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How much does it cost to transfer a condo title in the Philippines?

Additionally, theres a typical title transfer service fee, which is around ₱20,000 for properties within Metro Manila and ₱30,000 outside of Metro Manila. This fee often includes the cost of the transfer agents food and transportation expenses.

How do I transfer ownership of a condo in the Philippines?

What if I need to transfer my inium title to the new owner? Notarized Deed of Absolute Sale. Certificate Authorizing Registration (eCAR) issued by the BIR. Documentary Stamp Tax receipt. A certified true copy of the Tax Declaration. Owners duplicate copy of the CCT. Real property tax clearance. Property tax receipt.

What happens to condo after 50 years in the Philippines?

In the Philippines, 50 years is the lifespan of all companies and corporations, big or small. However, the corporation can still be renewed for another 50 years, so your inium ownership does not necessarily end at that point. Fact #3: Three factors need to be fulfilled to declare a inium uninhabitable.

What is proof of ownership of a condo in the Philippines?

Ownership of registered land is evidenced by either an original or transfer certificate of title issued by the relevant register of deeds. Ownership of a inium unit is evidenced by a inium certificate of title.

What is the tax on the transfer of real property ownership in the Philippines?

Documentary Stamp Tax 1.5% of the selling price or zonal value or fair market value, whichever is higher. Transfer Tax 0.5% of the selling price, or zonal value or fair market value, which ever is higher. Registration Fee 0.25% of the selling price, or zonal value or fair market value, which ever is higher.

sample of contract to sell

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When could the sale of inium units be considered the sale of a security?

NOT a security: Sale of a inium unit, with no related rental program. VERY LIKELY a security: Sale of a inium unit together with a mandatory rental agreement with the developer or an affiliate, and heavy emphasis during the sales process on the likely economic benefits of the rental program.

Is it easy to sell a inium?

Condos are harder to sell than single-family homes because you often have noise from neighbors above, below, and on both sides of your unit; could be quite some distance from parking; have cumbersome homeowners restrictions; and ever-increasing dues that many homebuyers do not like.

What is the difference between contract of sale and contract to sell in the Philippines?

Ownership Transfer In a Contract of Sale, the seller cannot recover the property once delivered, unless there is a legal ground for rescission. In a Contract to Sell, failure to fulfill the condition prevents ownership transfer, and the seller can retain the property without needing rescission proceedings.

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