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.
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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 from nos. 1 to 4, except the tax clearance, present them to BIR, ONETT Section for evaluation and computation of:
Capital gain tax
Documentary Stamps tax
You will be required to fill up 1904 BIR form for both buyer and seller for TIN verification. Date of birth is asked on the form as well.
Once you have the computation, you can pay at BIR for amount not exceeding P20,000.00, otherwise pay at the nearest LandBank or other accredited banks near that BIR branch.
Present and submit payment receipts together with all the other documents back to BIR ONETT section. Remember to photocopy receipts and other documents, you may ask BIR beforehand if photocopies are needed.
BIR will give you a claim stub for presentation to them once ECAR will be available for release.
6. Treasurer's Office-
Pay transfer tax, once Ecar has been released from BIR. Present the documents released from BIR, particularly the deed of sale.
7. Registry of Deeds-
Register the sale by submitting the Ecar and all other documents from BIR plus the transfer tax payment from Treasurer's office. You will pay registration expenses. They also need original certified tax declaration and tax clearance of the property. Registry of Deeds will transfer the title to new owner's name.
Your official receipt for the registration expenses will serve as your claim stub for presentation when title is available for pick up.
8. Assessor's Office-
Once the title is released from the Registry of Deeds, request for a certified true copy of title under new owner's name. Bring the certified true copy of title together with the deed of sale with stamp of transfer tax payment, BIR Eçar, and tax clearance to assessor's office for transfer of tax declaration to new owner's name.
With that, the sale of real estate property has been registered. Transfer of ownership was perfected from the Seller to the Buyer, which is now the new owner. His name appears on the title of the land as well as on the tax declaration of the property.
For queries/questions, email me at:
anchiebalita@gmail.com
Finally, wish you all a great, happy day😁‼️
Pamanafromancestors♥️
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