Many are in one thought of acquiring a real estate or property here in our country. Many are enthusiastic enough to own a property for them to live, where their family could feel the full protection, satisfaction, on their range of budget and of what they always perceive- Adequate Shelter for the Family.
But the question is, “what is the right thing to do? “, or “What should a buyer or a seller must consider in dealing with selling and buying a property?” As part of our duty to all of you our avid viewers, we have this excerpt from our national laws, regarding the buying a real estate here in the Philippines.
The SELLER pays for the:
- Capital Gains Tax equivalent to 6% of the selling price on the Deed of Sale or the
- Transfer Fee is ½ of 1% of Selling Price or Market Value of Tax Declaration, whichever is higher.
For BUYERS to remember before buying or closing the deal:
- Make sure the “Transfer Certificate of Title” is authentic.
- Verify that title is clean – meaning the property is not mortgaged (no liens & encumbrances on the property).
- Make sure that the land described on the title is really the land that you are buying.
- Make sure that the sellers are the real owners.
- Confirm that the yearly real estate taxes are paid.
These may be simple and absurd for those people who are not inline with this process in real estate. But these are a must and to be done well to gain a complete and just process in acquiring a property. Each party must serve and function accordingly. Each must coordinate to each other parties.
Here in CDO, since this real estate is booming and vast in need for, this guide is a help for everyone who would like to own a property. Even us in RPM Realty, we encounter lots of experiences, with this situation. Therefore, it seems, we are obliged also to educate or even just to disseminate this information to everybody.
We are just repeating what our national laws are stating. But we are in deep aim, that all of you will get something from this article. It is our vision and mission to provide you, not only the best, but the right and fitted property for you and your family here in Cagayan De Oro City.
Your family is the core of our service, and you are the center of our goal- to have a family shelter, harmoniously, and that is on your expectation and financial stability.