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DEED OF ASSIGNMENT AND TRANSFER OF RIGHTS Real Estate Guide - LEGAL CONTRACTS 446

DEED OF ASSIGNMENT AND TRANSFER OF RIGHTS

 

 

KNOW ALL MEN BY THIS PRESENTS:

 

        This deed, made and entered into this ___ day of __________, 20__ at the City of Manila, by and between:

 

__________, Filipino Citizen, of legal age, married to _______________ with residence and postal address at __________________________ City, hereinafter referred to as the "ASSIGNOR"

 

-and-

 

_____________, Filipino Citizen, of legal age, married to ____________ with residence and postal address at ______________________ Manila, hereinafter referred to as the "ASSIGNEE".

 

WITNESSETH that -

 

        WHEREAS the ASSIGNOR is the buyer of a 2-bedroom unit, located at unit ___ Condominium, ____________, Manila, with an area of _______ (__) SQUARE METERS more or less, covered by Condominium Certificate Title No. ______ of the register of Deeds of Manila, registered in the name of the Bank of the Philippine Islands.;

 

        WHEREAS, the ASSIGNOR has offered to to assign all his rights, title and interest over the above unit, as referred in said Contract to Sell and the ASSIGNEE hereby accepts the assignment in accordance with the terms herein set forth;

 

        NOW, THEREFORE, for and in consideration of the foregoing premises and the sum of ____ MILLION PESOS (__,000,000.00), PHILIPPINE CURRENCY, which the ASSIGNOR hereby acknowledged to have received from the ASSIGNEE, the ASSIGNOR hereby assigns, transfers and conveys unto the ASSIGNEE, all his rights, title and interest to the aforementioned property and and appurtenant interest in the Condominium project pursuant to this Agreement and the ASSIGNEE by these presents hereby accepts the assignment and agrees to be bound by the terms and conditions of the Contract to Sell and the rules and regulations, and restrictions pertaining to the said unit.

 

IN WITNESS WHEREOF, the parties have hereunto set their hands on the date and place first above written.

 

 

 

(____________)                               (___________)

ASSIGNOR                                      ASSIGNEE   

 

Signed in the presence of:

 

 

_____________________________                  ______________________________

 

ACKNOWLEDGEMENT

 

Republic of the Philippines)

_________________________) S.S

 

BEFORE ME, a notary for and in the City of Manila, personally appeared:

 

   Name                       CTC Number                 Date/Place Issued    

 

(________)                 _________________ ______________________

(________)                 _________________ ______________________

 

known to me and to me known to be the same persons who executed the foregoing Deed of Assignment and transfer of Rights and acknowledged to me that the same is their free and voluntary act and deed.

 

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

 

 

Notary Public

Doc.  No.______;

Page No. ______;

Book No.______;

Series of 20___.

WAREHOUSE BICUTAN near Toyota 500 to 1000 sqm for RENT @ P 250 /sqm + VAT 3 months deposit, 3 months advance rent Real Estate - WAREHOUSE 445
Does Pag-Ibig have any program for Overseas Filipino Workers (OFW)? Real Estate Guide - ACQUISITIONS 444

Yes. Pag-Ibig has a program for OFWs called Pag-Ibig Overseas Program (POP), a voluntary savings program which aims to provide Filipino overseas workers/immigrants/permanent residents an opportunity to save for their future and to avail of a housing loan.

BSA TOWNHOUSE - 107.25 SQM 3 Br unfurnished 1 parking P 6.8M Real Estate - TOWNHOUSE 444
Philippine Rental Law Real Estate Guide - REAL ESTATE LAW 441

Congress of the Philippines Twelfth Congress

REPUBLIC ACT NO. 9161

AN ACT ESTABLISHING REFORMS IN THE REGULATION OF RENTALS OF CERTAIN RESIDENTIAL UNITS, PROVIDING THE MECHANISMS THEREFOR AND FOR OTHER PURPOSES

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

Section 1. Short Tittle. – This ACT shall be known and cited as the “Rental Reform Act of 2002″

Section 2. Declaration of Policy. – The State shall for the common good, undertake a continuing of urban land reform an housing which will make available at affordable cost decent housing and basic services to underprivileged and homeless citizens in urban centers and resettlement areas. Toward this end, the State shall establish reforms in the regulation of retails of certain residential units.

Section 3. Monthly Rental and Maximum Increase. – Beginning 01 January 2002 and for a duration of three (3) years thereafter ending on 31 December 2004, the monthly rentals of all residential units in the National Capital Region and other highly urbanized cities not exceeding Seven thousand five hundred pesos (P7,500.00) and the monthly rentals of all residential units is all other areas not exceeding Four thousand pesos (P4,000.00) shall not be increased annually by the lessor, without prejudice to existing contracts, by more than ten (10%).

Section 4. Definition of Terms. – The following terms as used in this Act shall be understood as:

“Rental” shall mean the amount paid for the use or occupancy of a residential unit whether payment is made on a monthly or other basic.
“Residential unit” shall refer to an apartment, house and/or land on which another’s dwelling is located and used for residential purpose and shall include not only buildings parts or units thereof used solely as dwelling places, boarding houses, dormitories, rooms and bedspaces offered for rent by their owners, except motels, motel rooms, hotels, hotels rooms, but also those used for home industries, retail stores or other business purposes if the owner thereof and his or her family actually live therein and use it principally for dwelling purposes.
“Immediate members of family of the lessee or lessor” for purposes of repossessing the leased promises, shall be limited to his or her spouse, direct descendants or ascendants, by consanguinity or affinity.
“Lessee” shall mean the person renting a residential unit.
“Owner/Lessor” shall include the owner or administrator or agent of the owner of the residential unit.
“Sublessor” shall mean the person who leases or rents out a residential unit leased to him by an owner.
“Sublessee” shall mean the person who leased or rents out a residential unit from a sublessor.
“Assignment of lease” shall mean the act contemplated in Article 1649 of the Civil Code of the Philippines.

Section 5. Rental and Deposit. – Rental shall be paid in advance within the first five (5) days of every current month or the beginning of the lease agreement unless the contract of lease provides for a later date of payment. The lessor cannot demand more than one (1) month advance rental and two (2) month’s deposit.

Section 6. Assignment of Lease of Subleasing. – Assignment of lease of subleasing of the whole or any portion of the residential unit, including the acceptance of boarders or bedspacers, without the written consent of the owner/lessor is prohibited.

Section 7. Grounds for Judicial Ejectment. – Ejectment shall be allowed on be the following grounds;

Assignment of lease or subleasing of residential units in whole or part, including the acceptance of boarders or bedspacers, without the written consent of the owner/lessor.
Arrears in payment of rent for a total of three (3) months Provided. That in the case of refusal by the lessor to accept payment of the rental agreed upon, the leased may either deposit by way of consignation, the amount in court, or with the city or municipal treasurer, as the case may be, or in a bank in the name of and with notice to the lessor, within one (1) month after the refusal of the lessor to accept payment.The lessee shall thereafter deposit the rental within ten (10) days of every current month. Failure to deposit the rental for three (3) month shall constitute a ground for ejectment. If an ejectment case is already pending, the court upon proper motion may order the lessee or any person or persons claiming under him to immediately vacate the leased premises without prejudice to the continuation of the ejectment proceedings. At any time, the lessor may, upon the authority of the court, withdraw the rentals deposited.The lessor, upon authority of the court in case of consignation or upon joint affidavit by him and the lessee to be submitted to the city or municipal treasure and to the bank where deposit was made, shall be allowed to withdraw the deposits;
Legitimate need of the owner/lessor to repossess his or her property for his or her own use or for the use of any immediate member of his or her family as a residential unit: Provided, however. That the lease for a definite period has expired: Provided, further, That the lessor has given the lessee formal notice three (3) months in advance of the lessor’s intention to repossess the property and: Provided finally; That the owner/lessor is prohibited from leasing the residential unit or allowing its use by a third party for a period of at least one year from the time of repossession;
Need of the lessor to make necessary repairs of the leased premises which is the subject of an existing order of condemnation by appropriate authorities concerned in order to make the said premises safe and habitable: Provided. That after said repair, the lessee ejected shall have the first preference to lease the same promises: Provided, however. That the new rental shall be reasonably commensurate with the expenses incurred for the repair of the said residential unit and: Provided, finally; That if the residential unit is condemned or completely demolished, the lease of the new building will no longer be subject to the aforementioned first-preference rule in this subsection; and
Expiration of the period of the lease contract.

Section 8. Prohibition Against Ejectment by Reason of Sale or Mortgage. – No lessor or his successor-in-interest shall be entitled to eject the lessee upon the ground that the leased premises have been sold or mortgaged to a third person regardless of whether the lease or mortgage is registered or not.

Section 9. Ret-to-Own Scheme. – At the option of the lessor, he or she may engage the lessee in a written rent-to-own agreement that will result in the transfer or ownership of the particular dwelling in favor of the latter. Such an agreement shall be except from the coverage of Section 3 of this Act.

Section 10. Application of the Civil Code and Rules of Court of the Philippines. – Except when the lease is for a definite period, the provisions of paragraph (1) of Article 1673 of the Civil Code of the Philippines, insofar as they refers to residential units covered by this Act, shall be suspended during the effectivity of this Act, but other provisions of the Civil Code and the Rules of Court on lease contracts, insofar as they are not in conflict with the provisions of this Act shall apply.

Section 11. Coverage of this Act. – All residential units in the National Capital Region and other highly urbanized cities the total monthly rental for each of which does not exceed Seven thousand five hundred pesos (P7,500.00) and all residential units in all other areas the total monthly rental for each of which does not exceed Four thousand pesos (P4,000.00) as of the effectivity date of this Act shall be covered, without prejudice to existing contracts.

Section 12. Penalties. – a fine of not less than Five thousand pesos (P5,000) nor more than Fifteen thousand pesos (15,000.00) or imprisonment of not less than one (1) month and (1) day to not more than six (6) month or both shall be imposed on any person,natural or juridical, found guilty of violating any provision of this Act.

Section 13. Information Drive. – The Department of the Interior and Local Government and the Housing and Urban Development Coordinating Council, in coordination with other concern agencies, are hereby mandated to conduct a continuing information drive about the provisions of this Act.

Section 14. Transition Program. – The Housing and Urban Development Coordinating Council is hereby mandated to formulate, within six (6) months from effectivity hereof, a transition program which will provide for safety measures to cushion the impact of a free rental market.

Section 15. Separability Clause. – If any provision or part hereof is held invalid or unconstitutional, the remainder of the law or the provision not otherwise affected shall remain valid and subsisting. Section 16. Repealing Clause. – Any law, presidential decree or issuance, executive order, letter of instruction, administrative order, rule or regulation contrary to or inconsistent with, the provisions of this Act is hereby repealed, modified or amended according.

Section 17. Effectivity Clause. – This Act shall take effect on 01 January 2002 following its publication in at least two (2) newspapers of general circulation.

Approved,

(Sgd)FRANKLIN M. DRILON President of the Senate

(Sgd)JOSE DE VENECIA, JR. Speaker of the House of Representatives

This Act which is a consolidation of House Bill No. 1949 and Senate Bill No. 214 was finally passed by the House of Representatives and the Senate on 20th December 2001

(Sgd)OSCAR G. YARES Secretary of the Senate

(Sgd)ROBERTO P. NAZARENO Secretary GeneralHouse of Representatives

(Sgd)GLORIA MACAPAGAL-ARROYO President of the Philippines

Approved: December 22, 2001

General Guide for Filipinos, Foreign Nationals, Dual Citizens and CORPORATION Real Estate Guide - OWNERSHIP 436
Property Ownership

RIGHT TO OWN

1. General Rule – Only Filipino Citizens and corporations or partnerships at least 60% of the capital of which is owned by Filipinos are entitled to acquire land in the Philippines.

2. As exception to the general rule, alien acquisition of real estate in the Philippines is allowed in the following cases:

a.. Acquisition before the 1935 Constitution;
b.. Acquisition thru hereditary succession. If foreign acquiree is a legal heir;

This simply means that when the non-Filipino is married to a Filipino citizen and the spouse dies, the non-Filipino as the natural heir will become the legal owner of the property. The same is true for the children. Every natural child (legitimate or illegitimate) can inherit the property of his/her Filipino father/mother even if he/she does not have any Filipino citizenship.

c.. Purchase of not more than 40% interest in a condominium project;
d.. Purchase by a former natural-born Filipino citizen subject to the limitations prescribed by Law (Batas Pambansa 185 and R.A. 8179)

3. A Filipino who married an alien retains her Philippine citizenship (unless by her act or ommision, she is deed to have renounced her Philippine citizenship) and may therefore acquire real estate in the Phiippines.

ACQUISITION BY FORMER NATURAL BORN FILIPINO CITIZEN

1. Mode of acquision is not limited to voluntary deeds (such as sale or donation) but includes involuntary deeds (such as tax sale, foreclosure sale, or execution sale).

2. Maximum area that may be allowed is as follows:
a.. For residential purpose - 1,000 square meters of urban land or one (1) hectare of rural land (BP 185)
b.. For business or other purpose – 5,000 square meters of urban land or three hectares of rural land.

“Business or other purpose” refers to the use of the land primarily, directly and actually in the conduct of business or commercial activities in the broad areas of agriculture, industry and services, including the lease of land, but excluding the buying or selling thereof.”

3. In case of married couple, one or both of them may avail of the privilege, provided that the total acquisition shall not exceed the maximum area allowed.

4. A transferee of residential land under BP 185 may still avail of the privilege granted under RA 8179.

5. A transferee who already owns urban or rural land for residential purpose, may acquire additional urban or rural land for residential purpose which, when added to that already owned by him shall not exceed the maximum area allowed by law.

The same priviledge applies to a transferee who already owns urban or rural land for business purposes.

6. A transferee may not acquire more than two urban or two rural lands which should be located in different cities or municipalities.

7. A transferee who has already acquired urban land for residential purpose shall be disqualified to acquire rural land for residential purpose and vice versa. The same rule applies to a transferee of land for business purpose.

Dual Citizens

Dual citizenship means having two citizenships and passports from two different countries. Dual citizenship allows the citizenship holder full rights of possession of Philippine real property. This is a new law and it is still unclear as to the procedures involved to implement it. Dual citizenship is now available for the following:
Former Filipino citizens born in the Philippines , who have immigrated to another country and obtained citizenship of that country.

Note: For former natural born Filipino Citizen, please visit the Philippine Embassy in your country for more information or to apply for Dual Citizenship.

Foreign Ownership as a Philippine Corporation

Foreign nationals or corporations may completely own a condominium or townhouse. To take ownership of a private land, residential house and lot, and commercial building and lot, foreign nationals or corporations should form a Philippine corporation. The corporation is to be 40% foreign-owned (maximum) and 60% Filipino-owned (minimum), and with at least five [5] incorporators. Upon incorporation, a main bank account should be tied to it. A foreign national may be the sole person in the bank account, allowing him/her total control over the funds derived from the corporation and the income or sale of the asset or property.

Foreign Leasing of Philippine Real Estate Property

A foreign national and or corporation may enter into a lease agreement with Filipino landowners for an initial period of up to 50 years, and renewable for another 25 years.

Additional Information

As a rule, only Filipino citizens and corporations or partnerships with least 60% of the shares are owned by Filipinos are entitled to acquire land in the Philippines.

Aliens can acquire land in the Philippines only on a few exceptions: 1) Acquisition before the 1935 constitution. 2) Acquisition thru hereditary succession -if the foreigner is a legal heir. 4) Purchase of not more than 40% interest as a whole in a condominium project. 4) Purchase by a former natural born Filipino citizen who acquired foreign citizenship & has not applied and granted dual citizenship can purchase up to 1,000 square meters of residential land and 1 hectare of agricultural or farm land.

Modes of Acquiring Land:

Private Grant – voluntary transfer or conveyance of private property by a private owner, such as sale or donation.
Public Grant – acquisition of alienable lands of the public domain by homestead patent, free patent, sales patent, or other government awards.
Involuntary Grant – acquisition of private party against the consent of the former owner, such as foreclosure sale, execution sale, or tax sale.
Inheritance – acquisition of private property through hereditary succession.
Reclamation – filling of submerged land, subject to existing laws and government regulations.
Accretion – acquisition of more lands adjoining the banks of rivers due to the gradual deposit of soil as a result of the river current.
Prescription – acquisition of title by actual, open, continuous, and uninterrupted possession in the concept of owner for the period required by law.

A foreign national and or corporation may enter into a lease agreement with Filipino landowners for an initial period of up to 50 years, and renewable for another 25 years. Or lease the property in your Philippine Corporation name for an unlimited period of time.

Acquisition is the act of procuring or getting a hold of real estate property. Disposition is the manner of alienation, transfer of possession and ownership thereof as prescribed by the Philippine law. The acquisition and disposition of real estate is embodied in written agreements or contracts voluntarily entered into and subscribed by the selling and buying parties thereof, before a public officer designated as the Notary Public of the City or Province where the subject property is located. Thereafter, the instrument embodying the particular real estate transaction is required by law to be recorded in the Registry of Deeds in the City or Province where the real estate property is involved and located. The Philippines uses the “Torrens” system of real estate ownership.

The Bundle of Rights Theory

The bundle of rights theory inherent to property ownership are the right to use (Jus-Utendi), the right to enjoy the fruits of (Jus-Fruendi), the right to dispose (Jus-Disponendi), the right to abuse (Jus-Abutendi), the right to recover (Jus-Vindicandi), and the right to possess (Jus-Possidendi). The rights incident to ownership are, the right:

to enjoy and dispose of a property without other limitations than those established by law;
to file action against third parties to recover ownership;
to use force as may be reasonably necessary to repeal or prevent an actual or threatened unlawful invasion or usurpation of his property (Art. 429, NCC, relate to Art. 312, RPC);
the right to enclose or fence property – walls ditches, live or dead hedges - or by any other means without detriment of servitudes constituted thereon;
to demand indemnity for damages caused to property;
the right to compensation in the event of expropriation;
the right to be restored to possession in case of unlawful dispossession;
the right to the surface and subsurface of the land, right to construct thereon any works, plantation and excavation without detriment to servitude and subject to special laws and without right to complain of the reasonable requirements of aerial navigation;
the right to hidden treasure;
the right to accession and fruits of the property;
the right to “quiet title” to real property or any interest therein.

Limitations on right of property ownership:

CONSTITUTIONAL – such as police power, eminent domain or expropriation of private property for public use, taxation and escheat when revision of private property to state ownership in case of death of property owner without an heir;
LEGAL – zoning ordinances, regulations on subdivision projects, building code, and other special laws and regulations; and
CONSENSUAL/VOLUNTARY – easements and servitudes, usufructs, lease agreements, restrictions in subdivision and condominium deeds or restriction.

The Regalian Doctrine of property ownership

A principle in law which means that all natural wealth – agricultural, forest or timber, and mineral lands of the public domain and all other natural resources belong to the state. Thus, even if the private person owns the property where minerals are discovered, his ownership for such does not give him the right to extract or utilize said minerals without permission from the state to which such minerals belong.

The Steward Concept of property ownership

The Steward Concept is a legal doctrine which holds that property ownership presupposes concomitant obligations to the state and the community and that property is supposed to be held by the individual only as trustee for people in general; and that as mere steward, the property owner must exercise his rights to the property not just for his own exclusive and selfish benefit or interest but for the good and general welfare of the nation as a whole.

The National Housing Authority

Presidential Decree No. 957, which regulates the sale of subdivision and condominium developments, and providing penalties for violations thereof. The National Housing Authority has exclusive jurisdiction to regulate real estate trade and business, a function, which is presently exercised by the Housing and Land Use Regulatory Board (HLURB). Certain conditions are required before a license to sell condominium development units and or subdivision development lots and homes is issued to a Filipino or Foreign owned individual or corporation. The requirements include a certificate of registration, a performance bond, and an approval of the building plans and specifications. Violation of these rules could mean fines, cancellation of license and or imprisonment.

Home Buying Guide for Balikbayans

Former natural-born Filipinos who are now naturalized citizens of another country can buy and register, under their own name, land in the Philippines but limited in land area (see below). However, those who avail of the Dual Citizenship Law can buy as much land as any other Filipino citizen.

Under Republic Act 9225 (Dual Citizenship Law of 2003), former Filipinos who became naturalized citizens of foreign countries are deemed not to have lost their Philippine citizenship, thus enabling them to enjoy all the rights and privileges of a Filipino.

Steps to Gain Dual Citizenship:

If you are in the Philippines, file a “Petition for Dual Citizenship and Issuance of Identification Certificate (IC) pursuant to RA 9225” at the Bureau of Immigration (BI) and for the cancellation of your alien certificate of registration.
Those who are not BI registered and overseas should file the petition at the nearest embassy or consulate.

Requirements:

Birth certificate authenticated by the National Statistics Office (birth certificate from the NSO can be requested online and mailed to you)
Accomplish and submit a “Petition for Citizenship and Issuance of Identification Certificate (IC) pursuant to RA 9225” to a Philippine embassy, consulate or the Bureau of Immigration.
Pay a $50.00 processing fee, schedule and take an “Oath of Allegiance” before a consular officer.
The Bureau of Immigration in Manila receives the petition from the embassy or consular office. The BI issues and sends an Identification Certificate of citizenship to the embassy or consular office.

If a former Filipino who is now a naturalized citizen of a foreign country does not want to avail of the Dual Citizen Law, he or she can still acquire land based on BP (Batas Pambansa) 185 & RA (Republic Act) 8179 but limited to the following:

For Residential Use (BP 185 – enacted in March 1982):

Up to 1,000 square meters of residential land.
Up to one (1) hectare of agricultural of farm land.

For Business / Commercial Use (RA 8179 – amended the Foreign Investment act of 1991):

Up to 5,000 square meters of urban land.
Up to three (3) hectares of rural land.

Foreign Investor’s Guide

By law, foreigners don’t have the right to acquire land in the Philippines. Only Filipino citizens can own land (there have been many proposals to amend this law but of this writing, the law remains unchanged.) The simplest way for a foreigner to acquire real estate properties is to have a Filipino spouse purchase a property in his/her name.

Exceptions:

Corporations or partnerships that is at least 60% Filipino owned are entitled to acquire land in the Philippines. An exception to this rule, is foreign acquisition of a Philippine real estate in the following cases:

* Acquisition before the 1935 constitution.

* Acquisition thru hereditary succession if the foreign acquire is a legal or natural heir. This means that when you are married to a Filipino citizen and your husband/wife dies, you as the natural heir will become the legal owner of his/her property. The same is true for the children. Every natural child (legitimate or illegitimate) can inherit the property of his/her Filipino father/mother even if he/she is not a Filipino citizen.

* Purchase of not more than 40% interest in a condominium project.

* Purchase by a former natural-born Filipino citizen subject to the limitations prescribed by law. (natural born Filipinos who acquired foreign citizenship is entitled to own up to 1,000 square meter of residential land, and 1 hectare of agricultural or farm land)

* Filipinos who are married to aliens who retain their Filipino citizenship, unless by their act or omission they have renounced their Filipino citizenship.

Owning of houses or buildings is legal as long as the foreigner does not own the land on which the house is build.

Setting up a corporation with 40% of the stocks in the foreigner’s name and 60% to Filipinos is a good alternative. There must be a minimum of 5 stockholders, and foreigner can have the Filipino stockholders sign blank transfer of the stocks for security.

Rent

The land can be leased by the foreigner or a foreign corporation on a long term contract for an initial 50 year period and renewable every 25 years. A foreigner can rent a lot and at the same time legally own the house on the rented land.

Condominiums

The Condominium Act of the Philippines, R.A. 4726, expressly allows foreigners to acquire condominium units and shares in condominium corporations up to 40 % of the total and outstanding capital stock of a Filipino owned or controlled condominium corporation.

Those who claim that foreigners can own a house & lot in the Philippines have a condominium title to their property. There are a very few single-detached homes or Townhouses in the Philippines with condominium titles. Most condominiums are mid to high rise buildings.

If you wish to stay permanently in the Philippines or if you frequent the Philippines and stay for long periods. Avail of the government’s Special Resident Retirement Visa (SRRV).

Special Resident Retirement Visa (SRRA) is a privilege granted to foreigners who would like to have a permanent resident status in the Philippines. For investing in the Philippines, foreigners can enter and leave the country as many times and as long as one wishes, including family members. With a Special Resident Visa, a holder can live, do business, study in the Philippines indefinitely.
Magallanes village Makati 5br Lot area 600sqm Floor area 300sqm @135T Real Estate - HOUSES 436
RAFFLES RESIDENCES CONDO- 233 Sqm P 55 M plus vat 3 BR 1 maids room unfurnished 3 parking Real Estate - CONDOMINIUM 436
Want to Buy House and lot or lot only. Location preferred are Merville, Bicutan, Parañaque. Budget between 7M -9M. Direct to buyer. Please pm me your direct listing only. Thanks Looking for 436
SILANGAN INDUSTRIAL PARK Canlubang Laguna FA 1,542 sqm @ p 100 / sqm + VAT 3 months deposit, 3 months advance rent. minimum lease 2 years. Real Estate - WAREHOUSE 434
EARNEST MONEY RECEIPT AGREEMENT Real Estate Guide - LEGAL CONTRACTS 433

EARNEST MONEY RECEIPT AGREEMENT

 

 

Received from (Name of Buyer) with postal address at ( Address), the sum of  (Amount in Words) (P 000,000.00) covered by ABC Bank, check # 00000000 dated January 1, 20__ representing EARNEST MONEY for payment of a Two-Story house and lot located at (Address of Property) covered by T.C.T. No. T-00000.

 

This EARNEST MONEY forms part of the purchase price of (Amount in words) (P 0,000,000.00). The balance and full payment shall be paid on or before __________________.

 

The BUYER hereby reserves the exclusive right to purchase the aforementioned property and the SELLER cannot offer the aforementioned property to any third party until _____________________.

 

Upon full payment, the SELLER shall execute a DEED OF ABSOLUTE SALE in favor of the BUYER, conveying the subject property with full warranty of a legal and valid title as provided by law, free and clear from any liens and encumbrances.

 

Upon execution of the DEED OF ABSOLUTE SALE, the SELLER shall undertake the payment of the Capital Gains Tax. The BUYER shall shoulder the payment of the Documentary Stamps Tax, Transfer Tax, Registration Fee and all other expenses to transfer the title of the property under his name.

 

In case of voluntary cancellation of this agreement by the BUYER without any cause on the part of the SELLER or if the BUYER fails to comply with his obligations mentioned, then the SELLER shall have the right to terminate this agreement in which case the EARNEST MONEY in the amount of (Amount in words) (P 000,000.00) shall be forfeited in favor of the SELLER as liquidated damages.

 

 

January 1, 20___

 

 

 

 

              (SELLER)                                               (BUYER)              

Signature over Printed Name               Signature over Printed Name

 

What incentives will I get if I pay my RPT and SEFT promptly? Real Estate Guide - TAXES ( RPT ) 432

To encourage prompt payments of RPT and SEFT, most cities and municipalities in the Philippines give discounts ranging from 10% to 20% of the basic tax due on prompt full payment or quarterly payments of Real Property Tax and Special Education Fund Tax. Rates of discounts given by Metro Manila cities and municipalities vary. Please see discounts in RPT and SEFT Rates in Metro Manila Cities and Municipalities.

SUN VALLEY LA 3500 sqm FA 1500 sqm covered warehouse for sale @ P 60 Million plus 12% VAT Real Estate - WAREHOUSE 431
Will I be penalized if I failed to pay my RPT and SEFT? Real Estate Guide - TAXES ( RPT ) 430

Yes. Failure to pay RPT and SEFT is subject to a penalty interest of 2% per month but not exceeding 36 months. So if the RPT remains unpaid for 4 years or 48 months, the delinquent taxpayer will only pay a penalty of 2% per month for 36 months.

In addition, the local government unit can also foreclose your real property and sell the same in public auctions. The proceeds of the sale will be used to pay your RPT and SEFT including all interests and charges thereon. Any excess will be turned over to you. At the public auction, you can participate and bid to purchase your house and lot. If you offer the highest bid price, you will be declared the winner. Forthwith you will be required to pay the bid price to the local government unit. Upon payment and settlement of your tax obligations, title to the house and lot will be returned back to you.

EZP BUSINESS PARK Brgy Batino Calamba Laguna Covered warehouse 3,367 sqm for rent @ P 185/sqm + VAT with open space 1,698 sqm for rent @ P 25 /sqm + VAT Real Estate - WAREHOUSE 428
Are foreigners like our friend Peter Parker prohibited from owning real property in the Real Estate Guide - OWNERSHIP 427

No. Foreigners can also acquire or purchase real property in the Philippines but only under the following circumstances:

Acquisition of real property by hereditary succession – Example: Peter Parker inherited the Philippine property (the property may have been acquired under the 1935 Philippine Constitution) from his relative.
Acquisition of real property under the 1935 Philippine Constitution.
Purchase of not more than 40% of the units in a condominium project in the Philippines.
Purchase by former natural born Filipino citizens, subject to the requirements or limitations prescribed by law:
acquisition shall not exceed 1,000 square meters for urban land or 1 hectare for rural land to be used solely for residential purpose of the transferee (Batas Pambansa Blg. 185) (under the Foreign Investment Code, Republic Act 8179, 5,000 square meters for urban land or 3 hectares for rural land for business or other pusposes of the transferee);
In case of married spouses, one or both of them may avail of the privilege provided that the total area shall not exceed the maximum limit in paragraph i;
When the transferee already owns urban or rural lands for residential purpose, he shall be entitled to acquire additional urban or rural land for residential purpose which, when added to those already owned by him, shall not exceed the maximum area allowed by law.

Documents Required for Registration of Real Property with the Register of Deeds Real Estate Guide - REGISTRATION 427

Common Requirements
Original copy of the Deed or Instrument (Original Copy + 2 duplicate copies)If the original copy cannot be produced, the duplicate original or certified true copy shall be presented accompanied with a sworn affidavit executed by the interested party why the original copy cannot be presented.
Owner’s copy of the Certificate of Title or Co-owner’s copy if one has been issued. (Original Copy + 2 duplicate copies)
Latest Tax Declaration if the property is an unregistered land. (Original Copy + 2 duplicate copies)
Specific Requirements
Deed of Sale/Transfer
For Individuals
Bureau of Internal Revenue Certificate Authorizing Registration (CAR) (Original Copy + 1 Photocopy)
Revenue Tax Receipts evidencing payment of Capital Gains Tax (1 Duplicate Copy)
Revenue Tax Receipts evidencing payment of Documentary Stamp Tax (1 Duplicate Copy)
Real Property Tax Clearance indicating the tax declaration number (Original Copy + 1 Duplicate Copy)
Official Receipt showing payment of the Transfer Fee (Original Copy + 1 Duplicate Copy)
Department of Agrarian Reform (DAR) Clearance and Affidavit of Aggregate landholding of transferee if the land is covered by Comprehensive Agrarian Reform Program (CARP). (Original Copy + Duplicate Copy)
Certificate from the Condominium Management in case involving transfer of condominium units
For Corporation
Secretary’s Certificate or Board Resolution to Sell or Purchase (Original Copy + Duplicate Copy)
Articles of Incorporation (for transferee corporation) (1 Certified Copy of the Original)
Certificate of the Securities and Exchange Commission (SEC) that the Articles of Incorporation had been registered . (1 Certified Copy of the Original)
For Condominium or Condominium Certificate of Transfer, affidavit/certificate of the Condominium Corporation that the sale/transfer does not violate the 60-40 rule.(Original Copy + 1 Duplicate Copy)
Subsequent transfer of CCT requires Certificate of the Condominium Management. (Original Copy)
Sale by a Corporation Sole, court order is required.(Original copy of the Court Order)

Additional Requirements
Extra-Judicial Settlement/Adjudication
Affidavit of Publication of the publisher/editor stating that the deed/instrument has been published once a week for 3 consecutive weeks. (Original Copy)
Death Certificate
Heirs Bond for personal properties
Certificate Fee with Official Receipt
Registration of Sale of Subdivision Projects
License to Sell (Original Copy + 3 Duplicate Copies)
Development Permit (Original Copy + 3 Duplicate Copies)Certificate of Registration (Original Copy + 3 Duplicate Copies)
Power of Attorney or any Deed/Instrument executed abroad
Certificate of Authentication by the nearest Philippine Consulate (Original Copy + 1 Duplicate Copy)
Judicial Settlement of Estate
Court Order approving the project of partition (Original Copy of the Court Order + 3 Duplicate Copies)
Certificate of Finality of the order/termination of special proceeding (Original Copy + 3 Duplicate Copies)
Letters of Administration – if the property is being sold or encumbered during the settlement proceeding (Original Copy + 3 Duplicate Copies)
Mortgage/Lease
Certificate of Non-Delinquency in the payment of real property tax (Original Copy + 1 Duplicate Copy)
Documentary Stamp Tax Return (Original Copy + Duplicate Copy)
Cancellation of Mortgage
Deed of Cancellation of Mortgage
Extrajudicial Foreclosure of Mortgage
Certificate of Sale by the Sheriff/Notary Public (Original Copy + 3 Duplicate Copies)
Approval of the Executive Judge of the Regional Trail Court (Original Copy + 3 Duplicate Copies)
Documentary Stamp Tax Return (Original Copy + 3 Duplicate Copies)
Consolidation of Ownership
Affidavit of Consolidation of the purchase or Deed of Sale executed by the Attorney In Fact (Original Copy + 1 Duplicate Copy)
Judicial Foreclosure of Mortgage
Court Order directing the sale by public auction (Original Copy + 3 Duplicate Copies)
Certificate of Sale issued by the Sheriff (Original Copies + 3 Duplicate Copies)
Execution Sale
Notice of Levy or attachment must first be annotated accompanied by a writ of execution (Original Copy + 3 Duplicate Copies)
Certificate of Sale (Original Copy + 3 Duplicate Copies)
Final Deed of Sale (Original Copy + 3 Duplicate Copies)
Condominium Projects
Master Deed (Original Copy + 1 Duplicate Copy)
Declaration of Restriction (Original Copy + 1 Duplicate Copy)
Diagrammatic Floor Plan (Original Copy + 1 Duplicate Copy)

If the Condominium Certificate of Title is issued for the first time in the name of the registered owner, require the following:
Certificate of Registration with the Housing and Land Use Regulatory Board (Original Copy + ! Duplicate Copy)
Development Permit (Original Copy + 1 Duplicate Copy)
License to Sell (Original Copy + 1 Duplicate Copy)

SPECIAL POWER OF ATTORNEY Real Estate Guide - LEGAL CONTRACTS 427

SPECIAL POWER OF ATTORNEY


 


 
KNOW ALL MEN BY THESE PRESENTS:

 

WE, (Insert Name of Principal) single/married (insert name of spouse if married), of legal age, with residence and postal address at (Address) do hereby APPOINT (Insert name of Agent /Attorney-In-Fact)) single/married (insert name of spouse if married), likewise of legal age, with postal address at (Address) as our true and legal representative to act for and in our name and stead and to perform the following acts:


To sell, offer for sale, and come to an agreement as to the purchase price and thereafter to sign for us and in our name and receive payment from the sale of our property more particularly described as follows: (Insert Description of Property)

HEREBY GRANTING unto our representative full power and authority to execute and perform every act necessary to render effective the power to sell the foregoing properties, as though we ourselves, have so performed it, and HEREBY APPROVING ALL that he may do by virtue hereof with full right of substitution of his person and revocation of this instrument.

 

IN WITNESS WHEREOF , WE HAVE HEREUNTO SET OUR HANDS THIS ____ DAY OF _______________ 20__, AT (Insert Place of execution of this Instrument).

 

 

_______________________________       __________________________________    

      (Name of Principal)                    (Name of Agent /Attorney-In-Fact)

Signed in the presence of:

  _____________________________        ___________________________________

 

Republic of the Philippines )
 _________________________) S.S


BEFORE ME, personally appeared:

      Name                                    CTC Number                          Date/Place Issued


    (Name of Principal)                    ____________________            __________________
    (Name of Agent)                       ____________________     __________________

 

 

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.

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

                                                                                                              

Notary Public                      


Doc. No.______;
Page No. ______;
Book No.______;
Series of 20___.

 

San Francisco Gardens 44 sqm 1 Bedroom for RENT @ P 10,000 /month with Maids Rd, Utility / Laundry Area, 1 toilet and bath. View - Garden / pool Area / playground / basketball court. parking also available for rent Real Estate - CONDOMINIUM 427
Finman Center Office Space for Lease 212sqm @P375/sqm +dues @P50/sqm +vat 3months deposit 3months advance minimum lease 2years Real Estate - OFFICE SPACE 427
Law on Sale of Mortgaged Property ACT NO. 3135 AS AMENDED Real Estate Guide - REAL ESTATE LAW 425

AN ACT TO REGULATE THE SALE OF PROPERTY UNDER SPECIAL POWERS INSERTED IN OR ANNEXED TO REAL-ESTATE MORTGAGES (Act No. 3135, as amended)

Section 1. When a sale is made under a special power inserted in or attached to any real estate mortgage hereafter made as security for the payment of money or the fulfillment of any other obligation, the provisions of the following sections shall govern as to the manner in which the sale and redemption shall be effected, whether or not provision for the same is made in the power.

Section 2. Said sale cannot be made legally outside of the province which the property sold is situated; and in case the place within said province in which the sale is to be made is the subject of stipulation, such sale shall be made in said place or in the municipal building of the municipality in which the property or part thereof is situated.

Section 3. Notice shall be given by posting notices of the sale for not less than twenty days in at least three public places of the municipality or city where the property is situated, and if such property is worth more than four hundred pesos, such notice shall also be published once a week for at least three consecutive weeks in a newspaper of general circulation in the municipality or city.

Section 4. The sale shall be made at public auction, between the hours of nine in the morning and four in the afternoon; and shall be under the direction of the sheriff of the province, the justice or auxiliary justice of the peace (now Municipal Judge or Auxiliary Municipal Judge) or the municipality in which such sale has to be made, or of a notary public of said municipality, who shall be entitled to collect a fee of five pesos for each day of actual work performed, in addition to his expenses.

Section 5. At any sale, the creditor, trustee, or other person authorized to act for the creditor, may participate in the bidding, and purchase under the same conditions, as any other bidder, unless the contrary has expressly provided in the mortgage or trust deed under which the sale is made.

Section 6. In all cases in which an extra judicial sale is made under the special power hereinbefore referred to, the debtor, his successors in interest or any judicial creditor or judgment creditor of said debtor, or any person having a lien on the property subsequent to the mortgage or deed of trust under which the property is sold, may redeem the same at any time within the term of one year from and after the date of the sale, and such redemption shall be governed by the provisions of sections four hundred and sixty-four to four hundred and sixty-six, inclusive, of the Code of Civil Procedure (now Secs. 29, 30 and 34, Rule 39, Revised Rules of Court), in so far as these are not consistent with the provisions of this Act. (As amended by Act no. 4118)

Section 7. In any sale made under the provisions of this Act, the purchaser may petition the Court of First Instance of the province or place where the property or any part thereof is situated, to give him possession thereof during the redemption period, furnishing bond in an amount, equivalent to the use of the property for a period of twelve months, to indemnify the debtor in case it be shown that the sale was made without violating the mortgage or without complying with the requirements of this Act. Such petition shall be made under oath and filed in form of an ex parte motion in the registration or cadastral proceedings if the property is registered, or in special proceedings in the case of property registered under the Mortgage Law or under section one hundred and ninety-four of the Administrative Code, or any other real property encumbered with a mortgage duly registered in the office of any register of deeds in accordance with any existing law, and in each case the clerk of the court shall, upon the filing of such petition, collect the fees specified in paragraph eleven of section one hundred and fourteen of Act Numbered four hundred and ninety-six, as amended by Act Numbered twenty-eight hundred and sixty-six; and the court shall, upon approval of the bond, order that a writ of possession issue, addressed to the sheriff of the province in which the property is situated, who shall execute said order immediately. (As amended by Act No. 4118.)

Section 8. The debtor may, in the proceedings in which possession was requested, but not later than thirty days after the purchaser was given possession, petition that the sale be set aside and the writ of possession cancelled, specifying the damages suffered by him, because the mortgage was not violated or the sale was not made in accordance with the provisions hereof, and the court shall take cognizance of this petition in accordance with the summary procedure provided in section One Hundred and Twelve of Act Numbered Four Hundred and Ninety-Six, and if it finds the complaint of the debtor justified, it shall dispose in his favor of all or part of the bond furnished by their person who obtained possession. Either of the parties may appeal from the order of the judge in accordance with section fourteen of Act Numbered Four Hundred and Ninety-Six, but the order of possession shall continue in effect during the pendency of the appeal. (As amended by Act No. 4118)

Section 9. When the property is redeemed after the purchaser has been given possession, the redeemer shall be entitled to deduct from the price of redemption any rental that said purchaser may have collected in case the property or any part thereof was rented; if the purchaser occupied the property as his own dwelling, it being town property, or used it gainfully; it being rural property, the redeemer may deduct from the price the interest of one per centum per month provided for in Section Four Hundred and Sixty-Five of the Code of Civil Procedure. (As amended by Act No. 4118.)

Section 10. This Act shall take effect on its approval.

Approved, March 6, 1924.

When should I pay the RPT and SEFT on my house and lot? Real Estate Guide - TAXES ( RPT ) 424

The law requires you to pay your RPT and SEFT annually either in full or in 4 equal quarterly payments as follows:

Full payment of the Total Annual Tax Due on or before March 31.
Four (4) equal quarterly installments as follows:
1st installment on or before March 31
2nd installment on or before June 30
3rd installment on or before September 30
4th installment on or before December 31.

How do the RPT and SEFT differ from VAT, CGT, CWT and DST? Real Estate Guide - TRANSACTION TAX 424

The differences are as follows:

Basis of Imposition. RPT and SEFT are imposed on the mere act of ownership of or legal interest in the real estate and required to be paid on a regular basis while VAT, CGT, CWT and DST are imposed only in the event of transactions affecting real estate such as sale, transfer, mortgage or lease;
Collection Agency. RPT and SEFT are imposed and collected by the local government units (provinces, cities or municipalities) thru the local treasurers while the real estate transactions taxes are imposed and collected by the National Government thru the Bureau of Internal Revenue;
Payment Period. RPT and SEFT are required to be paid every year while the real estate transaction taxes are paid only when there are transactions involving real estate, such as sale, transfer or assignment;
Legal Basis. RPT and SEFT are based on the Local Government Code of 1991 (Republic Act 7160) while the real estate transaction taxes are based on the National Internal Revenue Code.

Tivoli gardens mandaluyong 2br 54sqm fully furnished with parking @ 40k with dues Real Estate - CONDOMINIUM 424
Does Pag-Ibig allow the transfer of existing housing loan to Pag-Ibig? Real Estate Guide - ACQUISITIONS 423

Pag-Ibig allows its members to convert their existing housing loan or financing to Pag-Ibig provided that the monthly contributions must meet the minimum amount set by Pag-Ibig. In case you do not meet the minimum required contributions, you may update it by paying the lump sum amount. Then you must submit the required loan application documents and pay the transfer costs.

DEED OF DONATION Real Estate Guide - LEGAL CONTRACTS 423

DEED OF DONATION

 

 

KNOW ALL MEN BY THESE PRESENTS:


That I, ________________________of legal age, single / married to_______________________ with postal address at __________________________________________ hereinafter referred to as the DONOR, and _______________________, likewise of legal age, single / married to __________________________ with postal address at _________________________________ hereinafter called the DONEE, witnesseth:

 

That the DONOR is the registered owner of a parcel of land, more particularly described as follows:

(Insert description of property to be donated)

 

That the DONEE is a cousin of the DONOR, who has lovingly dedicated five (5) years of his life as the latter's personal caregiver and companion;

 

That FOR AND IN CONSIDERATION of the DONEE'S trust, devotion and affection shown to the DONOR, and as an act of gratitude and liberality on his part, the DONOR hereby voluntarily GIVES, TRANSFERS, and CONVEYS by way of donation, unto the said DONEE, his heirs and assigns, the above described property, together with all the improvements found thereon, free from all liens and encumbrances;

That the DONOR affirms that this donation is not made with intent to deceive his creditors, and that he has reserved for himself sufficient funds and property;

 

That the DONEE hereby accepts and receives this donation made in his favor by the DONOR, and hereby manifests his gratefulness for the latter's generosity.

 

IN WITNESS WHEREOF, both the DONOR & DONEE have hereunder subscribed their names this __________ day of __________________ 20__ at _____________________, Philippines.

 

_____________________________           ______________________________

DONOR                                                  DONEE

 

WITNESSES:

 

_____________________________          ______________________________

 

 

ACKNOWLEDGEMENT

 

Republic of the Philippines)

_________________________) S.S

 

BEFORE ME, a notary for and in the City of Makati, personally appeared:

 

Name                CTC Number                    Date/Place Issued    

 

(Donee)              _______________ ______________________

 

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

 

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

 

 

Notary Public

Doc. No._____;

Page No. _____;

Book No._____;

Series of 20__.

OFFER TO PURCHASE (Real Estate) Real Estate Guide - LEGAL CONTRACTS 422

January 5, 20__

 

OFFER TO PURCHASE

(Real Estate)

 

---------------------------

---------------------------

---------------------------

 

 

                 Re: ----------------------------------; with

                       lot area of _____sqm. more or less; covered

                       by T.C.T. No. ______________

 

 

______________,

 

This is to express our firm offer to buy the above stated property through our authorized brokers, -------------, subject to the following terms and conditions:

 

Purchase Price PhP: ______________________

 

Terms and Conditions:

1) Upon acceptance of this offer, earnest money in the amount of ___amount in words__ (Php:________) shall be paid and shall be credited as part of the purchase price.

2) The balance, in the amount of ___amount in words__ (Php:________) shall be paid in full within 15 working days.

3) The Capital Gains Tax and Broker's commission shall be for the account of the SELLER, while the Documentary Stamps, Transfer Tax and Registration Fees shall be for the account of the BUYER. 

Note: Revise above conditions / add or delete terms and conditions as applicable to you.

 

If the above terms and conditions are acceptable to you, please signify your conformity by signing on the space provided below.

 

 

Truly yours,

 

 

--------------------------------

 

            (Buyer)

 

 

Conforme:

 

 

 

--------------------------------

 

            (Seller)

 

Paseo de Roxas Legaspi Village Commercial space for Lease 345sqm @P1,200/sqm +dues @P68/sqm +vat +parking 3months advance 3months deposit minimum lease 1year Office showroom Bank Rest o Bar for Aproval Real Estate - RETAIL SPACE 422
TRADE AND FINANCIAL TOWER - 210 sam - P 750 per/sqm plus dues P 135 per/sqm Real Estate - OFFICE SPACE 421
When should the CWTbe paid? Real Estate Guide - TRANSACTION TAX 420

The CWT should be paid within ten (10) days following the end of the month in which the transaction occurred, provided, however that taxes withheld in December shall be filed on or before January 15, of the following year.

Senta Condo Legaspi Makati 34sqm Studio @ Unfurnished 25k +dues and Fully furnished 30k +dues Real Estate - CONDOMINIUM 419
SANTOLAN PASIG LOT AREA 2600 sq.m. for lease @ P 70 /sqm or P180,000 /month + VAT Real Estate - WAREHOUSE 419
CITYLAND MEGAPLAZA - office space inner unit very affordable - 18.36 sqm. rent per month: P 8,000 plus dues + VAT also for SALE titled unit for only P 1.3 Million RUSH ready for bank financing Real Estate - OFFICE SPACE 419
Robinsons Equitable Tower Office Space for lease 710sqm @550/sqm +dues @P163/sqm +parking @P5000/slot +vat 3months deposit 3months advance minimum lease 2years with partition and carpet Real Estate - OFFICE SPACE 419
Rates of Real Property Tax and Special Education Fund Tax in Metro Manila Real Estate Guide - TAXES ( RPT ) 417

Rates of Real Property Tax and Special Education Fund Tax in Metro Manila

Ayala Alabang House for Lease L.A. 885sqm 4br Semi Furnished @P130K/ month +den +lanai with pool 3-4 car garage 2months deposit 1year advance minimum lease 2years. Real Estate - HOUSES 417
ECHELON TOWER MALATE - 115 SQM 2 BR Fully Furnished for RENT at P 45,000 2 months deposit 2 months advance Real Estate - CONDOMINIUM 417
Elizabeth Place Condo for Sale 90sqm 2br @P11M semi furnished inclusive 2parking slot Real Estate - CONDOMINIUM 417
Common Goal Tower Office Space for Lease 400sqm @P500/sqm +dues @P100/sqm +parking @P2000/slot +vat 3months advance 3months deposit minimum lease 1year 8hours only call center not allowed Real Estate - OFFICE SPACE 417
CONTRACT TO SELL Real Estate Guide - LEGAL CONTRACTS 416

CONTRACT TO SELL

 

KNOW ALL MEN BY THESE PRESENTS:


This CONTRACT TO SELL, made and executed this ____ day of _________, 20__ by and between:

 

        (NAME OF SELLER /VENDOR), 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 "SELLER/VENDOR";

 

-AND-

 

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

 

WITNESSETH;

 

        WHEREAS, the SELLER/VENDOR is the absolute and registered owner of a parcel of land consisting of LAND AREA IN WORDS (000) square meters, more or less, located at (Address of property to be sold) and covered by Transfer Certificate of Title No. (TCT Number) issued by the Registry of Deeds of (Name of Town or City);

 

        WHEREAS, the BUYER/VENDEE has offered to buy and the SELLER /VENDOR has agreed to sell the above mentioned property under the terms and conditions herein below set forth;

 

        NOW THEREFORE,  for and in consideration  of the total sum of (Amount in words) (Php: 000,000.00) Philippine Currency, and of the covenants herein after set forth the SELLER/VENDOR  agrees to sell and the BUYER/VENDEE agrees to buy the aforesaid property subject to the following terms and conditions: (Note: Terms and Conditions below are sample only, please revise)

 

1.     The total consideration shall be One Million  (Php: 1,000,000.00) PESOS, Philippine Currency, payable as follows:

a) The amount of THREE HUNDRED THOUSAND (Php: 300,000.00) PESOS, representing earnest money shall be payable by the BUYER/VENDEE to the SELLER/VENDOR upon signing of this Contract to Sell;

 

b) The remaining balance in the amount of SEVEN HUNDRED THOUSAND (Php: 700,000.00) PESOS, shall be paid in Cash on or before ___________, 20__.

 

c) In case the check representing the payment for the balance provided in paragraph b hereof, is dishonored by the drawee bank, the earnest money in the amount of THREE HUNDRED THOUSAND (Php: 300,000.00) PESOS, shall be forfeited in favor of the SELLER/VENDOR.

2.     Capital Gains Tax and Real Estate Tax, shall be for the account of the SELLER/VENDOR;

 

3.     Documentary Stamps Tax, Registration Fee, registration expenses, and all other miscellaneous fees and expenses shall be to the account of the BUYER/VENDEE;

 

4.     Possession to the subject property shall be delivered by the SELLER/VENDOR to the BUYER/VENDEE upon full payment of the total consideration;

 

5.    Upon full payment of the total price, the SELLER/VENDOR shall sign and execute a DEED OF ABSOLUTE SALE in favor of the BUYER/VENDEE. The SELLER/VENDOR shall likewise execute and/or deliver any and all documents, including but not limited to the original copy of Transfer Certificate of Title, Tax Declaration and all other documents necessary for the transfer of ownership from SELLER/VENDOR to the BUYER/VENDEE.

 

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures, this ___ day of ____________, 20__ at _________________________, Philippines.

 

 

 (SELLER/VENDOR)                                (BUYER/VENDEE)

Name                                                       Name 

 

WITH MARITAL CONSENT:



________________________                       _________________________
Name of Seller/Vendor's Spouse           Name of Buyer/Vendee's Spouse

 

SIGNED IN THE PRESENCE OF:

 

__________________________               ____________________________

 

 

ACKNOWLEDGMENT


REPUBLIC OF THE PHILIPPINES)
_____________________________ )  SS.


BEFORE ME, a Notary Public, this ____________day of ________________, personally appeared the following:

 

Name                               CTC Number                Date/Place Issued

 

 

 
(Name of Seller)           ______________ ___________________
(Name of Buyer)           ______________ ___________________         
 

 

 

 

 

This instrument, consisting of ___ page/s, 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.

 

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__.

Makati House for lease near Reposo 2storey duplex 3br unfurnished @P50K/month no aircon 2car garages 2months deposit 1year advance Real Estate - HOUSES 416
Fraser Place Condo for Lease 297sqm 3br Fully Furnished @ P 150,000 /month inclusive dues and 2 parking slots 2 months deposit 1 year advance minimum lease 2years Real Estate - CONDOMINIUM 416
CALAMBA LAGUNA CALMERAY 2 Industrial / Commercial Lot for SALE 5264 sqm for SALE @ P 10,000 /sqm with 135 meter frontage Real Estate - LOT INDUSTRIAL 416
Dasmariñas Village, Makati LOT FOR SALE * lot only *1,500sqm, more or less *Located in the quiet part but still near Banyan gate *Not tumbok, not perimeter, regular shaped *Last price: P230,000/sqm Real Estate - LOT RESiDENTIAL 416
Buying Real Estate in the Philippines Real Estate Guide - OWNERSHIP 415

Buying Real Estate in the Philippines

This is the standard sharing of expenses between the buyer and the seller when transferring the real estate property title (TCT – Transfer Certificate of Title or CCT – Condominium Certificate of Title) to a new owner:

The SELLER pays for the:

Capital Gains Tax equivalent to 6% of the selling price on the Deed of Sale or the zonal value, whichever is higher. (Withholding Tax if the seller is a corporation)
Unpaid real estate taxes due (if any).
Agent / Broker’s commission.

The BUYER pays for the cost of Registration:

Documentary Stamp Tax – 1.5% of the selling price or zonal value or fair market value, which ever is higher.
Transfer Tax – 0.5% of the selling price, or zonal value or fair market value, which ever is higher.
Registration Fee – 0.25% of the selling price, or zonal value or fair market value, which ever is higher.
Incidental and miscellaneous expenses incurred during the registration process.

The above sharing of expenses is the standard practice in the Philippines. However, buyers and sellers can mutually agree on other terms as long as it is done during the negotiation period (before the signing of the “Deed of Sale”).

The “Deed of Sale” or “Deed of Absolute Sale” is the document showing legal transfer of real estate property ownership. The deed of sale is then taken to the Registry of Deeds to be officially recorded after paying the documentary stamp, transfer tax and registration fees. Always verify from the Registry of Deeds the authenticity of a Transfer Certificate of Title before buying a property. If the seller only has a tax declaration, be extra cautious and check with neighbours, the Barangay captain or anyone in the know in the community to verify the seller/owner’s true identity and the property’s history.

Your Agent / Broker will usually do the registration process (sometimes for a fee). However, all government taxes, transfer fees and incidental or miscellaneous expenses will be shouldered by the buyer.

Documents needed when transferring the title (TCT or CCT) to the new owner:

Certified true copy of the title
Notarized copies of the Deed of Sale
Latest tax declaration of the property
Certificate from the Bureau of Internal Revenue that the capital gains tax and documentary stamps have been paid
Receipt of payment of the transfer tax and registration fees

An adapted form of the “Torrens” system of land registration is used in the Philippines. The system was adapted to assure a buyer that if he buys a land covered by an Original Certificate of Title (OCT) or the Transfer Certificate of Title (TCT) issued by the Registry of Deeds, the same will be absolute, indefeasible and imprescriptible.

What sale or transfer of real estate is exempt from CWT? Real Estate Guide - TRANSACTION TAX 415

The sale or transfer of the following are exempt from CWT:

Socialized housing
Low cost housing

Real Estate Law - Realty Installment Buyer Protection Act (The Maceda Law) Real Estate Guide - REAL ESTATE LAW 415

Republic Act No. 6552

AN ACT TO PROVIDE PROTECTION TO BUYERS OF REAL ESTATE ON INSTALLMENT PAYMENTS

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

SECTION 1. This Act shall be known as the “Realty Installment Buyer Protection Act”.

SECTION 2. It is hereby declared a public policy to protect buyers of real estate on installment payments against onerous and oppressive conditions.

SECTION 3. In all transactions and contracts involving the sale or financing of real estate on installment payments, including residential condominium apartments but excluding industrial lots, commercial buildings and sales to tenants under Republic Act Numbered Thirty-eight hundred forty four as Amended by Republic Act Numbered Sixty three hundred eighty nine, where the buyer has paid at least two years installments, the buyer is entitled to the following rights in case he defaults in the payment of succeeding installments:

To pay, without additional interest, the unpaid installments due within the total grace period earned by him, which is hereby fixed at the rate of one month grace period for every one year of installment payments made; provided, That this right shall be exercised by the buyer only once in every five years of the life of the contract and its extension, if any.
If the contract is cancelled, the seller shall refund to the buyer the cash surrender value of the payments on the property equivalent to fifty percent of the total payments made and, after five years of installments, an additional five percent every year but not to exceed ninety percent of the total payments made; provided, That the actual cancellation of the contract shall take place after thirty days from receipt by the buyer of the notice of cancellation or the demand for recession of the contract by a notarial act and upon full payment of the cash surrender value to the buyer.Down payments, deposits or options on the contract shall be included in the computation of the total number of installment payments made.

SECTION 4. In case where less than two years of installments were paid, the seller shall give the buyer a grace period of not less than sixty days from the date the installment became due. If the buyer fails to pay the installments due at the expiration of the grace period, the seller may cancel the contract after thirty days from receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act.

SECTION 5. Under Sections 3 and 4, the buyer shall have the right to sell his rights or assign the same to another person or to reinstate the contract by updating the account during the grace period and before actual cancellation of the contract. The deed of sale or assignment shall be done by notarial act.

SECTION 6. The buyer shall have the right to pay in advance any installment or the full unpaid balance of the purchase price any time without interest and to have such full payment of the purchase price annotated in the certificate of title covering the property.

SECTION 7. Any stipulation in any contract hereafter entered into contrary to the provisions of Sections 3, 4, 5 and 6, shall be null and void.

SECTION 8. If any provision of this Act is held invalid or unconstitutional, no other provision shall be affected thereby.

SECTION 9. This Act shall take effect upon its approval

Approved, August 6, 1972.

What is the system of Separation of Property and what are its characteristics? Real Estate Guide - RELATIONS 414

In a system of Separation of Property, future husband and wife agree on complete separation of properties which may refer to present or future properties or both and it may be total or partial in which case properties not agreed upon as separate shall pertain to the absolute community.

The future husband and wife shall each remain the owner of the properties designated to each of them and shall be solely responsible for their disposition, administration and enjoyment. Earnings from the profession, business or industry of each spouse shall belong exclusively to such future spouse. However, they shall proportionately bear the family expenses, including the rearing and education of future children that may be begotten or that may be adopted during the marriage. This agreement shall be covered in a settlement agreement or ante nuptial agreement where the future spouses will have to prepare and sign before the celebration of the marriage.

What are other Philippine taxes which are imposed on real estate transactions? Real Estate Guide - TRANSACTION TAX 414

Value Added Tax and Creditable Withholding Tax.

ORTIGAS CENTER 60 to 100 sq.m. with power backup optional CR and Parking slot , prefers an office unit that has acoustic ceiling, painted walls, lighting fixtures and presentable flooring. Looking for 414
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