the socialized housing program, a beneficiary:

Must be a Filipino citizen;
Must be an underprivileged and homeless citizen, as defined in Section 3 of this Act;
Must not own any real property whether in the urban or rural areas; and
Must not be a professional squatter or a member of squatting syndicates.

Section 17. Registration of Socialized Housing Beneficiaries – The Housing and Urban Development Coordinating Council, in coordination with the local government units, shall design a system for the registration of qualified Program beneficiaries in accordance with the Framework. The local government units, within one (1) year from the effectivity to this Act, shall identify and register all beneficiaries within their respective localities. Section 18. Balanced Housing Development – The Program shall include a system to be specified in the Framework plan whereby developers of proposed subdivision projects shall be required to develop an area for socialized housing equivalent to at least twenty percent (20%) of the total subdivision area or total subdivision project cost, at the option of the developer, within the same city or municipality, whenever feasible, and in accordance with the standards set by the Housing and Land Use Regulatory Board and other existing laws. The balanced housing development as herein required may also be complied with by the developers concerned in any of the following manner:

Development of new settlement;
Slum upgrading or renewal of areas for priority development either through zonal improvement programs or slum improvement and resettlement programs
Joint-venture projects with either the local government units or any of the housing agencies; or
Participation in the community mortgage program.

Section 19. Incentive for the National Housing Authority – The National Housing Authority, being the primary government agency in charge of providing housing for the underprivileged and homeless, shall be exempted from the payment of all fees and charges of any kind, whether local or national, such as income and real taxes. All documents or contracts executed by and in favor of the National Housing Authority shall also be exempt from the payment of documentary stamp tax and registration fees, including fees required for the issuance of transfer certificates of titles.

Section 20. Incentives for Private Sector Participating in Socialized Housing – To encourage greater private sector participation in socialized housing and further reduce the cost of housing units for the benefit of the underprivileged and homeless, the following incentives shall be extended to the private sector:

Reduction and simplification of qualification and accreditation requirements for participating private developers;
Creation of one-stop offices in the different regions of the country for the processing, approval and issuance of clearances, permits and licenses: Provided, That clearances, permits and licenses shall be issued within ninety (90) days from the date of submission of all requirements by the participating private developers;
Simplification of financing procedures; and
Exemption from the payment of the following:
Project-related income taxes;
Capital gains tax on raw lands used for the project;
Value-added tax for the project contractor concerned;
Transfer tax for both raw and completed projects; and
Donor’s tax for lands certified by the local government units to have been donated for socialized housing purposes.

Provided, That upon application for exemption, a lien on the title of the land shall be annotated by the Register of Deeds: Provided, further, That the socialized housing development plan has already been approved by the appropriate government agencies concerned: Provided, finally, That all the savings acquired by virtue of this provision shall accrue in favor of the beneficiaries subject to the implementing guidelines to be issued by the Housing and Urban Development Coordinating Council. Appropriate implementing guidelines shall be prepared by the Department of Finance, in consultation with the Housing and Urban Development Coordinating Council, for the proper implementation of the tax exemption mentioned in this section within one (1) year after the approval, of the Act. Property owners who voluntarily provide resettlement sites to illegal occupants of their lands shall be entitled to a tax credit equivalent to the actual non-recoverable expenses incurred in the resettlement, subject to the implementing guidelines jointly issued by the Housing and Urban Development Coordinating Council and the Department of Finance.

Section 21. Basic Services – Socialized housing or resettlement areas shall be provided by the local government unit or the National Housing Authority in cooperation with the private developers and concerned agencies with the following basic services and facilities:

Potable water;
Power and electricity and an adequate power distribution system;
Sewerage facilities and an efficient and adequate solid waste disposal system; and
Access to primary roads and transportation facilities

The provision of other basic services and facilities such as health, education, communications, security, recreation, relief and welfare shall be planned and shall be given priority for implementation by the local government unit and concerned agencies in cooperation with the private sector and the beneficiaries themselves.

The local government unit, in coordination with the concerned national agencies, shall ensure that these basic services are provided at the most cost-efficient rates, and shall set a mechanism to coordinate operationally the thrusts, objectives and activities of other government agencies concerned with providing basic services to housing projects.

Section 22. Livelihood Component – To the extent feasible, socialize3d housing and resettlement projects shall be located near areas where employment opportunities are accessible. The government agencies dealing with the development of livelihood programs and grant of livelihood loans shall give priority to the beneficiaries of the Program.

Section 23. Participation of Beneficiaries – The local government units, in coordination with the Presidential Commission for the Urban Poor and concerned government agencies, shall afford Program beneficiaries or their duly designated representatives an opportunity to be heard and to participate in the decision-making process over matters involving the protection and promotion of their legitimate collective interests which shall include appropriate documentation and feedback mechanisms. They shall also be encouraged to organize themselves and undertake self-help cooperative housing and other livelihood activities. They shall assist the Government in preventing the incursions of professional squatters and members of squatting syndicates into their communities.

In instances when the affected beneficiaries have failed to organize themselves or form an alliance within a reasonable period prior to the implementation of the program or projects affecting them, consultation between the implementing agency and the affected beneficiaries shall be conducted with the assistance of the Presidential Commission for the Urban Poor and the concerned non-government organization.

Section 24. Consultation with Private Sector – Opportunities for adequate consultation shall be accorded to the private sector involved in socialized housing project pursuant to this Act.

Article VI – AREAS FOR PRIORITY DEVELOPMENT, ZONAL IMPROVEMENT PROGRAM SITES AND SLUM IMPROVEMENT AND RESETTLEMENT PROGRAM SITES

Section 25. Benefits – In addition to the benefits provided under existing laws and other related issuances to occupants of areas for priority development, zonal improvement program sites and slum improvement and resettlement program sits, such occupants shall be entitled to priority in all government projects initiated pursuant to this Act. They shall also be entitled to the following support services:

Land surveys and titling at minimal cost;
Liberalized terms on credit facilities and housing loans and one hundred percent (100%) deduction from every homebuyer’s gross income tax of all interest payments made on documented loans incurred for the construction or purchase of the homebuyer’s house;
Exemption from the payment of documentary stamp tax, registration fees, and other fees for the issuance of transfer certificate of titles;
Basic services as provided for in Section 21 of this Act; and
Such other benefits that may arise from the implementation of this Act.

Article VII – URBAN RENEWAL AND RESETTLEMENT

Section 26. Urban Renewal and Resettlement – This shall include the rehabilitation and development of blighted and slum areas and the resettlement of Program beneficiaries in accordance with the provisions of this Act. On-site development shall be implemented whenever possible in order to ensure minimum movement of occupants of blighted lands and slum areas. The resettlement of the beneficiaries of the Program from their existing places of occupancy shall be undertaken only when on-site development is not feasible and after compliance with the procedures laid down in Section 28 of this Act.

Section 27. Action Against Professional Squatters and Squatting Syndicates – The local government units, in cooperation with the Philippine National Police, the Presidential Commission for the Urban Poor (PCUP), and the PCUP accredited urban poor organization in the area, shall adopt measures to identify and effectively curtail the nefarious and illegal activities of professional squatters and squatting syndicates, as herein defined.

Any person or group identified as such shall be summarily evicted and their dwellings or structures demolished; and shall be disqualified to avail of the benefits of the Program. A public official who tolerates or abets the commission of the abovementioned acts shall be dealt with in accordance with existing laws.

For purposes of this Act, professional squatters or members of squatting syndicates shall be imposed the penalty of six (6) years imprisonment or a fine of not less than Sixty thousand pesos (P60,000) but not more than One hundred thousand pesos (P100,000), or both, at the discretion of the court.

Section 28. Eviction and Demolition – Eviction or demolition as a practice shall be discouraged. Eviction or demolition, however, may be allowed under the following situations:

When persons or entities occupy danger areas such as esteros, railroad tracks, garbage dumps, riverbanks, shorelines, underways, and other public places such as sidewalks, roads, parks, and playgrounds;
When government infrastructure projects with available funding are about to be implemented; or
When there is a court order for eviction and demolition.

In the execution of eviction or demolition orders involving underprivileged and homeless citizens, the following shall be mandatory:

Pacific Plaza Ayala 285sqm 3br with maids room @P130K/month semi furnished inclusive dues and 2parking slot facing ayala 2months deposit 1year advance Real Estate - CONDOMINIUM 409
SAN FRANCISCO GARDENS 3Br 88sqm with maids room / laundry area 4 tb and 1 PARKING SLOT RUSH SALE only 3.9 Million . Titled ready for bank financing. Real Estate - CONDOMINIUM 409
LAST WILL AND TESTAMENT Real Estate Guide - LEGAL CONTRACTS 407

LAST WILL AND TESTAMENT

 

 

KNOW ALL MEN BY THESE PRESENTS:

I, ____name of testator_____ , Filipino citizen, of legal age, single/married to ___insert name of spouse if any___, born on the ____th of ______________, ____ , a resident of __insert address__ , being of sound and disposing mind and memory, and not acting under undue influence or intimidation from anyone, do hereby declare and proclaim this instrument to be my Last Will and Testament, in English, the language which I am well conversant. And I hereby declare that:


I. I desire that should I die, it is my wish to be buried according to the rites of the Roman Catholic Church and interred at our family mausoleum in Manila;

II. To my beloved wife _____name of wife_____, I give and bequeath the following property to wit:_________________________ ;

III. To my esteemed children, ________________________ and ______________________I give and bequeath the following properties to wit:_______________________________ in equal shares;

IV. To my dear brother, __________________________I give and bequeath the following properties to wit:_______________________________.


V. To my loyal assistant, __________________________I give and bequeath the following properties to wit:_______________________________.

 

VI. I hereby designate ____name of executor_____ the executor and administrator of this Last Will and Testament, and in his incapacity, I name and designate _____________________ as his substitute.

VII. I hereby direct that the executor and administrator of this Last Will and Testament or his substitute need not present any bond;

VIII. I hereby revoke, set aside and annul any and all of my other will or testamentary dispositions that I have made, executed, signed or published preceding this Last Will and Testament.


IN WITNESS WHEREOF, I have hereunto affixed my signature this ________ day of _____________, 20__, in ________________, Philippines.


_______________________________________        
(Signature of Testator over Printed Name)       

 

ATTESTATION CLAUSE

 

We, the undersigned attesting witnesses, do hereby affirm that the forgoing is the last Will and Testament of ___name of testator___ and we certify that the testator executed this document while of sound mind and memory. That the testator signed this document in our presence, at the bottom of the last page and on the left hand margin of each and every page, and we, in turn, at the testator's behest have witnessed and signed the same in every page thereof, on the left margin, in the presence of the testator and of the notary public, this _____ day of __________, 20__ at____________.


______________________________                    ____________________________________________
Signature of Witness                                                                Address                           

______________________________                    ____________________________________________
Signature of Witness                                                                Address                           

______________________________                    ____________________________________________
Signature of Witness                                                                Address                           


JOINT ACKNOWLEDGMENT

 


BEFORE ME, Notary Public for and in the city of ________________, personally appeared:

 

The testator ________________, with CTC No. __________ issued at ___________ on ____________;

Witness, ___________________, with CTC No. __________ issued at ___________ on ____________;

Witness, ___________________, with CTC No. __________ issued at ___________ on ____________;

 

Witness, ___________________, with CTC No. __________ issued at ___________ on ____________;

 

 

all known to me to be the same persons who executed the foregoing Will, the first as testator and the last three as instrumental witnesses, and they respectively acknowledged to me that the same as their own free act and deed.

This Last Will and Testament consists of __ page/s, including the page on which this acknowledgment is written, and has been signed on the left margin of each and every page thereof by the testator and his witnesses, and sealed with my notarial seal.

IN WITNESS WHEREOF, I have hereunto set my hand the day, year, and place above written.

 

Notary Public                  

Doc. No. _____;
Page No._____;
Book No._____;
Series of 20__.

SUN VALLEY Paranaque Wareouse 600 sqm to 2084 sqm for RENT @ P 140 /sqm 3 month deposit 3 month advance Real Estate - WAREHOUSE 407
How can I avail of the Pag-Ibig Housing Loan? Real Estate Guide - ACQUISITIONS 406

Pag-Ibig has established guidelines that you must take and complete to avail of the housing loan:

Attend a counseling session in any of the Pag-Ibig offices;
Member must accomplish a Preliminary Loan Counseling questionnaire;
Pag-Ibig representative signs the Loan Counseling Questionnaire. Then the member will be given a Membership Status Verification Slip or MSVS for completion;
Member will submit the accomplished MSVS and its supporting documents (latest payslip and certificate of MPL Amortization if any);
If qualified, the member receives copies of Housing Loan Application Form and checklist of requirements;
Member/borrower pays the processing fee of P1,000.00;
Loan processing begins;
Upon approval, the member/borrower signs the loan documents and complies with the Letter of Guaranty;
Borrower awaits for notice of availability of check.

How do I compute the RPT and SEFT on my house and lot? Real Estate Guide - TAXES ( RPT ) 405

The RPT is computed using the following formula:

Assessed Value x Tax Rate = Tax Due

Assessed Value (AV) is the Fair Market Value of the real property multiplied by Assessment Level (AL). (FMV x AL = AV)

The Fair Market Value (FMV) of the real property is set by the local assessor and can be found at the Tax Declaration pertaining to the real property.

The Assessment Level (AL) is fixed by ordinances of the Sangguniang Panlalawigan, Sangguniang Panlunsod or Sangguniang Bayan of a municipality within the Metropolitan Manila Area at the rates provided in Assessment Level Rates.

Tax Rates of RPT are set as follows:
City or Municipality within Metro Manila = Not exceeding 2% of the Assessed Value of the Real Property. Hence it can be less than 2%.
Other Provinces and Cities = Not exceeding 1% of the Assessed Value of Real Property. Hence it can be less than 1%.
The RPT Tax Rates of Metro Manila cities and municipalities are provided in RPT and SEFT Tax Rates in Metro Manila.
Tax Rate of SEFT is fixed at 1% of the Assessed Value of the real property regardless of the property location. The SEFT proceeds accrue exclusively to the special education funds of the local government units.The SEFT Tax Rates of Metro Manila cities and municipalities are provided in RPT and SEFT Tax Rates in Metro Manila.

For Example:

Total Fair Market Value of your House and Lot in Makati City:

Land = 300 sq. m. x P5,000/sq. m. = P1,500,000.00 House (Improvement) = 150 sq. m. x P3,000/sq. m. = P450,000.00 Total FMV = P1,950,000.00

Assessment Level for your House and Lot:

Property Type: Land (residential) Assessment Level: 20%

Property Type:House/Improvement (residential) Assessment Level: 20%

The Assessed Value of your House and Lot FMV x AL = AV

Land: P1,500,000 x 20% = P300,000 House/Improvement: P450,000 x 20% = P 90,000 Total Assessed Value = P390,000

The RPT Tax Rate

Assessed Value x Tax Rate = Tax Due

Assessed Value = P390,000

RPT Rate in Makati City = 1.5%

P390,000 x 1.5% = P5,850

Basic Real Property Tax Due on your House and Lot = P5,850

The SEFT Tax Rate

Assessed Value x Tax Rate = Tax Due

Assessed Value = P390,000

SEFT Rate in Makati City = 1%

P390,000 x 1% = P3,900

Special Education Fund Tax = P3,900

Final Tax Due on you House and Lot

Basic RPT Due = P5,850

SEFT = P3,900

Total Annual Tax Due = P9,750

Where should I pay RPT and SEFT? Real Estate Guide - TAXES ( RPT ) 405

RPT and SEFT should be paid to the provincial, city or municipal treasurer of the province, city or municipality where the real property is located. RPT and SEFT are imposed by and paid to the local government units (province, city and municipality) as these are considered local taxes.

EXCLUSIVE (NON-EXCLUSIVE) AUTHORITY TO SELL (LEASE) Real Estate Guide - LEGAL CONTRACTS 404

EXCLUSIVE (NON-EXCLUSIVE) AUTHORITY TO SELL (LEASE)


 


 
        THIS IS TO AUTHORIZE (Name), of legal age, a resident of (Address) , to do and perform any and all of the following acts:

        (In case of a corporation, replace above with: THIS IS TO AUTHORIZE [Name of Corporation], a domestic corporation  existing under and by virtue of the laws of the Philippines, with principal office located at [Address], to do and perform the following acts:) 

 

TO SELL (or TO RENT OUT) my house and lot located at (Address), more particularly described as follows:

 

Block No. _________ Lot No. __________ Lot Area: __________ square meters

Transfer Certificate of Title No. __________

 

        That (Name /Corporation) shall receive a commission fee equivalent to FIVE (5%) PERCENT of the total selling price as stipulated in the Deed of Sale or Contract to Sell, payable upon the execution of the instrument.

 

        (In case of rent, replace above with: That (Name /Corporation) shall receive a commission fee equivalent to ONE MONTH RENT as stipulated in the Rental /Lease Contract, payable upon the execution of the instrument.

 

        In case of renewal of lease, (Name /Corporation) shall receive an equivalent of  ONE MONTH RENT for every year of lease as stipulated in the Rental /Lease Contract, payable upon the execution of the instrument.)

(Add terms as required)

 

        This exclusive (or Non-Exclusive) authority shall become ineffective only after 30 (60 or 90) days from receipt of either party of a written notice terminating such authority.

 

 

__________________________________            

OWNER                                  

Signature Over Printed Name                

 

Name of Owner: _________________________________________

Spouse: _________________________________________________

Home Address: __________________________________________

Telephone Nos. __________________________________________

Office Address: __________________________________________

Telephone Nos. __________________________________________

Date: _______________________

National Economy and Patrimony Real Estate Guide - REAL ESTATE LAW 403

NATIONAL ECONOMY AND PATRIMONY

Article XII – 1987 Philippine Constitution

Section 1. The goals of the national economy are a more equitable distribution of opportunities, income, and wealth; a sustained increase in the amount of goods and services produced by the nation for the benefit of the people; and an expanding productivity as the key to raising the quality of life for all, especially the underprivileged.The State shall promote industrialization and full employment based on sound agricultural development and agrarian reform, through industries that make full and efficient use of human and natural resources, and which are competitive in both domestic and foreign markets. However, the State shall protect Filipino enterprises against unfair foreign competition and trade practices.

In the pursuit of these goals, all sectors of the economy and all regions of the country shall be given optimum opportunity to develop. Private enterprises, including corporations, cooperatives, and similar collective organizations, shall be encouraged to broaden the base of their ownership.

Section 2. All lands of the public domain, waters, minerals, coal, petroleum, and other mineral oils, all forces of potential energy, fisheries, forests or timber, wildlife, flora and fauna, and other natural resources are owned by the State. With the exception of agricultural lands, all other natural resources shall not be alienated. The exploration, development, and utilization of natural resources shall be under the full control and supervision of the State. The State may directly undertake such activities, or it may enter into co-production, joint venture, or production-sharing agreements with Filipino citizens, or corporations or associations at least sixty per centum of whose capital is owned by such citizens. Such agreements may be for a period not exceeding twenty-five years, renewable for not more than twenty-five years, and under such terms and conditions as may be provided by law. In cases of water rights for irrigation, water supply, fisheries, or industrial uses other than the development of water, power, beneficial use may be the measure and limit of the grant.

The State shall protect the nation’s marine wealth in its archipelagic waters, territorial sea, and exclusive economic zone, and reserve its use and enjoyment exclusively to Filipino citizens.

The Congress may, by law, allow small scale utilization of natural resources by Filipino citizens, as well as cooperative fish farming, with priority to subsistence fishermen and fish workers in rivers, lakes, bays, and lagoons.

The President may enter into agreements with foreign-owned corporations involving either technical or financial assistance for large-scale exploration, development, and utilization of minerals, petroleum, and other mineral oils according to the general terms and conditions provided by law, based on real contributions to the economic growth and general welfare of the country. In such agreements, the State shall promote the development and use of local scientific and technical resources.

The President shall notify the Congress of every contract entered into in accordance with this provision, within thirty days from its execution.

Section 3. Lands of the public domain are classified into agricultural, forest or timber, mineral lands, and national parks. Agricultural lands of the public domain may be further classified by law according to the uses to which they may be devoted. Alienable lands of the public domain shall be limited to agricultural lands. Private corporations or associations may not hold such alienable lands of the public domain except by lease, for a period not exceeding twenty-five years, renewable for not more than twenty five years, and not to exceed one thousand hectares in area. Citizens of the Philippines may lease not more than five hundred hectares, or acquire not more than twelve hectares thereof by purchase, homestead, or grant.

Taking into account the requirements of conservation, ecology, and development, and subject to the requirements of agrarian reform, the Congress shall determine, by law, the size of lands of the public domain which may be acquired, developed, held, or leased and the conditions therefor.

Section 4. The Congress shall, as soon as possible, determine by law the specific limits of forest lands and national parks, marking clearly their boundaries on the ground. Thereafter, such forest lands and national parks shall be conserved and may not be increased nor diminished, except by law. The Congress shall provide, for such period as it may determine, measures to prohibit logging in endangered forests and watershed areas.

Section 5. The State, subject to the provisions of this Constitution and national development policies and programs, shall protect the rights of indigenous cultural communities to their ancestral lands to ensure their economic, social, and cultural well-being.

The Congress may provide for the applicability of customary laws governing property rights or relations in determining the ownership and extent of ancestral domain.

Section 6. The use of property bears a social function, and all economic agents shall contribute to the common good. Individuals and private groups, including corporations, cooperatives, and similar collective organizations, shall have the right to own, establish, and operate economic enterprises, subject to the duty of the State to promote distributive justice and to intervene when the common good so demands.

Section 7. Save in cases of hereditary succession, no private lands shall be transferred or conveyed except to individuals, corporations or associations qualified to acquire or hold lands of the public domain.

Section 8. Notwithstanding the provisions of Section 7 of this Article, a natural-born citizen of the Philippines who has lost his Philippine citizenship may be a transferee of private lands, subject to limitations provided by law.

Section 9. The Congress may establish an independent economic and planning agency headed by the President, which shall, after consultations with appropriate public agencies, various private sectors, and local government units, recommend to Congress, and implement continuing integrated and coordinated programs and policies for national development.

Until the Congress provides otherwise, the National Economic and Development Authority shall function as the independent planning agency of the government.

Section 10. The Congress shall, upon recommendation of the economic and planning agency, when the national interest dictates, reserve to citizens of the Philippines or to corporations or associations at least sixty per centum of whose capital is owned by such citizens, or such higher percentage as Congress may prescribe, certain areas of investments. The Congress shall enact measures that will encourage the formation and operation of enterprises whose capital is wholly owned by Filipinos. In the grant of rights, privileges, and concessions covering the national economy and patrimony, the State shall give preference to qualified Filipinos.

The State shall regulate and exercise authority over foreign investments within its territorial jurisdiction and in accordance with its national goals and priorities.

Section 11. No franchise, certificate, or any other form of authorization for the operation of a public utility shall be granted except to citizens of the Philippines or to corporations or associations organized under the laws of the Philippines at least sixty per centum of whose capital is owned by such citizens, nor shall such franchise, certificate, or authorization be exclusive in character or for a longer period than fifty years. Neither shall any such franchise or right be granted except under the condition that it shall be subject to amendment, alteration, or repeal by the Congress when the common good so requires. The State shall encourage equity participation in public utilities by the general public. The participation of foreign investors in the governing body of any public utility enterprise shall be limited to their proportionate share in its capital, and all the executive and managing officers of such corporation or association must be citizens of the Philippines.

Section 12. The State shall promote the preferential use of Filipino labor, domestic materials and locally produced goods, and adopt measures that help make them competitive.

Section 13. The State shall pursue a trade policy that serves the general welfare and utilizes all forms and arrangements of exchange on the basis of equality and reciprocity.

Section 14. The sustained development of a reservoir of national talents consisting of Filipino scientists, entrepreneurs, professionals, managers, high-level technical manpower and skilled workers and craftsmen in all fields shall be promoted by the State. The State shall encourage appropriate technology and regulate its transfer for the national benefit.

The practice of all professionals in the Philippines shall be limited to Filipino citizens, save in cases prescribed by law.

Section 15. The Congress shall create an agency to promote the viability and growth of cooperatives as instrument for social justice and economic development.

Section 16. The Congress shall not, except by general law, provide for the formation, organization, or regulation of private corporations. Government-owned or controlled corporations may be created or established by special charters in the interest of the common good and subject to the test of economic viability.

Section 17. In times of national emergency, when the public interest so requires, the State may, during the emergency and under reasonable terms prescribed by it, temporarily take over or direct the operation of any privately owned public utility or business affected with public interest.

Section 18. The State may, in the interest of national welfare or defense, establish and operate vital industries and, upon payment of just compensation, transfer to public ownership utilities and other private enterprises to be operated by the Government.

Section 19. The State shall regulate or prohibit monopolies when the public interest so requires. No combination in restraint of trade or unfair competition shall be allowed.

Section 20. The Congress shall establish an independent central monetary authority, the members of whose governing board must be natural-born Filipino citizens, of known probity, integrity, and patriotism, the majority of whom shall come from the private sector. They shall also be subject to such other qualifications and disabilities as may be prescribed by law. The authority shall provide policy direction in the areas of money, banking, and credit. It shall have supervision over the operation of banks and exercise such regulatory powers as may be provided by law over the operations of finance companies and other institutions performing similar functions.

Until the Congress otherwise provides, the Central Bank of the Philippines, operating under existing laws, shall function as the central monetary authority.

Section 21. Foreign loans may only be incurred in accordance with law and the regulation of the monetary authority. Information on foreign loans obtained or guaranteed by the Government shall be made available to the public.

Section 22. Acts which circumvent or negate any of the provisions of this Article shall be considered inimical to the national interest and subject to criminal and civil sanctions, as may be provided by law.

Tagaytay-Calamba road Corner property beside St. Mary’s House 4,689 sq.m. @ P 8k/sq.m. ( The PRICE may change without prior notice ) possible JOINT VENTURE Located between the new condominium development of Cityland ( Prime residences ) and Alveo ( Kasa Luntian ). The property is beside St. Mary's House. Ideal for a Hotel or Condominium Real Estate - LAND 4 Developer 403
Sumulong Hiway Warehouse for Lease Brand new on Going Construction 1000-3000sqm available 1hectare Real Estate - WAREHOUSE 402
Buendia tower Pasay 2Br 2Cr 75sqm Fully furnished with 1 maids room @ 25k with dues Real Estate - CONDOMINIUM 402
THREE SALCEDO - 183 sqm 3 Br Fully Furnished 1 maids room 2 parking P 115 T all in Real Estate - CONDOMINIUM 401
When should I pay the Capital Gains Tax (CGT)? Real Estate Guide - TRANSACTION TAX 400

Within 30 days from the sale or disposition of your house and lot. However, in case of any discrepancy between the date of the sale agreement and the notarization date, the BIR, as a matter of practice, reckons the 30 day period from the notarization date for purposes of computing the 30 day period.

EDSA BALINTAWAK WAREHOUSE for Lease 1500 sqm @ P 160 /sqm + VAt near Hyundai showroom . Real Estate - WAREHOUSE 400
Condo for Lease Tuscany Mckinley 70sqm 1br Loftype Fully Furnished @P55K inclusive 1parking slot 2months advance 2months deposit minimum lease 1year Real Estate - CONDOMINIUM 400
Vivian Flat ayala alabang 1br 42sqm fully furnished with parking @ 35k with dues Real Estate - CONDOMINIUM 399
Retiring in the Philippines Real Estate Guide - OWNERSHIP 398

Retiring in the Philippines

Requirements for Special Resident Retirement Visa

Principal Applicant:

Application Form
Passport with valid entry to the Philippines
National Bureau of Investigation (NBI) Clearance or Police Clearance (to be authenticated by the Philippine Embassy)
Medical Clearance (if applicant is abroad, this clearance must be authenticated by the Philippine Embassy)
6 pieces 6″ x 6″ pictures
6 pieces 1″ x 1″ pictures
Bank Certification from an accredited bank of the Philippine Retirement Authority of bank deposit (US$ 50,000 for 50 years old & above, $75,000 for 35 to 49 years)
Processing fee: US$ 1,500

Spouse / Dependent:

Application Form
Passport with valid entry to the Philippines
NBI Clearance or Police Clearance (to be authenticated by the Philippine Embassy for 18 years old and above)
Medical Clearance (if applicant is abroad, this clearance must be authenticated by the Philippine Embassy)
6 pieces 6″ x 6″ pictures
6 pieces 1″ x 1″ pictures
Marriage Certificate (authenticated by the Philippine Embassy) for spouse.
Birth Certificate (authenticated by the Philippine Embassy) for dependents.

In Lieu of Marriage or Birth Certificates:

Family Register (for Koreans)
Household Register (for Taiwanese)
Certificate of Relationship (for P.R.O.C.)

Fees:

Service fee of $300 each for spouse or dependent (up to 3 dependents)
For families with more than 3 dependents, additional $ 15,000/dependent

Immigration conversion fee:

Php: 7,600 for spouse and children 16 to 20 years old.
Php: 7,350 for children 14 to 15 years old.
Php: 6,850 for children 13 years old and below
PLRA ID card ($10) for spouse and/or dependent
Immigration express fee of Php 500 per person (elective)

Note: The required investment money (US$ 50,000 for 50 years old & above, $75,000 for 35 to 49 years) to avail of the Special Resident Retirement Visa (SRRA) must be deposited in a bank accredited by the Philippine Retirement Authority. This deposit can be withdrawn after 6 months but must be invested in the Philippines. It can be used to buy properties (condominiums) stocks, securities, etc.

Also see the Philippine Retirement Act from the Philippine Retirement Authority.

What will be my rights as owner of a condominium unit and other real property once I marry my fiance? Real Estate Guide - RELATIONS 398

Your rights to the real property which you own and plan to bring into the marital partnership depend on the property relations which you and your future husband will agree on. The property relations which you and your future husband will choose will govern all the rights, responsibilities and obligations to all the property whether real or personal properties that you and your spouse will bring into the partnership. Under the Family Code of the Philippines which took effect on August 4, 1988, the couple, before the celebration of marriage, may choose and enter into a marriage settlement that they want, such as:

Separation of Property
Absolute Community of Property
Conjugal Partnership of Gains
Any other regime such as Dowry or others

However, if you and your spouse celebrated marriage without executing any marriage settlement then the system of Absolute Community of Property shall govern.

Fraser place Manila 4br 297sqm 1 maids room 2 parking @ 150K semi furnished and 130k Unfurnished Real Estate - CONDOMINIUM 398
Where should the CWT be paid? Real Estate Guide - TRANSACTION TAX 397

The CWT, deducted and withheld by the withholding agent/buyer on the sale, transfer or exchange of real property, shall be paid upon filing of the return (BIR Form 1601E) with the Authorized Agent Bank located within the Revenue District Office having jurisdiction over the place where the property is located.

Pasig Warehouse for Lease 1100sqm @P180/sqm +vat 2months advance 2months deposit minimum lease 2years. High Ceiling Real Estate - WAREHOUSE 397
Donor's tax Real Estate Guide - TRANSACTION TAX 396

Tax Rates

Effective January 1, 1998 to present

Net Gift Over But not Over The Tax
Shall be Plus Of the Excess Over
100,000.00 exempt 
100,000.00 200,000.00 0 2% 100,000.00
200,000.00 500,000.00 P 2,000.00 4% 200,000.00
500,000.00 1,000,000.00 14,000.00 6% 500,000.00
1,000,000.00 3,000,000.00 44,000.00 8% 1,000,000.00
3,000,000.00 5,000,000.00 204,000.00 10% 3,000,000.00
5,000,000.00 10,000,000.00 404,000.00 12% 5,000,000.00
10,000,000.00 and over 1,004,000.00 15% 10,000,000.00

Notes:
1. Rate applicable shall be based on the law prevailing at the time of donation.

2. When the gifts are made during the same calendar year but on different dates, the donor's tax computed on the total net gifts during the year.


Donation made to a stranger is subject to 30% of the net gift. A stranger is a person who is not a:

• brother, sister (whether by whole or half blood), spouse, ancestor and lineal descendants; or

•. relative by consanguinity in the collateral line within the fourth degree of relationship (up to first cousin).

Effective July 28, 1992 to December 31, 1997

Net Gift Over But not Over The Tax
Shall be Plus Of the Excess Over
50,000.00 exempt 
50,000.00 100,000.00 1.5% 50,000.00
100,000.00 200,000.00 P 750.00 3% 100,000.00
200,000.00 500,000.00 3,750.00 5% 200,000.00
500,000.00 1,000,000.00 18,750.00 8% 500,000.00
1,000,000.00 3,000,000.00 58,750.00 10% 1,000,000.00
3,000,000.00 5,000,000.00 258,750.00 15% 3,000,000.00
5,000,000.00 and over 558,750.00 20% 5,000,000.00

Donation made to a stranger is subject to 10% of the net gift. A stranger is a person who is not a:

• brother, sister (whether by whole or half blood), spouse, ancestor and lineal descendants; or

•. relative by consanguinity in the collateral line within the fourth degree of relationship (up to first cousin).

Effective before July 28, 1992

Net Gift Over But not Over The Tax
Shall be Plus Of the Excess Over
1,000.00 exempt 
1,000.00 50,000.00 1.5% 1,000.00
50,000.00 75,000.00 P 735.00 2.5% 50,000.00
75,000.00 100,000.00 1,360.00 3% 75,000.00
100,000.00 150,000.00 2,110.00 6% 100,000.00
150,000.00 200,000.00 5,110.00 9% 150,000.00
200,000.00 300,000.00 9,610.00 12% 200,000.00
300,000.00 400,000.00 21,610.00 15% 300,000.00
400,000.00 500,000.00 36,610.00 18% 400,000.00
500,000.00 625,000.00 54,610.00 21% 500,000.00
625,000.00 750,000.00 80,860.00 24% 625,000.00
750,000.00 875,000.00 110,860.00 28% 750,000.00
875,000.00 1,000,000.00 145,860.00 32% 875,000.00
1,000,000.00 2,000,000.00 185,860.00 36% 1,000,000.00
2,000,000.00 

Description

Donor’s Tax is a tax on a donation or gift, and is imposed on the gratuitous transfer of property between two or more persons who are living at the time of the transfer. It shall apply whether the transfer is in trust or otherwise, whether the gift is direct or indirect and whether the property is real or personal, tangible or intangible.


Tax Form

BIR Form 1800 – Donor’s Tax Return


Documentary Requirements

The following requirements must be submitted upon field or office audit of the tax case before the Tax Clearance Certificate/Certificate Authorizing Registration can be released:

1. Deed of Donation
2. Sworn Statement of the relationship of the donor to the donee
3. Proof of tax credit, if applicable
4. Certified true copy(ies) of the Original/Transfer/Condominium Certificate of Title (front and back ) of lot and/or improvement donated, if applicable
5. Certified true copy(ies) of the latest Tax Declaration (front and back pages) of lot and/or improvement, if applicable
6. “Certificate of No Improvement” issued by the Assessor’s office where the properties have no declared improvement, if applicable
7. Proof of valuation of shares of stocks at the time of donation, if applicable
• For listed stocks - newspaper clippings or certification issued by the Stock Exchange as to the par value per share
• For unlisted stocks - latest audited Financial Statements of the issuing corporation with computation of the book value per share
8. Proof of valuation of other types of personal properties, if applicable
9. Proof of claimed deductions, if applicable
10. Copy of Tax Debit Memo used as payment, if applicable

Additional requirements may be requested for presentation during audit of the tax case depending upon existing audit procedures.


Procedures

File the return in triplicate (two copies for the BIR and one copy for the taxpayer) with any Authorized Agent Bank (AAB) of the RDO having jurisdiction over the place of the domicile of the donor at the time of the transfer. In places where there are no AAB, the return will be filed directly with the Revenue Collection Officer or duly Authorized City or Municipal Treasurer where the donor was domiciled at the time of the transfer, or if there is no legal residence in the Philippines, with Revenue District No. 39 - South Quezon City.

In the case of gifts made by a non-resident alien, the return may be filed with Revenue District No. 39 - South Quezon City, or with the Philippine Embassy or Consulate in the country where donor is domiciled at the time of the transfer.

Submit all documentary requirements and proof of payment to the Revenue District Office having jurisdiction over the place of residence of the donor.


Deadlines

Within thirty days (30) after the date the gift (donation) is made. A separate return will be filed for each gift (donation) made on the different dates during the year reflecting therein any previous net gifts made during the same calendar year.

If the gift (donation) involves conjugal/community/property, each spouse will file separate returns corresponding to his/ her respective share in the conjugal/community property. This rule will also apply in the case of co-ownership over the property.


Related Revenue Issuances

RR No. 2-2003 and RMO No. 1-98


Codal Reference

Sec. 98 to Sec. 104 of the National Internal Revenue Code


Frequently Asked Questions

1. Who are required to file the Donor’s Tax Return?

Every person, whether natural or juridical, resident or non-resident, who transfers or causes to transfer property by gift, whether in trust or otherwise, whether the gift is direct or indirect and whether the property is real or personal, tangible or intangible.

2. What are the procedures in filing the Donor’s Tax return?

File the return in triplicate (two copies for the BIR and one copy for the taxpayer) with any Authorized Agent Bank (AAB) of the RDO having jurisdiction over the place of the domicile of the donor at the time of the transfer. In places where there are no AAB, the return will be filed directly with the Revenue Collection Officer or duly Authorized City or Municipal Treasurer where the donor was domiciled at the time of the transfer, or if there is no legal residence in the Philippines, with Revenue District No. 39 - South Quezon City.

In the case of gifts made by a non-resident alien, the return may be filed with Revenue District No. 39 - South Quezon City, or with the Philippine Embassy or Consulate in the country where donor is domiciled at the time of the transfer.

Submit all documentary requirements and proof of payment to the Revenue District Office having jurisdiction over the place of residence of the donor.

3. What donations are tax exempt?

• Dowries or donations made on account of marriage before its celebration or within one year thereafter, by parents to each of their legitimate, recognized natural, or adopted children to the extent of the first P10,000
• Gifts made to or for the use of the National Government or any entity created by any of its agencies which is not conducted for profit, or to any political subdivision of the said Government
• Gifts in favor of an educational and/or charitable, religious, cultural or social welfare corporation, institution, accredited non-government organization, trust or philantrophic organization or research institution or organization, provided not more than 30% of said gifts will be used by such donee for administration purposes
• Encumbrances on the property donated if assumed by the donee in the deed of donation
• Donations made to the following entities as exempted under special laws:
- Aquaculture Department of the Southeast Asian Fisheries Development Center of the Philippines
- Development Academy of the Philippines
- Integrated Bar of the Philippines
- International Rice Research Institute
- National Social Action Council
- Ramon Magsaysay Foundation
- Philippine Inventor’s Commission
- Philippine American Cultural Foundation
- Task Force on Human Settlement on the donation of equipment, materials and services


4. What are the bases in the valuation of property?

If the gift is made in property, the fair market value at that time will be considered the amount of gift

In case of real property, the taxable base is the fair market value as determined by the Commissioner of Internal Revenue (Zonal Value) or fair market value as shown in the latest schedule of values of the provincial and city assessor (MV per Tax Declaration), whichever is higher

If there is no zonal value, the taxable base is the fair market value that appears in the latest tax declaration

If there is an improvement, the value of improvement is the construction cost per building permit and or occupancy permit plus 10% per year after year of construction, or the market value per latest tax declaration.

The Condominium Law Real Estate Guide - REAL ESTATE LAW 396

REPUBLIC ACT NO. 4726 AN ACT TO DEFINE CONDOMINIUM, ESTABLISH REQUIREMENTS FOR ITS CREATION, AND GOVERN ITS INCIDENTS

Be it enacted by the Senate and House of Representatives of the Philippines in Congress Assembled:

SECTION 1. The short title of this Act shall be “The Condominium Act”.

SECTION 2. A condominium is an interest in real property consisting of a separate interest in a unit in a residential, industrial or commercial building and an undivided interest in common directly or indirectly, in the land on which it is located and in other common areas of the building. A condominium may include, in addition, a separate interest in other portions of such real property. Title to the common areas, including the land, or the appurtenant interests in such area, may be held by a corporation especially formed for the purpose (hereinafter known as the “condominium corporation”) in which the holders of separate interests shall automatically be members or shareholders, to the exclusion of others, in proportion to the appurtenant interest of their respective units in the common areas.

The interests in condominium may be ownership or any other real right in real property recognized by the law or property in the Civil Code and other pertinent laws.

SECTION 3. As used in this Act, unless the context otherwise requires:

“Condominium” means a condominium as defined in the next preceding section.
“Unit” means a part of the condominium project intended for any type of independent use of ownership, including one or more rooms or spaces located in one or more floors (or part or parts of floors) in a building or buildings and such accessories as may be appended thereto.
“Project” means the entire parcel of real property divided or to be divided in condominiums, including all structures thereon.
“Common areas” means the entire project excepting all units separately granted or held or reserved.
“To divide” real property means to divide the ownership thereof or other interest therein by conveying one or more condominiums therein but less than the whole thereof.

SECTION 4. The provisions of this Act shall apply to property divided or to be divided into condominiums only if there shall be recorded in the Register of Deeds of the province or city in which the property lies, and duly annotated in the corresponding certificate of title of the land, if the latter had been patented or registered under either the Land Registration or Cadastral Acts, an enabling or master deed which shall contain among others, the following:

Description of the land on which the building or buildings and improvements are or to be located;
Description of the building or buildings, stating the number of stories and basements, the number of units and their accessories, if any;
Description of the common areas and facilities;
A statement of the exact nature of the interest acquired or to be acquired by the purchaser in the separate units and in the common areas of the condominium project. Where title to or the appurtenant interests in the common areas are or is to be held by a condominium corporation, a statement to this effect shall be included;
Statement of the purposes for which the building or buildings and each of the units are intended or restricted as to use;
A certificate of the registered owner of the property, if he is other than those executing the master deed, as well as of all registered holders of any lien or encumbrance on the property, that they consent to the registration of the deed;
The following plans shall be appended to the deed as integral parts thereof:
A survey plan of the land included in the project, unless a survey plan of the same property had previously been filed in the said office;
A diagrammatic floor plan of the building or buildings in the project, in sufficient detail to identify each unit, its relative location and approximate dimensions.
Any reasonable restriction not contrary to law, morals or public policy regarding the right of any condominium owner to alienate or dispose of his condominium.The enabling or master deed may be amended or revoked upon registration of an instrument executed by a simple majority of the registered owners of the property: Provided, That in a condominium project exclusively for either residential or commercial use, simple majority shall be on a per unit of ownership basis and that in case of mixed use, simple majority shall be on a floor area of ownership basis: Provided, further, That prior notification to all registered owners are done: Provided, finally, That any amendment or revocation already decided by a simple majority of all registered owners shall be submitted to the Housing and Land Use Regulatory Board and the city/municipality engineer for approval before it can be registered. Until registration of a revocation, the provision of this Act shall continue to apply to such property. (As Amended by RA 7899)

SECTION 5. Any transfer or conveyance of a unit or an apartment, office or store or other space therein, shall include the transfer or conveyance of the undivided interest in the common areas or, in a proper case, the membership or shareholders in the condominium corporation; PROVIDED, However, That where the common areas in the condominium project are held by the owners of separate units as co-owners thereof, no condominium unit therein shall be conveyed or transferred to persons other than Filipino citizens, except in cases of hereditary succession. Where the common areas in a condominium project are held by a corporation, no transfer or conveyance of a unit shall be valid if the concomitant transfer of the appurtenant membership or stockholding in the corporation will cause the alien interest in such corporation to exceed the limits imposed by existing laws.

SECTION 6. Unless otherwise expressly provided in the enabling or master deed or the declaration of restrictions, the incidents of a condominium grant are as follows:

The boundary of the unit granted are the interior surfaces of the perimeter walls, floors, ceilings, windows and door thereof. The following are not part of the unit: bearing walls, columns, floors, roofs, foundations and other common structural elements of the building; lobbies, stairways, hallways, and other areas of common use; elevator equipment and shafts, central heating, central refrigeration and central air-conditioning equipment, reservoirs, tanks, pumps and other central services and other utility installations, wherever located, except the outlets thereof when located within the unit.
There shall pass with the unit, as an appurtenance thereof, an exclusive easement for the use of the air space encompassed by the boundaries of the unit which may lawfully be altered or reconstructed from time to time. Such easement shall be automatically terminated in any air space upon destruction of the unit as to render it untenantable.
Unless otherwise provided, the common areas are held in common by the holders of units, in equal shares one for each unit.
A non-exclusive easement for ingress, egress and support through the common areas is appurtenant to each unit and the common areas are subject to such easements.
Each condominium owner shall have the exclusive right to paint, repaint, tile, wax, paper or otherwise refinish and decorate the inner surface of the walls, ceilings, windows and doors bounding his own unit.
Each condominium owner shall have the exclusive right to mortgage, pledge or encumber his condominium and to have the same appraised independently of the other condominium but any obligation incurred by such condominium owner is personal to him.
Each condominium owner has also the absolute right to sell or dispose of his condominium unless the master deed contains a requirement that the property be first offered to the condominium owners within a reasonable period of time before the same is offered to outside parties.

SECTION 7. Except as provided in the following section, the common areas shall remain undivided, and there shall be no judicial partition thereof.

SECTION 8. Where several persons own condominiums in a condominium project, an action may be brought by one or more such persons for partition thereof by sale of the entire project, as if the owners of all of the condominiums in such project were co-owners of the entire project in the same proportion as their interests in the common areas: PROVIDED, However, That a partition shall be made only upon a showing:

That three years after damage or destruction to the projects which render a material part thereof unfit for its use prior thereto, the project has not been rebuilt or repaired substantially to its state prior to its damage or destruction; or
That damage or destruction to the project has rendered one-half or more of the units therein untenantable and that condominium owners holding in aggregate more than 30 per cent interest in the common areas are opposed to repair or restoration of the projects; or
That the project has been in existence in existence in excess of 50 years, that it is obsolete and uneconomic, and that condominium owners holding in aggregate more than 50 per cent interest in the common areas are opposed to repair or restoration or modeling or modernizing of the project; or
That the project or a material part thereof has been condemned or expropriated and that the project is no longer viable, or that the condominium owners holding in aggregate more than 70 per cent interest in the common areas are opposed to continuation of the condominium regime after expropriation or condemnation of a material portion thereof; or
That the conditions for such partition by sale set forth in the declaration of restrictions duly registered in accordance with the terms of this Act, have been met.

SECTION 9. The owner of a project shall, prior to the conveyance of any condominium therein, register a declaration of restrictions relating to such project, which restrictions shall constitute a lien upon each condominium in the project, and shall inure to and bind all condominium owners in the projects. Such liens, unless otherwise provided, may be enforced by any condominium owner in the project or by the management body of such project. The Register of Deeds shall enter and annotate the declaration of restrictions upon the certificate of title covering the land included within the project, if the land is patented or registered under the Land Registration or Cadastral Acts. The declaration of restrictions shall provide for the management of the project by anyone of the following management bodies: condominium corporation, an association of the condominium owners, a board of governors elected by the condominium owners, or a management agent elected by the owners or by the board named in the declaration. It shall provide for voting majorities, quorums, notices, meeting date, and other rules governing such body or bodies. Such declaration of restrictions, among other things, may also provide:

As to management body
For the powers thereof, including the power to enforce the provisions of the declaration of restrictions;
For the maintenance of insurance policies insuring condominium owners against loss by fire, casualty, liability, workmen’s compensation and other insurable risks, and for bonding of the members of any management body;
Provisions for maintenance, utility, gardening and other services benefiting the common areas, for the employment of personnel necessary for the operation of the building, and legal, accounting and other professional and technical services;
For purchase of materials, supplies and the like needed by the common areas;
For payment of taxes and special assessments which would be a lien upon the entire project or common areas, and for discharge of any encumbrance levied against the entire project or the common areas;
For reconstruction of any portion or portions of any damage to or destruction of the project;
The manner for delegation of its powers;
For entry by its officers and agents into any unit when necessary in connection with the maintenance or construction for which such body is responsible;
For a power of attorney to the management body to sell the entire project for the benefit of all of the owners thereof when partition of the project may be authorized under Section 8 of this Act, which said power shall be binding upon all of the condominium owners regardless of whether they assume the obligation of the restrictions or not.
The manner and procedure for amending such restrictions, PROVIDED, That the vote of not less than a majority in interest of the owners is obtained;
For the independent audit of the accounts of the management body;
For reasonable assessments to meet authorized expenditures, each condominium unit to be assessed separately for its share of such expenses in proportion (unless otherwise provided) to its owner’s fractional interest in any common areas;
For the subordination of liens securing such assessments to other liens either generally or specifically described;
For conditions, other than those provided for in Sections 8 and 13 of this Act, upon which partition of the project and dissolution of the condominium corporations may be made. Such right to partition or dissolution may be conditioned upon failure of the condominium owners to rebuild within a certain period or upon specified percentage of damage to the building, or upon a decision of an arbitrator, or upon any other reasonable condition.

SECTION 10. Whenever the common areas in a condominium project are held by a condominium corporation, such corporation shall constitute the management body of the project. The corporate purpose of such corporation shall be limited to the holding of the common areas either in ownership or any other interest in real property recognized by law to the management of the project, and to such other purposes as may be necessary, incidental or convenient to the accomplishment of said purposes. The articles of incorporation or by-laws of the corporation shall not contain any provision contrary to or inconsistent with the provisions of this Act, the enabling or master deed, or the declarations of restrictions of the project. Membership in a condominium corporation, regardless of whether, it is a stock or non-stock corporation, shall not be transferable separately from the condominium unit of which it is a appurtenance. When a member or a stockholder ceases to own a unit in the project in which the condominium corporation owns or holds the common areas, he shall cease to be a member or stockholder of the condominium corporation.

SECTION 11. The term of the condominium corporation shall be coterminous with the duration of the condominium project, the provisions of the corporation law to the contrary notwithstanding.

SECTION 12. In case of involuntary dissolution of a condominium corporation for any of the causes provided by law, the common areas owned or held by the corporation shall, by way of liquidation, be transferred pro-indiviso and in proportion to their interest in the corporation to the members or stockholders thereof, subject to the superior rights of the corporation’s creditors. Such transfer or conveyance shall be deemed to be a full liquidation of the interest of such members or stockholders in the corporation. After such transfer or conveyance, the provisions of this Act governing undivided co-ownership of, or undivided interest, in the common areas in condominium projects shall fully apply.

SECTION 13. Until the enabling or master deed of the project in which the condominium corporation owns or holds the common areas is revoked, the corporation shall not be voluntarily dissolved through an action for dissolution under Rule 104 of the Rules of Court except upon a showing:

That three years after damage or destruction to the project in which the corporation owns or holds the common areas, which damage or destruction renders material part thereof unfit for its use prior thereto, the project has not been rebuilt or repaired substantially to its state prior to its damage or destruction; or
That damage or destruction to the project has rendered one-half or more of the units therein untenantable and that more than 30 per cent of the members of the corporation, if non-stock, or the shareholders representing more than 30% of the capital stock entitled to vote, if a stock corporation, are opposed to the repair or reconstruction of the project; or
That the project has been in existence in excess of 50 years, that it is obsolete and uneconomical, and that more than 50 per cent of the members of the corporation, if non-stock, or the stockholders representing more than 50% of the capital stock entitled to vote, if a stock corporation, are opposed to the repair or restoration, or remodeling or modernizing of the project; or
That the project or a material part thereof has been condemned or expropriated and that the project is no longer viable or that the members holding in aggregate more than 70% interest in the corporation, if non-stock, or the stockholders representing more than 70% of the capital stock entitled to vote, if a stock corporation, are opposed to the continuation of the condominium regime after expropriation or condemnation of a material portion thereof; or
That the conditions for such a dissolution set forth in the declaration of restrictions of the project in which the corporation owns or holds the common areas, have been met.

SECTION 14. The condominium corporation may also be dissolved by the affirmative of all the stockholders or members thereof at a general or special meeting duly called for the purpose: PROVIDED, That all the requirements of Section 62 of the Corporation Law are complied with.

SECTION 15. Unless otherwise provided for in the declaration of restrictions, upon voluntary dissolution of a condominium corporation in accordance with the provisions of Section 13 and 14 of this Act, the corporation shall be deemed to hold a power of attorney from all the members or stockholders to sell and dispose of their separate interest in the project and liquidation of the corporation shall be affected by a sale of the entire project as if the corporation owned the whole thereof, subject to the rights of the corporation and of individual condominium creditors.

SECTION 16. A condominium corporation shall not, during its existence, sell, exchange, lease or otherwise dispose of the common areas owned or held by it in the condominium project unless authorized by the affirmative vote of a simple majority of the registered owners; Provided, That prior notification to all registered owners are done; and provided, further, That the condominium corporation may expand or integrate the project with another upon the affirmative vote of a simple majority of the registered owners, subject only to the final approval of the Housing and Land Use Regulatory Board. (As Amended by RA 7899)

SECTION 17. Any provision of the Corporation Law to the contrary notwithstanding, the by-laws of the condominium corporation shall provide that a stockholder or member shall not be entitled to demand payment of his shares or interest in those cases where such right is granted under the Corporation Law unless he consents to sell his separate interest in the project to the corporation or to any purchaser of the corporation’s choice who shall also buy from the corporation the dissenting member or stockholder’s interest. In case of disagreement as to price, the procedure set forth in the appropriate provision of the Corporation Law for valuation of shares shall be allowed. The corporation shall have two years within which to pay for the shares or furnish a purchaser of its choice from the time of award. All expenses incurred in the liquidation of the interest of the dissenting member or stockholder shall be borne by him.

SECTION 18. Upon registration of an instrument conveying a condominium, the Register of Deeds shall, upon payment of the proper fees, enter and annotate the conveyance on the certificate of title covering the land included within the project and the transferee shall be entitled to the issuance of a “condominium owner’s” copy of the pertinent portion of such certificate of title. Said “condominium owner’s” copy need not reproduce the ownership status or other condominiums in the project. A copy of the description of the land, a brief description of condominium conveyed, name and personal circumstances of the condominium owner would be sufficient for purposes of the “condominium owner’s” copy of the certificate of title. No conveyance of condominiums or part thereof, subsequent to the original conveyance thereof from the owner of the project, shall be registered unless accompanied by a certificate of the management body of the project that such conveyance is in accordance with the provisions of the declaration of restrictions of such project.

In cases of condominium project registered under the provisions of the Spanish Mortgage Law or Act 3344, as amended, the registration of the deed of conveyance of a condominium shall be sufficient if the Register of Deeds shall keep the original or signed copy thereof, together with the certificate of the management body of the project, and return a copy of the deed of conveyance to the condominium owner duly acknowledged and stamped by the Register of Deeds in the same manner as in the case of registration of conveyance of real property under said laws.

SECTION 19. Where the enabling or master deed provides that the land included within the condominium project are to be owned in common by the condominium owners therein the Register of Deeds may, at the request of all condominium owners and upon surrender of all their “condominium owner’s” copies, cancel the certificate of title of the property and issue a new one in the name of said condominium owners as pro-indiviso co-owners thereof.

SECTION 20. An assessment upon any condominium made in accordance with a duly registered declaration of restrictions shall be an obligation of the owner thereof at the time the assessment is made. The amount of any such assessment plus any other charges thereon, such as interest, costs (including attorney’s fees) are penalties, as such may be provided for in the declaration of restrictions, shall be and become a lien upon the condominium assessed when the management body causes a notice of assessment to be registered with the Register of Deeds of the City or province where such condominium project is located. The notice shall state the amount of such assessment and such other charges thereon as may be authorized by the declaration of restrictions, a description of the condominium unit against which same has been assessed, and the name of the registered owner thereof. Such notice shall be signed by an authorized representative of the management body or as otherwise provided in the declaration of restrictions. Upon payment of said assessment and charges or other satisfaction thereof, the management body shall cause to be registered a release of the lien.

Such lien shall be superior to all other liens registered subsequent to the registration of said notice of assessment except real property tax liens and except that the declaration of restrictions may provide for the subordination thereof to any other liens and encumbrance.

Such liens may be enforced in the same manner provided for by law for the judicial or extra-judicial foreclosure of mortgages of real property. Unless otherwise provided for in the declaration of restrictions, the management body shall have power to bid at foreclosure sale. The condominium owner shall have the same right of redemption as in cases of judicial or extra-judicial foreclosure of mortgages.

SECTION 21. No labor performed or services or materials furnished without the consent of or at the request of a condominium owner or his agent or his contractor or subcontractor, shall be the basis of a lien against the condominium of any condominium owner, unless such other owner have expressly consented to or requested the performance of such labor or furnishing of such materials or services. Such express consent shall be deemed to have been given by the owner of any condominium in the case of emergency repairs of his condominium unit. Labor performed or services or materials furnished for the common areas, if duly authorized by the management body provided for in a declaration of restrictions governing the property, shall be deemed to be performed or furnished with the express consent of each condominium owner. The owner of any condominium may remove his condominium from a lien against two or more condominiums or any part thereof by payment to the holder of the lien of the fraction of the total sum secured by such lien which is attributable to his condominium unit.

SECTION 22. Unless otherwise provided for by the declaration of restrictions, the management body, provided for herein, may acquire and hold, for the benefit of the condominium owners, tangible and intangible personal property and may dispose of the same by sale or otherwise; and the beneficial interest in such personal property shall be owned by the condominium owners in the same proportion as their respective interests in the common areas. A transfer of a condominium shall transfer to the transferee ownership of the transferor’s beneficial interest in such personal property.

SECTION 23. Where in an action for partition of a condominium project or for the dissolution of condominium corporation on the ground that the project or a material part thereof has been condemned or expropriated, the Court finds that the conditions provided in this Act or in the declarations have not been met, the Court may decree a reorganization of the project, declaring which portion or portions of the project shall continue as a condominium project, the owners thereof, and the respective rights of the remaining owners and the just compensation, if any, that a condominium owner may be entitled to due deprivation of his property. Upon receipt of a copy of the decree, the Register of Deeds shall enter and annotate the same on the pertinent certificate of title.

SECTION 24. Any deed, declaration or plan for a condominium project shall be liberally construed to facilitate the operation of the project, and its provisions shall be presumed to be independent and severable.

SECTION 25. Whenever real property has been divided into condominiums, each condominium separately owned shall be separately assessed for purpose of real property taxation and other tax purposes, to the owners thereof and tax on each such condominium shall constitute a lien solely thereon.

SECTION 26. All Acts or parts of Acts in conflict or inconsistent with this Act are hereby amended insofar as condominiums and its incidents are concerned.

SECTION 27. This Act shall take effect upon its approval.

Approved, 19 June 1966.

DEED OF ABSOLUTE SALE Real Estate Guide - LEGAL CONTRACTS 396

DEED OF ABSOLUTE SALE

 

KNOW ALL MEN BY THESE PRESENTS:


This DEED OF ABSOLUTE SALE is made, executed and entered into by:

 

        (NAME OF SELLER), of legal age, single/married to (Name of spouse if any), Filipino, and with residence and postal address at (Address of Seller), hereinafter referred to as the SELLER

 

-AND-

 

       (NAME OF BUYER), Filipino and with residence and postal address at (Address of Buyer), hereinafter referred to as the BUYER.

 

WITNESSETH; 

 

       WHEREAS, the SELLER is the registered owner of a parcel of land with improvements located at (Address of property to be sold) and covered by Transfer Certificate of Title No. (TCT Number) containing a total area of (Land Area of Property in Words) (000) SQUARE METERS, more or less, and more particularly described as follows:

 

TRANSFER CERTIFICATE OF TITLE NO. 0000

 

       "(Insert the  technical description of the property on the titleExample: A PARCEL OF LAND (Lot __ Blk ___ of consolidation subdivision plan (LRC) Pcs-_______, being a portion of the consolidation of Lots _____ and _____ (LRC) Psd-____,  Lot __, Psd-_____, Lot _, Psd-_____, LRC Rec. Nos. Nos. N-_____, ______, ______, N-_____, N-____, and _____ situated in the ___________________,  Prov of Rizal, Is. of Luzon. Bounded on NE., point _ to _ by Road Lot ___, on...to the point of beginning; containing an area of (____) square meters more or less..."

 

       WHEREAS, the BUYER has offered to buy and the SELLER has agreed to sell the above mentioned property for the amount of (Amount in words) (P 000,000.00) Philippine Currency;

 

       NOW THEREFORE, for and in consideration of the sum of (Amount in words) (P 000,000.00) Philippine Currency, hand paid by the vendee to the vendor, the SELLER DO HEREBY SELL, TRANSFER, and CONVEY by way of Absolute Sale unto the said BUYER, his heirs and assigns, the certain parcel of land together with all the improvements found thereon, free from all liens and encumbrances of whatever nature including real estate taxes as of the date of this sale.

 

 (NAME OF SELLER)                       (NAME OF BUYER)

            Seller                                              Buyer 

WITH MARITAL CONSENT:

________________________             _________________________
 Name of Seller's Spouse                Name of Buyer's Spouse

 

SIGNED IN THE PRESENCE OF:

 

__________________________               ____________________________

 

 

ACKNOWLEDGMENT


REPUBLIC OF THE PHILIPPINES)
_____________________________ )  SS.


BEFORE ME, a Notary Public for and in the City of ___________________,  personally appeared:

 

Name                           CTC Number               Date/Place Issued   

 

(Name of Seller)           ______________ ___________________

(Name of Buyer)           ______________ ___________________         

 

Known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to me that the same are their free act and voluntary deed.

 

This instrument, consisting of (__) pages, including the page on which this acknowledgment is written, has been signed on the left margin of each and every page thereof by the concerned parties and their witnesses, and sealed with my notarial seal.

 

WITNESS  MY HAND AND SEAL on this ___day of __________________20__ at_______________.

 

Notary Public

 

Doc. No. ........;
Page No. .......;
Book No. .......;
Series of 20__.

Greenbelt residences Makati 2Br 189sqm 1 maids room 1 parking unfurnished @ 24M Real Estate - CONDOMINIUM 396
Paranaque for Lease 760 sqm @ P 150 /sqm + VAT ; term 3 month deposit, 3 months advance . currently leased for 5 years Real Estate - WAREHOUSE 396
What Philippine taxes are imposed on my house and lot in the Philippines? Real Estate Guide - TAXES ( RPT ) 395

The Real Property Tax (RPT) and Special Education Fund Tax (SEFT) are imposed on real estate in the Philippines.

What real estate transactions are subject to Creditable Withholding Tax (CWT)? Real Estate Guide - TRANSACTION TAX 395

Those transactions involving sale, transfer or exchange of real property classified as ordinary assets, shall be subject to creditable withholding tax.

Looking for 1.5 hectare property with covered Warehouse approximately 7000 sqm with open space. must be available MAY 2016 . desired AREA TAGUIG or PASIG Looking for 393
What is the legal basis in the imposition and collection by the local government units of the RPT and SEFT? Real Estate Guide - TAXES ( RPT ) 392

The imposition and collection of the RPT and SEFT are based on Republic Act No. 7160 or the Local Government Code of 1991 which took effect on January 1, 1992.

The Dual Citizenship Law Real Estate Guide - REAL ESTATE LAW 392

REPUBLIC ACT NO. 9225

AN ACT MAKING THE CITIZENSHIP OF PHILIPPINE CITIZENS WHO ACQUIRE FOREIGN CITIZENSHIP PERMANENT, AMENDING FOR THE PURPOSE COMMONWEALTH ACT NO. 63, AS AMENDED, AND FOR OTHER PURPOSES

Be it enacted by the Senate and the House of Representatives of the Philippines in Congress assembled:

Section 1. Short Title – This Act shall be known as the “Citizenship Retention and Re-acquisition Act of 2003.

Section 2. Declaration of Policy – It is hereby declared the policy of the State that all Philippine citizens who become citizens of another country shall be deemed not to have lost their Philippine citizenship under the conditions of this Act.

Section 3. Retention of Philippine Citizenship – Any provision of law to the contrary notwithstanding, natural-born citizens of the Philippines who have lost their Philippine citizenship by reason of their naturalization as citizens of a foreign country are hereby deemed to have re-acquired Philippine citizenship upon taking the following oath of allegiance to the Republic:

“I __________________________, solemnly swear (or affirm) that I will support and defend the Constitution of the Republic of the Philippines and obey the laws and legal orders promulgated by the duly constituted authorities of the Philippines; and I hereby declare that I recognize and accept the supreme authority of the Philippines and will maintain true faith and allegiance thereto; and that I impose this obligation upon myself voluntarily without mental reservation or purpose of evasion.”

Natural-born citizens of the Philippines who, after the effectivity of this Act, become citizens of a foreign country shall retain their Philippine citizenship upon taking the aforesaid oath.

Section 4. Derivative Citizenship – The unmarried child, whether legitimate, illegitimate or adopted, below eighteen (18) years of age, of those who re-acquire Philippine citizenship upon effectivity of this Act shall be deemed citizens of the Philippines.

Section 5. Civil and Political Rights and Liabilities – Those who retain or re-acquire Philippine citizenship under this Act shall enjoy full civil and political rights and be subject to all attendant liabilities and responsibilities under existing laws of the Philippines and the following conditions:

Those intending to exercise their right of suffrage must meet the requirements under Section 1, Article V of the Constitution, Republic Act. No. 9189, otherwise known as “The Overseas Absentee Voting Act of 2003″ and other existing laws;
Those seeking elective public office in the Philippines shall meet the qualifications for holding such public office as required by the Constitution and existing laws, and, at the time of the filing of the certificate of candidacy, make a personal and sworn renunciation of any and all foreign citizenship before any public officer authorized to administer an oath;
Those appointed to any public office shall subscribe and swear to an oath of allegiance to the Republic of the Philippines and its duly constituted authorities prior to their assumption of office: Provided, That they renounce their oath of allegiance to the country where they took that oath;
Those intending to practice their profession in the Philippines shall apply with the proper authority for a license or permit to engage in such practice; and
That right to vote or be elected or appointed to any public office in the Philippines cannot be exercised by, or extended to, those who:
Are candidates for or are occupying any public office in the country of which they are naturalized citizens; and/or
Are in active service as commissioned or non-commissioned officers in the armed forces of the country which they are naturalized citizens.

Section 6. Separability Clause – If any section or provision of this Act is held unconstitutional or invalid, any other section or provision not affected thereby shall remain valid and effective. Section 7. Repealing Clause – All laws, decrees, orders, rules and regulations inconsistent with the provisions of this Act are hereby repealed or modified accordingly. Section 8. Effecitivity Clause – This Act shall take effect after fifteen (15) days following its publication in the Official Gazette or two (2) newspapers of general circulation.

Approved,

(Sgd) Jose De Venecia Speaker of the House Of Representatives

(Sgd) Franklin Drilon President of the Senate

This Act, which is a consolidation of Senate Bill No. 2130 and House Bill No. 4720, was finally passed by the Senate and the House of Representatives on August 25, 2003 and August 26, 2003, respectively.

(Sgd) Roberto P. Nazerno Secretary of the SenateHouse of Representatives

(Sgd) Oscar G. Yabes Secretary General

(Sgd) Gloria Macapagal Arroyo President of the Republic of the Philippines

Approved: August 29, 2003

Beaufort West Tower Condo for Lease 140 sqm 3 bedrooms Semi Furnished @ P 125,000 /month inclusive 2 parking slots + dues +vat 2 months deposit 1 year advance minimum lease 1 year. Real Estate - CONDOMINIUM 391
SILVANA TOWNHOUSE - 168 SQM 3 Br 1 maids room 3 T & B 1 parking P 60 T 2 months deposit 2 months advance Real Estate - TOWNHOUSE 391
Where will I pay the Capital Gains Tax (CGT)? Real Estate Guide - TRANSACTION TAX 390

The Capital Gains Tax should be paid to any authorized agent bank (AAB) within the jurisdiction of the Revenue District Office where the property is located. You may call your local BIR in Metro Manila (Directory of Metro Manila Revenue District Offices) to know your Authorized Agent Banks.

BSA TOWNHOUSE - 107.25 SQM 3 Br unfurnished P 30 T w/ dues 1 parking 2 months deposit 2 months advance Real Estate - TOWNHOUSE 390
What property are classified as ordinary assets? Real Estate Guide - TRANSACTION TAX 389

Ordinary assets refer to the following types of property:

Stock in trade;
Other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year;
Property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business;
Property used in the trade or business or a character which is subject to the allowance for depreciation;
Property used in trade or business of the taxpayer.

What are the tax rates of Value Added Tax (VAT)? Real Estate Guide - TRANSACTION TAX 389

The following are the tax rates of VAT:

12% of the gross receipts for lessors;
10% of the gross selling price or zonal value, whichever is higher, for cash sale or deferred plan sales;
10% of installments received or constructively received for installment plan sales.

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