Extra Judicial Settlement of Estate

  EXTRA JUDICIAL SETTLEMENT OF ESTATE under TRAIN law,  TRAIN (TAX REFORM FOR ACCELERATION and INCLUSION): Greetings! Another experience I would share with everyone was filing an estate tax for the estate of one who passed away under the TRAIN law, year 2018 onward.  These past months, I also worked on filing an estate tax for the estate of one who passed away under the TRAIN law, year 2018 onward. The death occurred year 2019, processing here would be under TRAIN LAW. This was no longer covered by the tax amnesty which is currently ongoing up to June 2023. Estate tax requirements  (please click link) REQUIREMENTS I SUBMITTED TO BIR: 1. PSA death certificate 2. TIN of decedent and heirs 3. Extra Judicial Settlement of Estate duly notarized 4. Certification of the Barangay Captain for the Claimed Family Home 5. Certified true copy of title 6. Certified true copy of tax declaration at the time of death of decedent 7. Certificate of no improvement 8. Birth certificate of children 9. Marr

Greetings ! It's been quite sometime since my last update on Part 4 - Extra Judicial Settlement of Estate. This Part 5 is just a continuation. For your information, this Extra Judicial Settlement was for the estate of an ancestor who passed away in the 1980's, hence it was qualified to avail of the Estate Tax Amnesty which is currently ongoing up to 2023. The estate tax was computed straight 6% of the market value of the property at the time of death, without any penalty.  The estate tax was paid and all documents submitted to BIR June 2021. The eCAR was released to us end of September 2021. It took the BIR three months to process the ECAR. The pandemic was one great reason for the delay, I supposed. NEXT STEP- THE REGISTER OF DEEDS Although I'm not yet ready to submit this to the Register of Deeds,  as this is provincial and far from my location, but I need to gather all the requirements needed for the submission. For this, I was able to research in advance. In fact, I re

Transfer of tax declaration's name Once you have claimed the Transfer Certificate of Title from the Register of Deeds, after a quite long process, the final step is for you to transfer the tax declaration to your name as the new owner of the real estate property. To process the transfer, required documents need to be submitted to the assessor's office where the real estate property is located.  Providing below the requirements for your easy reference. List of requirements: 1. Transfer certificate of title/certified true copy of title in new owner's name; 2. ECar from the BIR; 3. Deed of Absolute Sale with BIR stamped; 4. Transfer tax payment receipt/certificate of transfer tax payment; 5. Tax clearance In my experience, the assessor's office will check the original/duplicate documents, but will only get the xeroxed copies. Hence, be prepared to have the original/duplicate and xeroxed copies of the documents ready. You will pay a very minimal fee for the transfer of tax

Good day to everyone! My wishes of good health and wellness to all. Today I would share the experience I had with regard to partitioning a titled lot. Two friends of mine decided to buy a 256 sqm corner lot in a subdivision. It was titled, real estate taxes were updated and the location was for them perfect. However, the intention was to subdivide the lot and for them to get separate titles in their name for each of the resulting lot. Anyway, corner lots are great to subdivide. Per Land Registration Authority (LRA): "ALL SUBDIVISION/CONSOLIDATION TRANSACTIONS REQUIRE THE FOLLOWING DOCUMENTS ASIDE FROM THE BASIC REQUIREMENTS: Letter request for subdivision/consolidation Sepia or polyethylene film of the plan duly approved by Land Registration Authority or the Land Management Bureau Blue copy of the plan Original technical description (duly approved) IF WITH CHANGE OF OWNERSHIP, THE FOLLOWING ADDITIONAL DOCUMENTS ARE REQUIRED: Agreement of partition Real estate tax clearance The pr

Hi again! Good day to all of you.  Hope everyone is in the best of health and everything is fine❤️. This is the 4th part of the Extra Judicial Settlement of Estate that I am currently working on.  Today, I would share the details when I presented the documents to the BIR ONETT team for evaluation and tax computation. Word/point to know- Decedent - the one who passed away and giving on the pamana via the Extra Judicial Settlement of Estate. Estate Tax Amnesty is extended for another 2 years or up to June 14, 2023, per information from BIR. Current news also stated that Senate has approved Senate Bill No. 2208 which sought to amend RA No. 11213 or the Tax Amnesty Act by extending the application period to June 14, 2023. Update as of June 30, 2021: President  Duterte signed Republic Act No. 11569, extending the June 14 deadline for applications of estate tax amnesty until June 14, 2023 . Documents review by ONETT-  Transacting with BIR may require a lot of time and long lines, make sure

To the whole world, a pleasant day to everyone! What I would share today is about adverse claim. This happened a few years back. However, I made some research to know if there are some changes to the process we did. So far, the process is still the same as what we did before. A friend requested me to assist them with regard to some issues they encountered over a piece of inherited land. The property was not yet subdivided. It was still in the name of the original owner who already passed away. Their family was one of the heirs. One day, it came to their attention that the land was offered for sale. They were surprised because they were not informed about the plan to sell the property. And to add up, news reached them that there was already a buyer. In order to have proper guidance, we seek the advise of a lawyer. We narrated everything that happened. The lawyer suggested that they file an adverse claim over the land. What is an adverse claim? It is a formal statement in writing, made

Happy day!💗 Sharing to you what I have read from LRA's (Land Registration Authority) website.    LRA (Land Registration Authority) has launched "eSerbisyo Portal",  a new, easier and cheaper way of securing CTC (Certified True Copy of Title). Ways to request Certified True Copy of Title (CTC): 1. Anywhere to Anywhere (A2A) 2. eSerbisyo Portal Per LRA's announcement, the price is just the same for the "eSerbisyo Portal" with that of the  "Anywhere to Anywhere" or A2A service.   For the "Anywhere to Anywhere" A2A service, you will go to any computerized Register of Deeds Office near you  to request for a Certified True Copy of Title. That is regardless of where your real estate property is located in the Philippines. This will save you time and money because you won't need to travel far just to secure a Certified True Copy of your Title. The service is available through out the Philippines. However, there is a much better option. Now

 Hi again! I would like to share the experience I had late last year about buying a lot under tax declaration only. Checking on the property A very close friend of mine was offered an agricultural lot with only a tax declaration to vouch ownership. So the first step we took was to visit the property to feel if it is really worth buying. We had to consider the selling price and the "property feel", that's what I call it. Whenever I step on a property offered, I used to check for that positive feeling. And indeed, it was there, a "good buy", I supposed. Yes, the property was nice and the price was very reasonable. Therefore, yes for the first step! Checking with Assessor's Office We were excited to move forward to the second step, checking on the documents of the lot with the assessor's office where the property was situated. First, we checked on the tax declaration, the name of the seller and the lot area of the land offered were correct. For the taxes,

SEPT. 26, 2022 UPDATE: JUST A PIECE OF INFORMATION: Remember to update your status in your TIN (tax identification no.) especially when you are working on transfer of ownership processes like Deed of Absolute Sale, Extra Judicial Settlement of Estate, etc.. If your TIN shows you are single but you are already married, BIR will require you to change status of your TIN to married. You need to present marriage contract to the BIR branch where you are registered, so they can change your status to married from single. Don't forget to have a photocopy of your ID and marriage contract with you, so that in case BIR will ask for a copy, you are prepared to provide. Little things, but can cause delay if we are not aware😉. God bless everyone!🙏 ______________________________ Happy Mother's Day to all mother's around the world!💐❤ A safe and happy day to everyone! Word meaning: Decedent refers to the person who passed away (whose estate you are working on). RDO (Revenue District Of

Greetings! Hi to the whole World! Happy day everyone! Do keep yourselves safe and healthy! 💗 Today, I would share the process I did when I worked on a sale where one of the owners had already passed away. The process  I could have prepared the "Extra Judicial Settlement of Estate with Deed of Absolute Sale" in this case. However, the BIR wanted me to submit all requirements for the estate tax filing and the sale. That would include the certificate of publication per their advise. As we already know from my previous blogs that the publication of the Extra Judicial Settlement of Estate, would run once a week, for 3 consecutive weeks,  plus the additional paper works  to finalize the completion of the certificate. That would take 30 days atleast, for the publishing company to give me the "certificate of publication."   With that, there was a big possibility that I won't be able to meet the deadline for the payment of taxes for the sale, which were the capital gai

Greetings! Good morning friends all over the world! Hope everyone is safe and fine 😁. Deed of Absolute Sale Today, I would share my experiences on the processing of title ownership thru sale. When a buyer and a seller agree to complete a sale, there is now a need to execute a Deed of Absolute Sale.  Deed of Absolute Sale template attach for your reference, just click the link below to view: Deed of Sale However, don't forget to check the authenticity of the property being sold, if it is really existing and if the seller really is the real owner and if there are any encumbrances on the title. How are we going to do that? Authenticity check Request the following documents related to the property: 1. Certified true copy of title You can get this from any computerized Register of Deeds branch near you. This will spare you of travel inconvenience in case the Register of Deeds branch where your property is located is far from you/your residence. Remember to check if there is any lien

  My past experiences have brought me here😁 You may wonder why I've got several experiences to share with regard to real estate processes 🤔.  For better understanding, let me share with you a little of my life. I am Anchi Balita, you can check my facebook page here: https://www.facebook.com/anchi.balita In the past, I worked for 17 years in a development and construction company. It was into selling of  real estate properties, houses and subdivision lots. There, I was exposed to a lot of real estate works, particularly documentation and document preparation. After  17 years,  I resigned to concentrate on being a mother to my daughter who was starting school at that time. She was 4 years old. To be able to contribute to the family income, I did some part time real estate selling. That, after I got my license as a real estate broker.  Really thankful to those years of useful experiences. I am now able to share them to people. Of course, I am always grateful to my sister, a law gra

Greetings!  Friends from all over the world, a pleasant day to all of you 😁.  My prayers and wishes of goodwill! Keep safe everyone 🙏. Is it that costly?  Today, I want to share with you the expenses I incurred for the requirements and processing of this Extra Judicial Settlement of Estate. When we are talking about transferring ownership of a real estate property from parents, relatives or ancestors that have passed away, our initial reaction is "Oh it's very costly, I'd rather not transfer to my name. Anyway, the property is mine and I can use or sell it anytime." Can you sell the property? The land is yours, being passed on to you from your ancestors. You can use that anytime, plant crops or build a structure, or any other thing you want to do with the property. However, it's complicated when you want to sell it. Selling involves transfer of ownership to the new owner and this is possible only if an Extra Judicial Settlement of Estate has been executed, 

Continuation...please check my previous blog for the Part 1.  Greetings!  Hi again to everyone! Hope everybody are in the best of health and happy, despite the issues brought about by the pandemic. My wishes and prayers of good health to all of you, wherever you are in the world🙏.  Certificate of Publication Supposedly, the publication of the Extra Judicial Settlement of Estate should have been finished by this time, since the ad will run once a week for three consecutive weeks only. However, I called the Manila Bulletin office a while ago and they advised that the certificate won't be available until next week. Anyway, I have still lot of things to do... getting the requirements for the filing of the estate tax with the BUREAU OF INTERNAL REVENUE (BIR) which is my next step after I will get the certificate of publication.  Working on BIR requirements My location is part of the NCRplus bubble, which is under Modified Enhanced Community Quarantine,  so it is hard for me to go arou

 Legacy from ancestors Happy day to everyone! My name is Anchi, a mother to a lovable daughter and sweet furbabies.  Welcome to my first blog😁. These days, I am assigned to work on a legacy from ancestors. I decided to chronicle and share my experiences while working on this. Please follow me,  as I go through the process, you may be able to find helpful information. Extra Judicial Settlement of Estate There is no will and testament, so the legacy would be via the Extra Judicial Settlement of Estate. Quite complicated, but there's no other way to go. After a thorough search and help from knowledgeable family members, I came up with the "Extra Judicial Settlement of Estate" template. I will attach the form in this blog for reference. There may be people, like me,  who are also into it or will be undergoing the process. After the form has been signed, we proceeded to have it notarized by a Notary Public. The fee was just minimal because it was not that big,  a property an