Extra Judicial Settlement of Estate

Hello everyone!💚💖 Here we are again to tackle another real estate topic,  which is worth knowing. Knowledge of this would be very helpful, more if you are thinking of going into the build and sell business. Usually, a simple build and sell business starts with buying a lot, then constructing residential houses, may be a duplex, apartment units, or townhouses. Cases like this involve, buying a lot, partitioning it and the construction of houses, may it be for residential or commercial purposes.  The steps to undergo Assuming you have already the lot and have already constructed a three door apartment units on it, and you decided to sell the units to different persons. Since, you need to transfer ownership to your individual buyers once they have fully paid the total contract price, it's important to have the lot segregated into three portions. Three resulting lots and of course, an alley will also be included in the apportioning, as right of way is very much needed. Steps necessar

Magandang araw po!  It's sharing time again and this is about Unilateral Deed of Absolute Sale. I believe this topic is very timely and useful especially that we have a lot of Overseas Filipino Worker. With the coming of the Christmas season, a lot may consider investing their hard earned money into real estate. That would be a very sound decision. What is a Unilateral Deed of Sale It is still a Deed of Absolute Sale document, however, only one party to the sale transaction signs the deed of sale. Of course, it is the Seller who will sign.  One reason for executing this kind of sale document is the fact that the Seller and Buyer may not be at the same location at the time of the transaction. It may be difficult for them to meet due to distance, for example an OFW. He is working overseas and it may not be practical for him to go home to perfect the sale. He may be also hesitant to give a Special Power of Attorney to a relative way back home. For this reason, a Unilateral Deed of Sal

Magandang Araw❣️ Aside from doing real estate activities and being someone who is very much appreciative of nature, I am also a fur mom to 7 fur kids.   Unconditional love and loyalty I grew up in a family where dogs were constant companions. These creatures are known for there unconditional love and loyalty to their owners. For these and the fact that they are created by God just like us humans, they, as well deserve respect, love and care from us. We are their caretakers. God has assigned this to us,  being the highest of His creations.  Macey, the shitzu We got Macey in 2016, July 14, at two months and 4 days. She came to us on my husband's birthday, but actually she was a long time request of our daughter. She promised everything just to be given the chance to have a pet dog. Having one is not that easy.  It requires a lot of responsibility, if you really want to be a responsible pet owner. This is Macey:   Support and companion Macey was my husband's company during those t

 Magandang Araw!!💖 Investing is a very good preparation for the future! It should be started early. Once we have settled into a stable job or a good source of income, that could provide more than our needs. Then, it is a sound decision to shell some extra amount for investment purposes. Kinds of Investment There are some types of investments that we could consider. Some of these are stocks, bonds, mutual funds, real estate, jewelries, other valuable things and many others. Real Estate Investment However, for me, I consider real estate as a very good investment. My familiarity to it leads me to conclude that it is a very safe investment. The trend when it comes to real estate is always appraising upward. Unless there's an unusual happening that is beyond human means to avoid. Usually it is natural calamities that would trigger downward appraisal of real estate properties. Yet, once everything would be back to normal expect real estate to bounce back higher again.  My Listings - Tay

 Magandang Araw❣️ Bill on Estate Tax Amnesty Extension  lapsed into law This is a very good news! The Estate Tax Amnesty Extension lapsed into law on August 05, 2023. Meaning, it is good as approved even if the President didn't sign its approval. When an approved bill is submitted to Malacanang for approval, the President has 30 days to sign and approve it. Since the president did not sign for its approval nor rejected it, it became a law after the 30 days period. Republic Act (RA) No. 11956 It is now under Republic Act (RA) No. 11956, Extending the period of availment of the Estate Tax Amnesty until June 14, 2025, for another two years.  Also,  it is extending coverage of deaths up to May 31, 2022. This means, the Estate Tax Amnesty shall cover the estate of decedents who died on or before May 31, 2022. Finally,  This is a great help on the financial side for those who have not yet done their settlement of estates. Penalties and surcharges will not be charged under the amnesty per

Magandang araw! 2023 Estate Tax Amnesty Today I would like to share with you some good news about the 2023 Estate Tax Amnesty which is about to expire on June 14, 2023. However, thanks God, the House of Representatives approved on third and final reading a bill extending the estate tax amnesty. It is under Republic Act (RA) No. 11213, extending two more years the estate tax amnesty, that would be up to year 2025. Speaker Ferdinand Martin G. Romualdez is the principal author of House Bill (HB) No. 7909. This would give enough time for those concerned to avail of the amnesty and lower taxes.  This is a very positive thing, as Speaker Hernandez took into consideration the financial constraints brought about by the pandemic. This is already a second extension, the first one was when it was extended to June 14, 2023. It is expected to be signed into law by the President before the second State of the Nation Address (SONA) on July 24, 2023. Thank you, Pamanafromancestors❤️ Source of informat

 Magandang araw! There is a time in our life when we are ready to purchase real estate property where our home sweet home will soon hopefully rise. We may already have enough financial resources or stability to purchase it in cash, installment or through financing. There are perks when we do the purchase on cash basis. However, as long as we have a stable job or a stable business it would be easy to apply for a lot loan or a housing loan. Purchase through cash basis Paying for the property one time, or within a span of few months, say three or six months, is still considered a purchase through cash basis. There are sellers or developers who are offering those options. It really depends on the agreement between both parties, the seller and the buyer.  There are perks when doing the sale transaction on cash basis, usually certain percentage of the sale is given as discount, making the over all price of the property lower. Purchase through installment or financing However, when we don'

 Magandang araw! Last February, I was able to attend a CPD (Continuing Professional Development) seminar which was a requirement for the renewal of my real estate broker's license. The CPD was conducted by CES ACADEMY. It was done online and there  were three speakers who discussed several real estate topics. One topic was about "Due Diligence". Knowledge of this is very important for everyone,  as there is always a time that we would be into buying our first property investment, or a house and lot which would be our future home. I will be sharing what I learned from them, in the hope that this would be useful for your future real estate transactions. What is Due Diligence? It is a proper and careful research and analysis in preparation for a transaction. It is an investigative process to "let the buyer beware",  "CAVEAT EMPTOR", because ignorance excuses no one. With "Due Diligence",  we will be able to determine if there are problems and th

 Magandang araw! It's been quite some time since my last post. Today, I will be sharing a bit of my life that happened in the past. Few days ago, I was able to view a post about someone who was stripped of her position in the company she worked for,  after returning from sick leave. I can relate and felt her pain. A scenario in the past This reminded me of a scenario in the past, many years ago. I was working in a local company for 17 years when I got pregnant, supposed to be my second child. However, I had a miscarriage,  my body gave in to emotional and physical stress. I blamed myself for what had happened. To add up, it was only my 2 year old daughter and I, as my husband had returned overseas. He was struggling with his work by that time, as well.  I took a maternity leave due to the miscarriage. But, thinking I had lots of pending works in the office, I decided to return to work after two weeks of rest. A very bad decision as it created health issues, that made me decide to c

Magandang araw! Few days ago, we renewed the registration of our car. It took us two days to finish the process. We are from Rizal and sharing this for your reference. The Process Monday, we arrived at the Land Trasportation Office (LTO) in Rizal, around 1:30pm. We were referred by the guard to the emission testing. However, no more slot was available for that day. So we got our number for the slot the following day.   Gathering all requirements, we get The Third Party Liability (TPL) insurance ready for the next day slot. The insurance amounted to ₱1,350.00 If you are a senior citizen registering your car, it's much faster because you are given priority on the line. Since I am, I was advised by the emission testing staff to just come after lunch, around 1:30pm, as the lines are longer in the morning getting lesser in the afternoon, anyway, I have already reserved a slot. I just need to make sure I will be at LTO before 2pm, otherwise, my slot will be given to walk in registrants.

Magandang Araw!  I pray and wish that 2023 would be a great year for all of us. However, today, I would share a throwback of my activities last year. In particular, 3rd quarter of last year, I was lucky enough to be able to assist an Extra Judicial Settlement of Estate with Deed of Absolute Sale. It was not the usual Deed of Absolute Sale, it was a Unilateral Deed of Sale. What is a UNILATERAL DEED OF SALE It is a Deed of Sale, where only one party to the transaction is signing the document...the SELLER. Most often, this happens when one of the parties is not available to personally sign thru a bilateral contract, which is the usual Deed of Absolute Sale,  where both Buyer and Seller signed.  In this case, the Seller is in a foreign country, so the document will be notarized and apostilled there. Or, it will be thru the Philippine Consulate in that country. EXTRA JUDICIAL SETTLEMENT OF ESTATE Since one of the owners (whose names were on the title), the husband, had passed away, there&#