Deed of Sale, Registration Process

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Seller sells and Buyer buys according to the terms and conditions they agreed upon‼️ This is the whole process NOTES: Buyer and Seller should provide government IDs A SPECIAL POWER OF ATTORNEY is needed if one or the parties to the transaction are not available to sign the documents personally. *********************************************       THE PROCESS and... Private/Government agencies to work to: 1. Notary Public-  Preparation and notarization of the Deed of Sale, after both parties have signed. 2. Registry of Deeds-  Get certified copy of the title of the property subject of sale. 3. Assessors Office-   Get certified copy of tax declaration for the lot and the improvement, if any. Get certificate of no improvement if there's no building or any improvement on the lot. 4. Treasurer's Office- in the municipality or city where the land is located-  Get tax clearance for the land and improvement, if any. 5. Bureau of Internal Revenue (BIR)-  All the documents you gathered fr
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Part 3 - EXTRA JUDICIAL SETTLEMENT OF ESTATE - MY EXPENSES

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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,  for those legacy which has no last will and testament. 

Otherwise, you can process the Extra Judicial Settlement of Estate and the Absolute Sale simultaneously. Submit to the Bureau of Internal Revenue then to the Register of Deeds for the transfer of Ownership. That would be Extra Judicial Settlement of Estate with Deed of Absolute Sale. 

EXTRA JUDICIAL SETTLEMENT OF ESTATE WITH DEED OF ABSOLUTE SALE 

I will go into details of the process, EXTRA JUDICIAL SETTLEMENT OF ESTATE WITH ABSOLUTE SALE in my next post/blog for better understanding. As you know, Ì was able to process one like that, two years ago when a relative bought a lot where the owner had already passed away.  This will be the subject of my next blog.

My Expenses working on the Extra Judicial Settlement of Estate:

1. Notarization of the Extra Judicial Settlement of Estate document P1,000.00 
There's a bracket and ours fell on the minimum. 

2. Notarization of Special Power of Attorney P300.00 

3. Publication of the Extra Judicial Settlement of Estate P3,000.00

4. Certified true copy of tax declaration P100.00 

 5. Certificate of Non-improvement P100.00 

 6. Certified true copy of title P700.00 

As of this time, those are the expenses I incurred in the process, total of P5,100. However, there are still future expenses once I will submit the documents to the Bureau of Internal Revenue, as well as to the Register of Deeds. 

Possible expenses per my advance query are the following: 

 1. Estate tax from the BIR- Please refer to the link  below for detailed information. 




2. Transfer fee from the municipality where the property is located. As I understanhd, this transfer fee is 1/2 of 1% of the amount of sale.

Of course there are miscellaneous expenses like travel, food and etc. dependent on your personal expenses in addition to the above.

Useful link:




Hope this post/blog is useful to you. Feel free to comment below if you need to clarify something or have any suggestion.

Bye for now. Thank you so much for following through. Take care and God bless everyone! 💗🙏


DISCLAIMER:

All information stated on the Site is based on the actual experiences and researches of the author at the time of posting. This is not intended as a substitute for  professional advise. Information has been verified correct to the best of her knowledge, however, she cannot guarantee that there are no mistakes or errors. Rules and policies of government agencies mentioned on the blog may change without further notice.

The content and images posted on the Site is the intellectual property of the author.  You may not reuse, republish or reprint content and images without her written consent.



Location: Philippines

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