Paglipat ng Titolo ng House & Lot

[leodong]

Ano po ba proceso ng paglipat ng titolo ng House & Lot. Gust po namin malipat ang bahay na nakapangalan sa Nanay namin. Nag usap na mga kapatid at wala naman problema na ilipat sa name namin mag asawa. Salamat po.

[mico]

Paki Clarify lang po Sir if Deceased na po ba or Living padin ang mother nyo.

Kung decease na po pwede na yan thru Extrajudicial Settlement of Estate or out of court settlement, since sinabi mo na magkakasundo na naman kayo ng mga kapatid mo.

follow this process:

Extrajudicial settlement of estate is often recommended to expedite the transfer of properties of the decedent to his heirs. This is in view of the fact that judicial settlement of estate takes years before the case is concluded. Furthermore, this is more adversarial and is resorted to when the heirs disagree on the properties to be partitioned and the corresponding shares of the respective heirs.

An extrajudicial settlement of estate is done by executing an “Extrajudicial Settlement Among Heirs”. This is a legal document specifying:

1. Compliance with the legal conditions for an extrajudicial settlement
2. Description of the properties to be extrajudicially settled (title number, value, location, lot size, technical description, etc.)
3. Nature of the property (if conjugal property)
4. Name of the heirs
5. How the properties shall be divided amongst the heirs.
6. Posting of a bond if there is personal property involved.
7. Undertaking that the Deed will be published in a newspaper of general circulation once a week for 3 consecutive weeks.

It must be noted that the Deed of Extrajudicial Settlement must be published in a newspaper of general circulation once a week for 3 consecutive weeks. Kindly consult with the Register of Deeds where the property is located for the listing of these newspapers.

Before filing the Deed of Extrajudicial Settlement with the Register of Deeds where the land is located, it is necessary that the estate taxes be paid first. Under Philippine laws, estate tax is defined as a tax on the right of the deceased person to transmit his estate to his lawful heirs and beneficiaries at the time of death and on certain transfers, which are made by law as equivalent to testamentary disposition. According to the Bureau of Internal Revenue, estate tax is not a tax on property but rather imposed on the privilege of transmitting property upon the death of the owner.

It bears great emphasis that the Estate Tax Return must be filed within six (6) months from the decedent’s death. The deadline may be extended by the Commissioner of the BIR, in meritorious cases, not exceeding thirty (30) days. It must be noted that the estate itself is assigned its own Tax Identification Number (TIN). The Estate Tax Return is filed with Revenue District Office (RDO) having jurisdiction over the place of residence of the decedent at the time of his death. If the decedent has no legal residence in the Philippines, then the return can be filed with:

1. The Office of the Revenue District Officer, Revenue District Office No. 39, South Quezon City; or

2. The Philippine Embassy or Consulate in the country where decedent is residing at the time of his death.

Furthermore, the estate tax shall be paid at the time the return is filed. However, upon request and if the Commissioner of the BIR finds that payment on the due date of the Estate Tax or of any part thereof would impose undue hardship upon the estate or any of the heirs, he may extend the time for payment of such tax or any part thereof not to exceed five (5) years, in case the estate is settled through the courts or two (2) years in case the estate is settled extra-judicially. If an extension is granted, the BIR Commissioner may require a bond in such amount, not exceeding double the amount of tax, as it deems necessary.
The estate tax is based on the value of the net estate as follows:

1. If not over P200,000, it is exempt
2. If over P200,000 but not over P500,000, then tax is 5% of the excess over P200,000
3. If over P500,000 but not over P2,000,000, then tax is P15,000 PLUS 8% of the excess over P500,000
4. If over P2,000,000 but not over P5,000,000, then tax is P135,000 PLUS 11% of the excess over P2,000,000
5. If over P5,000,000 but not over P10,000,000, then tax is P465,000 PLUS 15% of the excess over P5,000,000
6. If over P10,000,000, then tax is P1,215,000 PLUS 20% of the excess over P10,000,000

The basis shall be the net estate. That means that there are allowable deductions on the estate. These deductions include funeral expenses, share of the surviving spouse, medical expenses incurred by the decedent within 1 year prior to his death, family home deduction of not more than P1,000,000.00, standard deduction of P1,000,000.00, among others. It is best to consult with an accountant on this matter to determine the accurate estate tax.

For extrajudicial settlement of estate, the following documents must be submitted with the BIR:

1. Notice of Death
2. Certified true copy of the Death Certificate
3. Deed of Extra-Judicial Settlement of the Estate
4. Certified true copy of the land titles involved
5. Certified true copy of the latest Tax Declaration of real properties at the time of death
6. Photo copy of Certificate of Registration of vehicles and other proofs showing their correct value
7. Photo copy of certificate of stocks
8. Proof of valuation of shares of stocks at the time of death
a. For listed stocks – newspaper clippings or certification from the Stock Exchange
b. For unlisted stocks – latest audited Financial Statement of issuing corporation with computation of book value per share
9. Proof of valuation of other types of personal property
10. CPA Statement on the itemized assets of the decedent, itemized deductions from gross estate and the amount due if the gross value of the estate exceeds two million pesos
11. Certification of Barangay Captain for claimed Family Home

Other documents may also be requested by the BIR.

After the estate taxes have been paid, the heirs may proceed to the Register of Deeds where the land is situated. If the Register of Deeds would allow it, the filing with the BIR and Register of Deeds may be simultaneous. The proof of payment of the estate tax, Affidavit of Publication of the Deed, the Deed of Extrajudicial Settlement of Estate are the basic requirements to be submitted to the Register of Deeds. When all pertinent documents are submitted, the Register of Deeds will correspondingly issue the Transfer of Certificates of Title to the proper heirs.

On a final note, it must be borne in mind that the extrajudicial settlement can be nullified if it was done in fraud of creditors or other rightful heirs. Furthermore, this can open the erring heirs to criminal liabilities.

-Source NDV Law Office

[jamesbond]

i agree kay sir Mico, paki reply kung deceased or  still living pa mother nyo sir... iba kasi proseso kung deceased na and likewise.... btw, do not contemplate on the idea of taking the risk of undergoing land trasfer via the Deed of Donation process.... opo... may legal impediment yan sa future kasi pwede pang maghabol ang ibang partido if ever, have it done through Deed Of Sale....

[mico]

i agree kay sir Mico, paki reply kung deceased or  still living pa mother nyo sir... iba kasi proseso kung deceased na and likewise.... btw, do not contemplate on the idea of taking the risk of undergoing land trasfer via the Deed of Donation process.... opo... may legal impediment yan sa future kasi pwede pang maghabol ang ibang partido if ever, have it done through Deed Of Sale....

Yes, tama si Sir james, mas maganda nyan mai subdivide and mai transfer muna ng tama yung property sa inyong magkakapatid saka kayo mag deed of sale para black and white lahat. Make sure na after ng deed of sale eh maiprocess nyo padin ung title transfer problem kasi sa atin mostly nagiging kapante na once na may deed of sale.

[charliehouse]

Anong isusubdivide eh nag waive na naman ang kanyang mga kapatid?

@TS
Kung deceased na parents mo:
Para sa akin eh di ka kailangang mag subdivide kasi may waiver/renunciation made ng mga kapatid mo. The best thing the you should do is to have the waiver in a public instrument then apply ka for settlement of estate present mo dun ang waiver nila then apply ka for the transfer of title yun lang solb ka na.

Kung living pa parents mo then pwede pa yang idispose ng parents mo according sa nilalaman ng kanyang puso kasi inchoate pa lang yung right ng mga kapatid mo meaning to say wala pa sila talagang right sa property na yan that is provided na hindi naviolate ang legitime.

[naruto789544]

just to note the difference when it comes to expenses..
a. deed of sale - you have to pay the transfer tax, estate tax and other taxes as required by law as posted by sir mico...
b. deed of donation - you will have to pay minimal taxes...
either way, it is a long and tedious process so prepare yourself for the long processing... goodluck ts...

[Erotic Vibrator]

magastos din pala ang paglipat ng pangalan mo sa titulo at mahabang process

[charliehouse]

just to note the difference when it comes to expenses..
a. deed of sale - you have to pay the transfer tax, estate tax and other taxes as required by law as posted by sir mico...
b. deed of donation - you will have to pay minimal taxes...
either way, it is a long and tedious process so prepare yourself for the long processing... goodluck ts...

No. I disagree, ang transfer tax is imposed by law sa seller ng property ang estate tax naman ay imposed by law not by virtue of sale but by virtue of inheritance ibig sabihin yang estate tax eh para lang yan duon sa mga naipamana. What the buyer has to pay is only the CGT o capital gain tax.

[blackstaff]

just to note the difference when it comes to expenses..
a. deed of sale - you have to pay the transfer tax, estate tax and other taxes as required by law as posted by sir mico...
b. deed of donation - you will have to pay minimal taxes...
either way, it is a long and tedious process so prepare yourself for the long processing... goodluck ts...

pag deed of sale - the seller pays the capital gains tax of 6% of the value of the property sold. plus local taxes.. around 7.5% of the value lahat lahat.
donation - donor would have to pay donor's tax. may graduated scale pag relative (if worth 100K below, its not taxed) and 30% of the net gift if a stranger (not a relative)

[leodong]

Marami salamat sa malinaw na paliwanag. I appreciate. Our Parents are still alive. Kaya what is better deed of donation or deed of sale? pag deed of sale pareho lang ba ang estate tax na 15k plus 8% over 500k? Sino ba mag evaluate ng value sa property? Sa QC near sm fairview? Waiting po ng advice. In advance many thanks.

[blackstaff]

Pag sale po, yung purchase price ang basis ng tax. Lets say, the market value is 1m but it was bought for 1.5M, he tax will be calculated using the 1.5m base. But if it was bought at 300K, the remaining 700K will be deemed a donation and is taxable according to the donor's tax table.

Pag donation, yung fair market value po ng property or declared value according to the BIR/tax declaration WHICHEVER IS HIGHER.


Shrouded in moonlight.

[leodong]

I already has a deed of absolute sale, then I went to city hall for tax clearance. then after that what is the next step? On the deed of sale is it necessary that the seller and the buyer has TIN? the seller which is my mother in law are senior citizen and they don't have a TIN? Please advice.

[charliehouse]

^ sana di ka pa kumuha ng tax clearance TS. May titulo ba ang lupa i.e oct or tct na nakapangalan sa parents mo o declaration lang? Whichever is the case sana pumunta ka sa DENR in case sa small patents na title at inalam mo kung meron bang pending na protest ang lupa at alamin mo rin kung meron bang lien o encumbrance ito. Sayang lang kasi kung magbabayad ka tapos may pending protest ang lupa, wasil valdez parin kung magkagayon wag naman sana.

[leodong]

Po meron na titolo ang Lupa. today nag punta kami bir bayad capital gains tax at documentay kaso ang laki ng penalty kc dec 22, 2014 pa ang deed of sale. Btw saan ba makukuha ang certified true copy ng previous CAR? Isa kc requirements sa bir eh forgot to ask ang bir kanina.

[razorsharp]

buti pa mga squatter walang problema sa mga ganito hehehe....