There will be a price increase of P50,000 in Parthenon Residences effective in July 15, 2015.
You still can't avail the price increase of P50,000 if you reserve now or before July 15, 2015.
It's an investment that never depreciates. The value of real estate properties always increase as times goes by. Buying real estate is a solid, tangible investment which you can use as your home of residence or as a means of earning profits or income either by selling, renting and leasing. Estimated rate of price increase per year – you could get this data from me, but price increases in the Cebu area are about 9% to 13% per year, depending on the area.
For reservation contact me at
Dennis T. Rosos
Real Estate License Sales Person
Land Asia Realty
under license PRC Reg. No. 1356
HLURB # : CRV-15-1347
Globe +63917-777-1101
Sun +639255046449
FB Account www.facebook.com/landasia2103
FB Official Page www.facebook.com/cebulandasia
Client's Testimony https://www.facebook.com/cebulandasia/reviews
Note: Subject price may change without prior notice.
Cebu Condominium: Affordable Condominium in Cebu City Good for Inves...: -Affordable Condominium In cebu -Stone throw away from the New Robinson Galleria -3 mins. away from SM City Cebu -7 mins away to Cebu ...
Thursday, July 9, 2015
Friday, July 3, 2015
How to Register a Newly Bought Property in the Philippines
How to Register a Newly Bought Property in the Philippines
It is very common for an OFW to buy a new property in the Philippines after a few years of earning a better income from abroad.
We didn’t immediately realized that it is easier to find a property that you wants to own than to get it registered in your name after paying a large sum of money as it does not ends there. Most of us are not familiar with the whole process of registering a property to the name of the new Owner. Here are a few steps that may help you:
STEP 1 -DEED OF ABSOLUTE SALE
Anyone between the Seller and Buyer (or their Lawyers, if any) may prepare the Deed of Sale as long as it has been executed before and Notarized by a Notary Public.
NOTES:
a.) If you are a Buyer, let me remind you that before giving all the money to the Seller be sure that you got from him some important documents that you would need in the registration of the property under your name such as a copy of his validID, a recent CTC and TIN or a copy of TIN Car original copy of all Real Property Tax Receipts in his possession.
b.) If the Seller is a Corporation, you would need from them a notarized secretary’s certificates containing the resolution of their board of directors approving the sale and a certificate from the Securities and Exchange Commission (SEC) stating that its articles of incorporation have been registered with the SEC.
STEP 2 –CITY ASSESSOR’S OFFICE (Located in the City Hall or Municipal Hall)
Secure the following:
a.) Certified True Copy of Tax Declaration (House and Lot)
b.) Certificate of No Improvement (If property is vacant lot)
c.) Two Original Copies – 1 for BIR and 1 for Registry of Deeds
STEP 3 – LAND TAX DIVISION OF CITY TREASURER’S OFFICE (Located in the City Hall or Municipal Hall)
Secure the following:
a.) Tax Clearance
Note: In order to obtain a Tax Clearance, the Seller must pay first all arrears on Property Tax (if any and must be updated as of document of sale). Therefore, it is important that you got hold of the original of the official receipts evidencing payment by seller of realty taxes of the current and preceding years, before you gave him the full payment of the sale.
We had an experience that the Seller was able to gave us the Property Tax Receipt of the current year however, upon application of Tax Clearance it was discovered that the previous five years was not paid!
STEP 4 – BUREAU OF INTERNAL REVENUE
Submit the following:
• Tax identification number (TIN) of seller and buyer;
• Notarized deed of absolute sale/document of transfer, but only photocopied document shall be retained by the BIR;
• Certified true copy of the latest tax declaration issued by the City Assessor’s Office for the land and improvement applicable to the taxable transaction;
• Owner’s copy (for presentation purposes only) and photocopy (for authentication) of the Original Certificate of Title (OCT), or the certified true copy of the Transfer Certificate of Title (TCT);
• Sworn declaration of “with Improvement” by at least one (1) of the transferees, or certificate of “with Improvement” issued by the City Assessor’s Office.
You (and/or the Seller, depends on the agreement) have to pay the following:
a.) Capital Gains Tax (6% for individual seller) or Witholding Tax (7.5% if seller is a corporation) – it is the Seller’s responsibility to pay the Capital Gains Tax (CGT) or Witholding Tax unless the Buyer agrees otherwise
b.) Documentary Stamps Tax (1.5% of the selling price or zonal value or fair market value, which ever is higher) – Payment for DST is responsibility of the Buyer
You shall received the following:
• The Certificate Authorizing Registration
• The Original copy of the Deed of Absolute Sale stamped received by the BIR
• Original Copies of the BIR Return Forms 1706 (CGT) and 2000 (DST) stamped received by the BIR
Important Notes:
i.) Capital Gains Tax and Documentary Tax shall be computed based on Selling Price (per Deed of Sale), or Market Value of Tax Declaration, or BIR Zonal Value, whichever is higher.
ii.) If the Buyer agrees to pay the Capital Gains Tax, it very important that you get the Seller’s Tax Identification Number (TIN) and a copy of his ID
iii.) Forms for payment of Capital Gains Tax can be secured from the BIR or may be downloaded from the BIR website http://www.bir.gov.ph
iv.) Payment for Capital Gains Tax and Documentary Stamps can only be paid at the BIR Regional Office or BIR authorized banks where the property is located. It can be paid either in cash or manager’s check.
v.) Capital Gains Tax shall be filed and paid to the BIR within thirty days from the date of sale, otherwise there will be interest and penalty.
vi.) Documentary Stamps Tax shall be paid on or before the 5th day of succeeding month from the date of sale.
STEP 5 – MUNICIPAL TREASURER’S OFFICE (Located in the City Hall or Municipal Hall)
Pay the following:
a.) Transfer Tax is computed as 1/2 of 1% (0.5%) of the Selling Price or Zonal Value or Fair Market Value of Tax Declaration, whichever is higher. – Payment of Transfer Tax is responsibility of the Buyer
NOTES:
i.) The transfer tax must be paid at the CTO not later than 60 days from the date of execution of the Deed of Absolute Sale or the notarization date thereof, whichever is earlier.
ii.) Prepare the following requirements:
• Certificate Authorizing Registration from the Bureau of Internal Revenue
• Tax clearance certificate from the Treasurer’s Office
• Official receipt of the Bureau of Internal Revenue (for documentary stamp tax)
• Photocopy of Deed of Sale
• Photocopy of Transfer Certificate of Title (TCT)
• Photocopy of Tax Declaration
STEP 5 – REGISTRY OF DEEDS (Located in the City Hall or Municipal Hall)
Pay the following:
a.) Registration Fee – 0.25% of the selling price, or zonal value or fair market value, which ever is higher. – Payment of Registration Fee is responsibility of the Buyer
Apply for registration and submit the following documents:
• Copy of deed of absolute sale;
• Official receipt evidencing payment of transfer tax;
• Certificate Authorizing Registration from the BIR (CAR) including official receipts for payment of DST and CGT;
• Real property tax clearance from the City Treasurer’s Office;
• Original copy of owner’s duplicate of TCT (in the name of the seller);
• Original or certified true copy of the latest tax declaration;
If Seller is a corporation, include the following:
• Notarized secretary’s certificate containing resolution of the board of directors of the seller approving the sale;
• Notarized secretary’s certificate containing resolution of the board of directors of the buyer approving the sale;
• Articles of incorporation of the buyer and by-laws; and
• Certificate from the SEC that the articles of incorporation of the buyer have been registered.
NOTE:
A new Certificate of Title under the New Owner’s Name will be issued by Registry of Deeds. Be sure to double check the spelling of names and other information in the new TCT before receiving the new TCT.
STEP 6 – MUNICIPAL ASSESSOR’S OFFICE (Located in the City Hall or Municipal Hall)
Secure the following:
a.) New Tax Declaration
NOTES:
i.) Prepare the following requirements:
• Photocopy of notarized deed of sale
• Copy of latest tax declaration (in the name of seller)
• Tax clearance certificate of real property taxes from the CTO
• Certificate authorizing registration from the BIR
• Photocopy of official receipt of transfer tax payment (original copy to be presented)
• The transfer certificate of title (TCT) issued by the RD (in the name of the buyer)
For guidance you can contact me at
Credit to https://memorazon.wordpress.com/2013/04/22/how-to-register-a-newly-bought-property-in-the-philippines/
It is very common for an OFW to buy a new property in the Philippines after a few years of earning a better income from abroad.
We didn’t immediately realized that it is easier to find a property that you wants to own than to get it registered in your name after paying a large sum of money as it does not ends there. Most of us are not familiar with the whole process of registering a property to the name of the new Owner. Here are a few steps that may help you:
STEP 1 -DEED OF ABSOLUTE SALE
Anyone between the Seller and Buyer (or their Lawyers, if any) may prepare the Deed of Sale as long as it has been executed before and Notarized by a Notary Public.
NOTES:
a.) If you are a Buyer, let me remind you that before giving all the money to the Seller be sure that you got from him some important documents that you would need in the registration of the property under your name such as a copy of his validID, a recent CTC and TIN or a copy of TIN Car original copy of all Real Property Tax Receipts in his possession.
b.) If the Seller is a Corporation, you would need from them a notarized secretary’s certificates containing the resolution of their board of directors approving the sale and a certificate from the Securities and Exchange Commission (SEC) stating that its articles of incorporation have been registered with the SEC.
STEP 2 –CITY ASSESSOR’S OFFICE (Located in the City Hall or Municipal Hall)
Secure the following:
a.) Certified True Copy of Tax Declaration (House and Lot)
b.) Certificate of No Improvement (If property is vacant lot)
c.) Two Original Copies – 1 for BIR and 1 for Registry of Deeds
STEP 3 – LAND TAX DIVISION OF CITY TREASURER’S OFFICE (Located in the City Hall or Municipal Hall)
Secure the following:
a.) Tax Clearance
Note: In order to obtain a Tax Clearance, the Seller must pay first all arrears on Property Tax (if any and must be updated as of document of sale). Therefore, it is important that you got hold of the original of the official receipts evidencing payment by seller of realty taxes of the current and preceding years, before you gave him the full payment of the sale.
We had an experience that the Seller was able to gave us the Property Tax Receipt of the current year however, upon application of Tax Clearance it was discovered that the previous five years was not paid!
STEP 4 – BUREAU OF INTERNAL REVENUE
Submit the following:
• Tax identification number (TIN) of seller and buyer;
• Notarized deed of absolute sale/document of transfer, but only photocopied document shall be retained by the BIR;
• Certified true copy of the latest tax declaration issued by the City Assessor’s Office for the land and improvement applicable to the taxable transaction;
• Owner’s copy (for presentation purposes only) and photocopy (for authentication) of the Original Certificate of Title (OCT), or the certified true copy of the Transfer Certificate of Title (TCT);
• Sworn declaration of “with Improvement” by at least one (1) of the transferees, or certificate of “with Improvement” issued by the City Assessor’s Office.
You (and/or the Seller, depends on the agreement) have to pay the following:
a.) Capital Gains Tax (6% for individual seller) or Witholding Tax (7.5% if seller is a corporation) – it is the Seller’s responsibility to pay the Capital Gains Tax (CGT) or Witholding Tax unless the Buyer agrees otherwise
b.) Documentary Stamps Tax (1.5% of the selling price or zonal value or fair market value, which ever is higher) – Payment for DST is responsibility of the Buyer
You shall received the following:
• The Certificate Authorizing Registration
• The Original copy of the Deed of Absolute Sale stamped received by the BIR
• Original Copies of the BIR Return Forms 1706 (CGT) and 2000 (DST) stamped received by the BIR
Important Notes:
i.) Capital Gains Tax and Documentary Tax shall be computed based on Selling Price (per Deed of Sale), or Market Value of Tax Declaration, or BIR Zonal Value, whichever is higher.
ii.) If the Buyer agrees to pay the Capital Gains Tax, it very important that you get the Seller’s Tax Identification Number (TIN) and a copy of his ID
iii.) Forms for payment of Capital Gains Tax can be secured from the BIR or may be downloaded from the BIR website http://www.bir.gov.ph
iv.) Payment for Capital Gains Tax and Documentary Stamps can only be paid at the BIR Regional Office or BIR authorized banks where the property is located. It can be paid either in cash or manager’s check.
v.) Capital Gains Tax shall be filed and paid to the BIR within thirty days from the date of sale, otherwise there will be interest and penalty.
vi.) Documentary Stamps Tax shall be paid on or before the 5th day of succeeding month from the date of sale.
STEP 5 – MUNICIPAL TREASURER’S OFFICE (Located in the City Hall or Municipal Hall)
Pay the following:
a.) Transfer Tax is computed as 1/2 of 1% (0.5%) of the Selling Price or Zonal Value or Fair Market Value of Tax Declaration, whichever is higher. – Payment of Transfer Tax is responsibility of the Buyer
NOTES:
i.) The transfer tax must be paid at the CTO not later than 60 days from the date of execution of the Deed of Absolute Sale or the notarization date thereof, whichever is earlier.
ii.) Prepare the following requirements:
• Certificate Authorizing Registration from the Bureau of Internal Revenue
• Tax clearance certificate from the Treasurer’s Office
• Official receipt of the Bureau of Internal Revenue (for documentary stamp tax)
• Photocopy of Deed of Sale
• Photocopy of Transfer Certificate of Title (TCT)
• Photocopy of Tax Declaration
STEP 5 – REGISTRY OF DEEDS (Located in the City Hall or Municipal Hall)
Pay the following:
a.) Registration Fee – 0.25% of the selling price, or zonal value or fair market value, which ever is higher. – Payment of Registration Fee is responsibility of the Buyer
Apply for registration and submit the following documents:
• Copy of deed of absolute sale;
• Official receipt evidencing payment of transfer tax;
• Certificate Authorizing Registration from the BIR (CAR) including official receipts for payment of DST and CGT;
• Real property tax clearance from the City Treasurer’s Office;
• Original copy of owner’s duplicate of TCT (in the name of the seller);
• Original or certified true copy of the latest tax declaration;
If Seller is a corporation, include the following:
• Notarized secretary’s certificate containing resolution of the board of directors of the seller approving the sale;
• Notarized secretary’s certificate containing resolution of the board of directors of the buyer approving the sale;
• Articles of incorporation of the buyer and by-laws; and
• Certificate from the SEC that the articles of incorporation of the buyer have been registered.
NOTE:
A new Certificate of Title under the New Owner’s Name will be issued by Registry of Deeds. Be sure to double check the spelling of names and other information in the new TCT before receiving the new TCT.
STEP 6 – MUNICIPAL ASSESSOR’S OFFICE (Located in the City Hall or Municipal Hall)
Secure the following:
a.) New Tax Declaration
NOTES:
i.) Prepare the following requirements:
• Photocopy of notarized deed of sale
• Copy of latest tax declaration (in the name of seller)
• Tax clearance certificate of real property taxes from the CTO
• Certificate authorizing registration from the BIR
• Photocopy of official receipt of transfer tax payment (original copy to be presented)
• The transfer certificate of title (TCT) issued by the RD (in the name of the buyer)
For guidance you can contact me at
Dennis Rosos
Real Estate SalesPerson
Land Asia under license PRC Reg. No. 1356
HLURB # : CRV-15-1347
Globe 0917-777-1101
Sun 09255046449
FB www.facebook.com/landasia2103 FB
Page www.facebook.com/cebulandasia
Real Estate SalesPerson
Land Asia under license PRC Reg. No. 1356
HLURB # : CRV-15-1347
Globe 0917-777-1101
Sun 09255046449
FB www.facebook.com/landasia2103 FB
Page www.facebook.com/cebulandasia
Credit to https://memorazon.wordpress.com/2013/04/22/how-to-register-a-newly-bought-property-in-the-philippines/
Saturday, June 20, 2015
Affordable Condominium in Cebu City Good for Investment
-Affordable Condominium In cebu-Stone throw away from the New Robinson Galleria
-3 mins. away from SM City Cebu
-7 mins away to Cebu Doctors University
-7 mins. away to the new UC Med & Chong Hua North Hospital
-10 mins away from Colon St (the oldest city in the phil)
-10 mins. away from Ayala Center Cebu / IT Park Cebu.
-10 mins. away from Mango Ave-15 mins away from Mactan Int Airport
-3 mins. away from SM City Cebu
-7 mins away to Cebu Doctors University
-7 mins. away to the new UC Med & Chong Hua North Hospital
-10 mins away from Colon St (the oldest city in the phil)
-10 mins. away from Ayala Center Cebu / IT Park Cebu.
-10 mins. away from Mango Ave-15 mins away from Mactan Int Airport
 |
Total Contract Price(TCP): P1,477,045
TCP is inclusive of transfer charges, tax and Miscellaneous
RESERVATION FEE : P30,000
DOWNPAYMENT : P477,045
LESS RESERVATION FEE : 447,045
SPOT CASH DOWN PAYMENT: less 5% of DP
MONTHLY EQUITY PAYABLE IN 36MOS. : 12,418
LOANABLE AMOUNT FOR PAG-IBIG OR BANK FINANCING : 1,000,000
ESTIMTIMATED MONTHLY AMORTIZATION FOR :
20 years : ₱8,209
15 years : ₱9,413
10 years : ₱12,001
5 years : ₱20,157
MORE PAYMENT OPTIONS:
1: Spot Cash within 30 days - 5% Discount
2. Deferred Equal Installments for 12 months - Less 2.5%
discount on TCP
3. Deferred Equal
Installment for 36 months, with no
interest
4. Downpayment - 36 months no interest
Balance - P 1M -
loanable to Bank / Pag-big / In-House
Accredited Financial Institutions:
Pag-ibig; BDO,
Chinabank, BPI, RCBC, Bank of Commerce and PS Bank.
For In-House Financing:
a. Reservation
Fee: P 30,000.00
b. Maximum
in-House Financing - P 1,000,000.00
* Balance
payable 36 mos. No interest
* Payable 3
to 5 years at 10% p.a. straight. - covered with PDC’s
PARKING PRICE:
P600,000
PARKING PRICE:
P600,000
PROJECT OVERVIEW
• Total land area: 1,921.5 square meters
• Gross building floor area: 30,569.25 square meters
• Total no. of units: 801 residential condominium units
• Total no. of floors: 21 storeys
• Type of units:
Residential: 1-Bedroom (21sq.m-23sq.m)
SOHO: Studio (21sq.m-23sq.m) (4th floor only)
• Estimated date of completion: 3rd quarter of 2017(plus 6 months grace period)
• Total no. of floors: 21 storeys
• Type of units:
Residential: 1-Bedroom (21sq.m-23sq.m)
SOHO: Studio (21sq.m-23sq.m) (4th floor only)
• Estimated date of completion: 3rd quarter of 2017(plus 6 months grace period)
BUILDING FEATURES
• Four level parking
• 24- hour security
• Three Hi-Speed elevator system
• Fire protection & automatic sprinkler system
• Fire alarm system
• 100% back-up generator
• Centralized individual mailboxes
• Garbage chutes in every floor
• Covered roof deck for special events/functions
• Provision for air-con, telephone & cable TV
• Ready for WIFI connections
• Elegant lobby & reception counter
• Covered/paved driveway for passenger drop-off w/ landscaped garden
• Swimming pool (roof deck/overlooking sea view
UNIT FEATURES
• Porcelain tiles on living, dining & Kitchen Area (Tile size: 60cm x 60cm)
• Ceramic tiles in T & B (Tile size: 30cm x 30cm)
• T & B complete with shower, water closet, lavatory, toilet paper holder & towel bar
• Finished painted interior wall
• Studio Type Unit
• Wooden panel main door
• PVC door on T & B
• Exhaust Fan on T & B
• Aluminum sliding windows with clear glass
• Complete electrical switches and convenient outlet in living, dining, kitchen and T & B areas
• Provision for aircon with outlets
• Provision for cable TV and telephone line
• Residential (all are one bedroom type w/ closet)
SOHO UNIT FEATURES
• Porcelain tiles (size: 60cm x 60cm)
• Finished painted interior wall
• Wooden Panel Main Door
• PVC sliding windows with clear glass
• Complete electrical switches and convenient outlet in living, dining,kitchen & T&B areas
• Provision for aircon with outlet
• Provisions for cable TV and Telephone line
• Four level parking
• 24- hour security
• Three Hi-Speed elevator system
• Fire protection & automatic sprinkler system
• Fire alarm system
• 100% back-up generator
• Centralized individual mailboxes
• Garbage chutes in every floor
• Covered roof deck for special events/functions
• Provision for air-con, telephone & cable TV
• Ready for WIFI connections
• Elegant lobby & reception counter
• Covered/paved driveway for passenger drop-off w/ landscaped garden
• Swimming pool (roof deck/overlooking sea view
UNIT FEATURES
• Porcelain tiles on living, dining & Kitchen Area (Tile size: 60cm x 60cm)
• Ceramic tiles in T & B (Tile size: 30cm x 30cm)
• T & B complete with shower, water closet, lavatory, toilet paper holder & towel bar
• Finished painted interior wall
• Studio Type Unit
• Wooden panel main door
• PVC door on T & B
• Exhaust Fan on T & B
• Aluminum sliding windows with clear glass
• Complete electrical switches and convenient outlet in living, dining, kitchen and T & B areas
• Provision for aircon with outlets
• Provision for cable TV and telephone line
• Residential (all are one bedroom type w/ closet)
SOHO UNIT FEATURES
• Porcelain tiles (size: 60cm x 60cm)
• Finished painted interior wall
• Wooden Panel Main Door
• PVC sliding windows with clear glass
• Complete electrical switches and convenient outlet in living, dining,kitchen & T&B areas
• Provision for aircon with outlet
• Provisions for cable TV and Telephone line
PROJECT TURN OVER IS LAST
QUARTER OF 2017.
Estimated Condo Rental Cash
Flow
Estimated Cost
of a 23 sqm 1br condo unit P1,477,045
Estimated rental
income/year (P15,000/month) P180,000
Less
Vacancy cost
(2months) P30,000
Monthly
Dues (12months P1,200/month) P14,000
Taxes P5,000
Maintenance P4,000
Insurance P2,500
Net Income P124,000
per year
This rental income is an added bonus as your property acts as a hedge against
inflation.Historically, the real value of real estate goes up at least
proportional to the rate of inflation which means your money is secure.
Properties however have the propensity to perform better, particularly in prime
locations. This is where price appreciation comes into play.
Typical price appreciation
for a condo today in the Philippines is roughly 7-8% annually, and that is a
very conservative estimate. By the time the unit is turned over to you, you
would roughly have a 30-40% price increase in your property.
These are just some of the
reasons why one should invest in a condo. Of course, if you are still unsure, I
hope you consult your broker for more details and up to date information.
Condominium Investment In
Cebu
The real
estate industry is the fastest-growing sector in Cebu. With the strong economic
indicators and high investors’ confidence level, more condominium projects and
hypermarkets are being developed in the locality. An additional 100 commercial and residential
buildings would be completed by 2015 and another 170 to 200
buildings are expected to be finished by 2017.64 new hypermarkets
will be developed in Cebu.
With
properties currently being built and still lined up, the Cebu, Philippines is
definitely enjoying a major surge in the real estate market. After all, condo
living is an attractive offer. Living in a condo lets residents enjoy living in key
locations that allow them easy access to their favorite establishments.
It comes to
no surprises that owning real estate has been traditionally a means for
accumulating more wealth, and several billionaires founded their business
empires on real estate. Here in Cebu, the most prominent billionaires all have stake
in investing condo here in Cebu. Thus, owning this investment
instrument is a tried and tested means of accumulating wealth.
Here are just some four (4)
reasons why you to invest condo:
1.) Condos offer great
amenities like pools, gyms, gardens, and so on. These are great perks for
renting or reselling.
2.) Condos have restrictions when
it comes to maintaining the property, its value is maintained as well, which is
great for when you’re renting it out.
3.) It is all about rental
income something unique about investing in condominiums is that it can
gain monthly rental income. There is significant demand for rent able
condominiums especially for young professionals, expats, and businessmen in the
central business districts. Most of them are typically single and without a
family, and usually with a significant amount of disposable income for renting.
Investing in condos for sale is a good choice because if their relative
affordability, ability to acquire income through rents, and high price
appreciation.
4.) Resell
Condo Typical price appreciation for a condo today in the Philippines is
roughly 7-8% annually, and that is a very conservative estimate. By the time
the unit is turned over to you, you would roughly have a 30-40% price increase
in your property.
For More info or site visit contact me
Dennis Rosos
Real Estate Sales Person
Land Asia Realty
under license PRC Reg. No. 1356
HLURB # : CRV-15-1347
Globe +63917-777-1101
FB Account www.facebook.com/landasia2103
FB Official Page www.facebook.com/cebulandasia
Note: Subject price may change without prior notice..
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