The Next Hurdle: A Step-by-Step Guide to Getting Your BIR eCAR for Inherited Land

-
Image
  You’ve finally gathered the siblings, signed the Extrajudicial Settlement (EJS), and figured out the newspaper publication details. You might think the hardest part is behind you, but there is one massive gatekeeper you still have to pass before the property can officially be transferred to your names: the Bureau of Internal Revenue (BIR) . To change the name on a land title, the Registry of Deeds will strictly demand an eCAR (Electronic Certificate Authorizing Registration) . Think of the eCAR as your official "tax clearance" proving that the government has received its fair share of estate taxes. If your documents are disorganized, a single trip to your Revenue District Office (RDO) can quickly turn into a frustrating circle of rejections. Here is exactly how to navigate the BIR eCAR process without losing your mind—or your budget. 📋 The eCAR Document Checklist Before you step foot inside your specific RDO, make sure you have these core documents compiled neatly in a fol...
Post a Comment

The Sale Transaction

-


 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't have enough cash to pay for the property in full, we can choose to go for installment basis through the in-house financing scheme of the developer. Remember to check the background of the developer company, their capacity to develop and complete the subdivision project in an efficient manner, within the timeline discussed with you, complete with whatever amenities they promised.

That's quite long, 😁. In short,  select a competent developer base on their previous completed projects. Development, time frame and their capability to process and complete the titles for each lot. Those things are very crucial to consider.


Pag-ibig or Bank financing

Aside from the in-house financing offered by developers, we can also opt to go for the Pag-ibig or bank loan. There are banks that offer lower interest, you just need to have the patience to scout for the one that offers the lowest.

Per discussion we had in my recent CPD seminar, Pag-ibig may have a little higher interest. However, they are more lenient when it comes to giving grace periods for those who are delinquent in paying their real estate loan. Also, Pag-ibig is computing the loan on a diminishing balance method, which for me is better than the straight line method offered by banks. This is just my personal opinion.


Conclusion


Whatever method you will be using to purchase a property, don't forget to exercise due diligence to avoid failed sale transaction.


Thank you! God bless!!🙏

Pamanafromancestors❤️


Comments

Post a Comment

Popular posts from this blog

LRA On-line Tracking System (LOTS)

-
Image
LRA On-line Tracking System (LOTS) This is a very good project of the LRA. Here, we are able to track the status of our transaction with any branches of the Registry of Deeds through out the country via online. This will eliminate the hassle of calling or going to their office personally to follow up a transaction. We can do the follow up at our own pace because it is through online. This is very favorable to avoid the traffic and transportation expenses when doing personal follow up. Link to the LRA On-line Tracking System (LOTS) https://lots.lra.gov.ph/TransactionStatus / Checking if it's working I tried checking it myself to determine if it is working. I used my previous request for a certified true copy of title, and yes up to this time it us working.  You just need to select your kind of transaction, then location of the Registry of Deeds where you have a transaction, then finally, input your EPEB No. This is from your official receipt issued by the Registry of Deeds when you ...
Read more

DEED OF ABSOLUTE SALE

-
Image
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 ...
Read more

Pag ibig Loan Filing Part 2

-
Image
A screen shot of the ongoing renovation GOOD MORNING❤️ To continue, I've told you in my previous blog that Pag ibig told us to submit additional requirements because upon checking, our lot didn't close, the boundaries.  Additional Requirements Required from us: 1. lot data computation 2. certified technical description   We can get these from DENR REGION 4A since we are from Rizal. The process is, get Lot Data Computation and Approved plan from DENR LOS BANOS. Bring them to DENR CALAMBA so you can request for a Certified Technical Description of the lot. So, March 4, 2024, we submitted our request for lot data computation and approved plan from DENR LOS BANOS. We were told, the line was long so our schedule to pick them up was March 19, 2024. We let one day passed, to make sure, the documents are available.  March 20, 2024, we came to get the Lot Data Computation and the approved plan. The fee was ₱50 per document, ₱100 if you want it certified. DENR CALAMBA From DENR LOS...
Read more