Basic Requirements

1. 2 – Government-issued Identification Cards with picture and signature of PRINCIPAL BUYER  (Acceptable IDs: Driver’s License, Passport, PRC Licenses, UMID ID, Postal ID, Voter’s ID, SSS ID, and Other Valid Professional Licenses)
2. 2 – Government-issued ID Cards with picture and signature of SPOUSE (Acceptable IDs: Driver’s License, Passport, PRC Licenses, UMID ID, Postal ID, Voter’s ID, SSS ID, and Other Valid Professional Licenses)
3. 3 – specimen signatures below the photocopy of the IDs
4. Signed Reservation Agreement
5. Signed Contract to Sell ( this will be schedule by the developer )
6. Signed Quotation Sheet or Investment Proposal
7. Completely Filled-out Customer Information Sheet
8. Reservation Fee (Cash, check, credit card, or debit card)
9. Authorization letter of representative or SPA  (if client is not present)
10. 1 Valid ID of authorized person

How To Reserve? 

1. Choose your preferred project location and the type of the unit.
2. Request for a sample computation of the unit through our accredited seller to get an idea on the financing
3. Completely fill up and sign the Reservation Agreement form and prepare 2 valid ID’s.
4. Pay the Reservation Fee (RF). If the RF is in cash, a Provisional Receipt (PR) will be issued by the Cashier. If in check, no PR is issued. Official Receipt will be mailed to the Buyer.

Documents to be Submitted Within 30 Days from Date of Reservation 

For Individuals

1. Photocopy of Birth Certificate (If Single)
2. Photocopy of Marriage Certificate (If Married)
3. Proof of Billing (Electrical, Water, Bank, Credit Card, etc)
4. Proof of Tax Identification Number (Photocopy of any of the following: TIN ID, Form 2316, Form 1904, or other BIR Forms indicating correct TIN Number)
5. Proof of Income (Photocopy of any of the following: ITR, 3 months latest pay slip, Form 2316, Certificate of Employment indicating compensation or job contract indicating compensation)
6. Post Dated Checks (Except for Spot Cash / Auto-Credit payments)

For Corporations

1. Photocopy of Birth Certificate (If Single)
2. Certified True Copy of Articles of Incoporation and Bylaws
3. 1701 Annual Income Tax Return
4. Latest General Information Sheet
5. Certificate of Registration of BIR
6. Secretary’s Certificate Authorizing the Purchase and The Designated Officers to Sign the Documents Related to The Purchase
7. Valid ID/s of The Authorized Representative/s
8. Post Dated Checks (Except for Spot Cash)

Additional Requirements That May Be Necessary

1. Special Power of Attorney
2. Court Order of Finality (If separated / annulled)
3. Affidavit of Support
4. Affidavit of Former Filipino Citizen
5. Others (ie. Deed of Undertaking)

 Basic Requirement

1. 2 – Government-issued Identification Cards with picture and signature of PRINCIPAL BUYER  (Acceptable IDs: Driver’s License, Passport, PRC Licenses, UMID ID, Postal ID, Voter’s ID, SSS ID, and Other Valid Professional Licenses)

1. 2 – Government-issued ID Cards with picture and signature of SPOUSE (Acceptable IDs: Driver’s License, Passport, PRC Licenses, UMID ID, Postal ID, Voter’s ID, SSS ID, and Other Valid Professional Licenses)
2. 3 – specimen signatures below the photocopy of the IDs
3. Signed Reservation Agreement
4. Signed Contract to Sell ( this will be schedule by the developer )
5. Signed Quotation Sheet or Investment Proposal
6. Completely Filled-out Customer Information Sheet
7. Reservation Fee (Cash, check, credit card, or debit card)
8. Authorization letter of representative or SPA  (if client is not present)
9. 1 Valid ID of authorized person

How To Reserve?

1. Choose your preferred project location and the type of the unit.
2. Request for a sample computation of the unit through our accredited seller to get an idea on the financing
3. Completely fill up and sign the Reservation Agreement form and prepare 2 valid ID’s.
4. Pay the Reservation Fee (RF). If the RF is in cash, a Provisional Receipt (PR) will be issued by the Cashier. If in check, no PR is issued. Official Receipt will be mailed to the Buyer.

Documents to be Submitted Within 30 Days from Date of Reservation 

For Individuals

1. Photocopy of Birth Certificate (If Single)
2. Photocopy of Marriage Certificate (If Married)
3. Proof of Billing (Electrical, Water, Bank, Credit Card, etc)
4. Proof of Tax Identification Number (Photocopy of any of the following: TIN ID, Form 2316, Form 1904, or other BIR Forms indicating correct TIN Number)
5. Proof of Income (Photocopy of any of the following: ITR, 3 months latest pay slip, Form 2316, Certificate of Employment indicating compensation or job contract indicating compensation)
6. Post Dated Checks (Except for Spot Cash / Auto-Credit payments)

For Corporations

1. Photocopy of Birth Certificate (If Single)
2. Certified True Copy of Articles of Incoporation and Bylaws
3. 1701 Annual Income Tax Return
4. Latest General Information Sheet
5. Certificate of Registration of BIR
6. Secretary’s Certificate Authorizing the Purchase and The Designated Officers to Sign the Documents Related to The Purchase
7. Valid ID/s of The Authorized Representative/s
8. Post Dated Checks (Except for Spot Cash)

Additional Requirements That May Be Necessary

1. Special Power of Attorney
2. Court Order of Finality (If separated / annulled)
3. Affidavit of Support
4. Affidavit of Former Filipino Citizen
5. Others (ie. Deed of Undertaking)

Tax declarations are not conclusive evidence of ownership, they are proof that the holder has a claim of title over the property and serve as sufficient basis for inferring possession

Ref. G.R. No. 198585

• No increase in prices of real estate properties.

  Most developers hold on to their old price prior to the crisis in response to the buyer’s financial adjustments.

• You can find good deals.

  Businesses needs capital infusion after the crisis. Real estate property owners may need to sell their assets to keep their businesses up float.

• Flexible payment terms.

  For pre-built properties, owners/ real estate developers will offer stretched-out payment options for an easy entry to investment opportunities.

• It’s a Buyer’s market.

  Many are selling their real estate properties for liquidity. Supply is plenty, but the ready and willing buyers are few. Less competition for buyers, they can command the price.

Related: Great Investment for Young Professionals and BPO executives

Should you have extra money in the bank, don’t settle for a scanty interest income, else you will be a loser. Invest wisely, invest in real estate. You have read the foregoing reasons, now it’s time to open up your mind, use the economic crash to your advantage.

Featured Properties please click here

1. Is the deposit the same as the advance?

A:  It will be returned to you at the top of the lease contract after any charges are deducted. The advance is just rent paid early.

2. What if I can’t make the monthly payments?

A: The landlord can have you evicted by filing a court case. As a general rule, the landlord may file the case only after demanding that to pay, vacate his property, and if you fail to comply within five days or the period stated in your contract.

3. Who repairs broken pipes?

A: The landlord. This falls under wear and tear that he must answer for. It’s his job to keep the property safe and fit to live in. (This includes pest control.) If the landlord refuses to make repairs, you may suspend paying rent until repairs are made or make immediate repairs charged to the landlord.

5. I want to install a water heater in the bathroom. Is it okay to try to to this and may the owner buy it?

A: Check if your contract allows you to make leasehold or practical home improvement (pipes, exhaust fans, doorbells, laundry area, etc.) Your landlord may pay you half the cost of the improvement. Otherwise, remove it when the lease expires.

6. Can the landlord enter my apartment anytime to check on it?

A: The law doesn’t limit how often a landlord can inspect it, but of course he should do so at a reasonable time.

7. My friend wants to use the studio I’ve been renting when I leave for a trip. Can I rent this out to her?

A: You can sublease your apartment to your friend as long as your contract doesn’t prohibit it. In this case, your friend are going to be directly liable not only to you but also to the first landlord.

8. I subleased the property I was renting and now the windowpane is broken. Who pays for it?

A: For damages made to the property, the landlord can directly charge the sublessee (the person who’s been renting from you). The landlord also can directly hold the sublessee responsible for any rent due.

9. I have a two-year lease on my apartment. But I found a bigger unit closer to my work place. Can I move out earlier than the lease expiration date?

A: Yes, but you may have to continue paying rent until the lease contract expires or pay damages for pre-terminating the lease.

10. My landlord sold the condo I’ve been renting. Can the new owner evict me? How do I protect myself?

A: The buyer can evict you if he wasn’t made aware of the agreement between you and your landlord (to honor your lease contract upon sale of the condo). To prevent eviction, have your lease contract annotated on the title of the property before the Registry of Deeds at the district where your condo is situated.

1. What’s the Status of Construction?

• Pre-selling:
  No groundbreaking yet
  Not yet built
  Construction ongoing
• Ready to Move in:
  Property is already built and existing.

2. What is the Pricing?

• Pre-selling:
  Low introductory price
• Ready to Move in:
  More expensive due to the expansion in market prices since it had been built.

3. How long is that the Move in Period?

• Pre-selling:
  Depending on the sort of property (condo, townhouse, or house and lot) or the developer’s discretion, time-frame is between but a year to quite four years
• Ready to Move in:
  Homeowner can move in immediately after purchase.

4. What are the Payment Terms?

• Pre-selling: Flexible
  Down payment payable in one or two years
  Spot cash deposit
  Spread out amortization
• Ready to Move in: 
  Mostly spot cash payment, or if staggered, duration is shorter
  Can be rent-to-own

5. What are other Advantages?

• Pre-selling:
  There are promos and discounts, if you pay fully .
  You can customize the unit consistent with your preferences.
  Have newer, more state-of-the-art amenities and facilities.
• Ready to Move in:
  If available, home improvements
  Discounts if rush sale

6. Which unit am I able to choose?

• Pre-selling:
  First come, first reserve
  You can select since these aren’t yet built.
  Note: If you’re purchasing a condo, the upper the ground , the costlier the property.
• Ready To Move in: What is only available/offered.

7. What is It Ideal for?

• Pre-selling:
  Investment
• Ready to Move In:
  Personal Use

8. What are the cons?

• Pre-selling:
  Risk of project won’t being completed or there’s delay in turnover.
  Finished unit doesn’t meet your expectation.
  Your needs or financial situation may need change by the time the project is near or upon completion.
• Ready to Move in: 
  Requires higher live
  Fewer available units
  Most of the simplest or prime locations are already taken

The first and most basic answer to why is real estate a good investment for retirement is that it allows investors to generate a steady passive income for your golden years. Property investors receive passive income in the form of monthly rent which they collect from tenants renting their Investment Property.

This steady rental income is a real estate investor’s best friend when it comes to retirement plans; not only does it help in paying mortgage payment and becoming debt-free, but it also makes life much more lucrative. If a Real Estate Investors make smart investment decisions, they can live on this rental income and retire completely, that is why is real estate is a good investment.

Cebu Condo for Sale pls. click here
House and lot in Cebu for Sale pls. click here
Lot for Sale click here 

A Real Estate  developer is required to get different permits and documents from the Local and National government  before they can offer any of their real estate project to the public. One important permit that needs to be secured is a License to Sell. This is a Home Buyer’s assurance that he or she will not get SCAMMED.

Below is what you need to know about the License to Sell in the Philippines, and why you should make sure the developer has it:

1. What do you mean by a License to Sell?

A License to Sell (LTS) is a certification obtained by a property developer from the Housing and Land Use Regulatory Board (HLURB). The Presidential Decree No. 957 under Section 5 declares:

Such owner or dealer to whom has been issued a registration certificate shall not, however, be authorized to sell any subdivision lot or condominium unit in the registered project unless he shall have first obtained a license to sell the project within two weeks from the registration of such project.

It is a proof that the developer has a legitimate business and is financially stable to complete the project that they are selling. This is one way of ensuring that the property’s building plans and specifications have met the standard of the agency, plus that it is a genuine one.

2. Why is it important for check the License to Sell before buying a property?

Checking for the License to Sell is a crucial part of any home buyer’s due diligence. To avoid problems in the future, it is necessary to verify that the developer is approved by HLURB to sell their project. This is for you to know that they are capable of delivering a quality development.

Indeed, a real estate property is one of the most expensive purchases you’ll ever make in your lifetime so you must go beyond the brochure and delve deeper before you settle for a house & lot.

3. When should you check for the License to Sell?

Make sure to first check for the developer’s License to Sell as you go house hunting and look for the information about your potential selection. Don’t fall for the pretty façade or fancy artists’ rendition of the property. What good will it do to finally come across your dream home, only to find out the developer doesn’t have a License to Sell?

4. How do you verify if the License to Sell of a property developer is legitimate?

Homebuyers can visit the nearest Regional Office of the HLURB which has jurisdiction of the place where the property is located. They can also verify this online for the list of projects that have an authentic License to Sell or Certificate of Registration, and even those which may have any encumbrances.

5. Who issues the License to Sell?

The License to Sell is issued by the Housing and Land Use Regulatory Board. This is the government agency mandated to formulate plans for comprehensive land use, regulate housing or land developments and homeowners’ associations, and serve as an intermediary for disputes.

6. What happens if you purchase a property that does not have a license to sell?

You may choose to cancel the contract and demand for a refund or proceed with the sale. The sale is still valid, but the developer will need to pay the penalties.

Be a Smarter Home Buyer

Contact your best and Trusted Realtor.

Recently, the HLURB released Board Resolution No. 922 to further protect homebuyers. It requires developers to get approval from the HLURB before they can release an advertisement. The objective states:

The answer to the question is BIG YES!  There are tons of reasons why you should talk with a bank and get pre-approved before buying  homes.  First and foremost, talking with a bank before looking at homes can help you understand exactly how much you can afford.  There is no reason to look at homes that are listed for Php 3,000,000 if you can only afford up to Php 2,000,000

If you’re a first time home buyer, talking with a Bank Home loan Officer or an EXPERT REALTOR  before buying a property is strongly suggested, as there are many first time home buyer OPTIONS  available. Ex. Bank mortgage Program, PagIBIG or IN-HOUSE Financing options.

Another important reasons why you should  talk with a bank or your TRUSTED REALTOR  before looking a HOUSE AND LOT,  CONDOMINIUM or a LAND  for you to understand exactly what costs are associated with buying a home.

The BIR’s Revenue Regulation No. 12-2-18,  on Estate Taxes in the Philippines. which contains the implementing guidelines related to the revised Estate Tax and Donor’s Taxes to be used starting 2018, as mandated in the TRAIN bill signed into law by Pres. Rodrigo Duterte.

BIR Revenue Regulations No. 12-2018

Issued on: January 25, 2018

Consolidated Revenue Regulations on Estate Tax and Donor’s Tax Incorporating the Amendments Introduced by Republic Act No. 10963, Otherwise Known as the “Tax Reform for Acceleration and Inclusion (TRAIN) Law”

SECTION 1. SCOPE.

Pursuant to the provisions of Sec. 244 of the National Internal Revenue Code of 1997, as amended (NIRC), and Sec. 84 of Republic Act No. 10963, otherwise known as the “Tax Reform for Acceleration and Inclusion (TRAIN) Law”, these Regulations are hereby issued to consolidate the rules governing the imposition and payment of the estate and donor’s tax incorporating the provisions of the TRAIN Law, particularly the provisions in Chapters I and II of Title III of the NIRC, thereby repealing Revenue Regulations (RR) No. 2- 2003, as amended.

ESTATE TAX

SEC. 2. RATE OF ESTATE TAX.

The net estate of every decedent, whether resident or non-resident of the Philippines, as determined in accordance with the NIRC, shall be subject to an estate tax at the rate of six percent (6%).

SEC. 3. THE LAW THAT GOVERNS THE IMPOSITION OF ESTATE TAX.

It is a well-settled rule that estate taxation is governed by the statute in force at the time of death of the decedent. The estate tax accrues as of the death of the decedent and the accrual of the tax is distinct from the obligation to pay the same. Upon the death of the decedent, succession takes place and the right of the State to tax the privilege to transmit the estate vests instantly upon death.

Accordingly, the tax rates and procedures prescribed under these Regulations shall govern the estate of decedent who died on or after the effectivity date of the TRAIN Law.

Gross Estate

SEC. 4. COMPOSITION OF THE GROSS ESTATE. – The gross estate of a decedent shall be comprised of the following properties and interest therein at the time of his/her death, including revocable transfers and transfers for insufficient consideration, etc.:

• 1. Residents and citizens – all properties, real or personal, tangible or intangible, wherever situated.
• 2. Non-resident aliens – only properties situated in the Philippines provided, that, with respect to intangible personal property, its inclusion in the gross estate is subject to the rule of reciprocity provided for under Section 104 of the NIRC.

Provided, That amounts withdrawn from the deposit accounts of a decedent subjected to the 6% final withholding tax imposed under Section 97 of the NIRC, shall be excluded from the gross estate for purposes of computing the estate tax.

SEC. 5. VALUATION OF THE GROSS ESTATE.

The properties comprising the gross estate shall be valued according to their fair market value as of the time of decedent’s death.

If the property is a real property, the appraised value thereof as of the time of death shall be, whichever is the higher of –

• (1) The fair market value as determined by the Commissioner, or
• (2) The fair market value as shown in the schedule of values fixed by the provincial and city assessors, whichever is higher.

For purposes of prescribing real property values, the Commissioner is authorized to divide the Philippines into different zones or areas and shall, upon consultation with competent appraisers, both from the private and public sectors, determine the fair market value of real properties located in each zone or area.

In the case of shares of stocks, the fair market value shall depend on whether the shares are listed or unlisted in the stock exchanges. Unlisted common shares are valued based on their book value while unlisted preferred shares are valued at par value. In determining the book value of common shares, appraisal surplus shall not be considered as well as the value assigned to preferred shares, if there are any. On this note, the valuation of unlisted shares shall be exempt from the provisions of RR No. 06-2013, as amended.

For shares which are listed in the stock exchanges, the fair market value shall be the arithmetic mean between the highest and lowest quotation at a date nearest the date of death, if none is available on the date of death itself.

The fair market value of units of participation in any association, recreation or amusement club (such as golf, polo, or similar clubs), shall be the bid price nearest the date of death published in any newspaper or publication of general circulation.

To determine the value of the right to usufruct, use or habitation, as well as that of annuity, there shall be taken into account the probable life of the beneficiary in accordance with the latest basic standard mortality table, to be approved by the Secretary of Finance, upon recommendation of the Insurance Commissioner.

Deductions from Gross Estate

SEC 6. COMPUTATION OF THE NET ESTATE OF A DECEDENT WHO IS EITHER A CITIZEN OR RESIDENT OF THE PHILIPPINES

The value of the net estate of a citizen or resident alien of the Philippines shall be determined by deducting from the value of the gross estate the following items of deduction:

1. Standard deduction. – A deduction in the amount of Five Million Pesos (P5,000,000) shall be allowed without need of substantiation. The full amount of P5,000,000 shall be allowed as deduction for the benefit of the decedent. The presentation of such deduction in the computation of the net taxable estate of the decedent is properly illustrated in these Regulations.

2. Claims against the estate. – The word “claims” is generally construed to mean debts or demands of a pecuniary nature which could have been enforced against the deceased in his lifetime and could have been reduced to simple money judgements. Claims against the estate or indebtedness in respect of property may arise out of: (1) Contract; (2) Tort; or (3) Operation of Law.

2.1. Requisites for Deductibility of Claims Against the Estate –

• 2.1.1. The liability represents a personal obligation of the deceased existing at the time of his death;
• 2.1.2. The liability was contracted in good faith and for adequate and full consideration in money or money’s worth;
• 2.1.3. The claim must be a debt or claim which is valid in law and enforceable in court;
• 2.1.4. The indebtedness must not have been condoned by the creditor or the action to collect from the decedent must not have prescribed.

2.2. Substantiation Requirements. – All unpaid obligations and liabilities of the decedent at the time of his death are allowed as deductions from gross estate. Provided, however, that the following requirements/documents are complied with/submitted:

2.2.1. In case of simple loan (including advances):

2.2.1.1 The debt instrument must be duly notarized at the time the indebtedness was incurred, such as promissory note or contract of loan, except for loans granted by financial institutions where notarization is not part of the business practice/policy of the financial institution-lender;

2.2.1.2. Duly notarized Certification from the creditor as to the unpaid balance of the debt, including interest as of the time of death. If the creditor is a corporation, the sworn certification should be signed by the President, or Vice- President, or other principal officer of the corporation. If the creditor is a partnership, the sworn certification should be signed by any of the general partners. In case the creditor is a bank or other financial institutions, the Certification shall be executed by the branch manager of the bank/financial institution which monitors and manages the loan of the decedent-debtor. If the creditor is an individual, the sworn certification should be signed by him. In any of these cases, the one who should certify must not be a relative of the borrower within the fourth civil degree, either by consanguinity or affinity, except when the requirement below is complied with.

When the lender, or the President/Vice-president/principal officer of the creditor-corporation, or the general partner of the creditor-partnership is a relative of the debtor in the degree mentioned above, a copy of the promissory note or other evidence of the indebtedness must be filed with the RDO having jurisdiction over the borrower within fifteen days from the execution thereof.

2.2.1.3. In accordance with the requirements as prescribed in existing or prevailing internal revenue issuances, proof of financial capacity of the creditor to lend the amount at the time the loan was granted, as well as its latest audited balance sheet with a detailed schedule of its receivable showing the unpaid balance of the decedent-debtor. In case the creditor is an individual who is no longer required to file income tax returns with the Bureau, a duly notarized Declaration by the creditor of his capacity to lend at the time when the loan was granted without prejudice to verification that may be made by the BIR to substantiate such declaration of the creditor. If the creditor is a non-resident, the executor/administrator or any of the legal heirs must submit a duly notarized declaration by the creditor of his capacity to lend at the time when the loan was granted, authenticated or certified to as such by the tax authority of the country where the non-resident creditor is a resident;

2.2.1.4. A statement under oath executed by the administrator or executor of the estate reflecting the disposition of the proceeds of the loan if said loan was contracted within three (3) years prior to the death of the decedent;

2.2.2. If the unpaid obligation arose from purchase of goods or services:

2.2.2.1. Pertinent documents evidencing the purchase of goods or service, such as sales invoice/delivery receipt (for sale of goods), or contract for the services agreed to be rendered (for sale of service), as duly acknowledged, executed and signed by decedent debtor and creditor, and statement of account given by the creditor as duly received by the decedent debtor;

2.2.2.2. Duly notarized Certification from the creditor as to the unpaid balance of the debt, including interest as of the time of death. If the creditor is a corporation, the sworn Certification should be signed by the President, or Vice- President, or other principal officer of the corporation. If the creditor is a partnership, the sworn certification should be signed by any of the general partners. If the creditor is a sole proprietorship, the sworn certification should be signed by the owner of the business. In any of these cases, the one who issues the certification must not be a relative of the decedent-debtor within the fourth civil degree, either by consanguinity or affinity, except when the requirement below is complied with.

When the lender, or the President/Vice-President/principal officer of the creditor-corporation, or the general partner of the creditor-partnership is a relative of the debtor in the degree mentioned above, a copy of the promissory note or other evidence of the indebtedness must be filed with the RDO having jurisdiction over the borrower within fifteen days from the execution thereof.

2.2.2.3. Certified true copy of the latest audited balance sheet of the creditor with a detailed schedule of its receivable showing the unpaid balance of the decedent-debtor. Moreover, a certified true copy of the updated latest subsidiary ledger/records of the debt of the debtor-decedent, (certified by the creditor, i.e., the officers mentioned in the preceding paragraphs) should likewise be submitted.

2.2.3. Where the settlement is made through the Court in a testate or intestate proceeding, pertinent documents filed with the Court evidencing the claims against the estate, and the Court Order approving the said claims, if already issued, in addition to the documents mentioned in the preceding paragraphs.

3. Claims of the deceased against insolvent persons as defined under R.A. 10142 (“The Financial Rehabilitation and Insolvency Act (FRIA) of 2010”) and other existing laws, where the value of the decedent’s interest therein is included in the value of the gross estate.

4. Unpaid mortgages, taxes and casualty losses.

4.1. Unpaid mortgages upon, or any indebtedness in respect to, property where the value of the decedent’s interest therein, undiminished by such mortgage or indebtedness, is included in the value of the gross estate. The deduction herein allowed in the case of claims against the estate, unpaid mortgages or any indebtedness shall, when founded upon a promise or agreement, be limited to the extent that they were contracted bona fide and for an adequate and full consideration in money or money’s worth.

4.2. Taxes which have accrued as of the death of the decedent which were unpaid as of the time of death. This deduction will not include income tax upon income received after death, or property taxes not accrued before his death, or the estate tax due from the transmission of his estate.

4.3. There shall also be deducted losses incurred during the settlement of the estate arising from fires, storms, shipwreck, or other casualties, or from robbery, theft or embezzlement, when such losses are not compensated for by insurance or otherwise, and if at the time of the filing of the return such losses have not been claimed as a deduction for income tax purposes in an income tax return, and provided that such losses were incurred not later than the last day for the payment of the estate tax as prescribed in Subsection (A) of Section 91.

In case unpaid mortgage payable is being claimed by the estate, verification must be made as to who was the beneficiary of the loan proceeds. If the loan is found to be merely an accommodation loan where the loan proceeds went to another person, the value of the unpaid loan must be included as a receivable of the estate. If there is a legal impediment to recognize the same as receivable of the estate, said unpaid obligation/mortgage payable shall not be allowed as a deduction from the gross estate.

In all instances, the mortgaged property, to the extent of the decedent’s interest therein, should always form part of the gross taxable estate.

5. Property previously taxed. – An amount equal to the value specified below of any property forming part of the gross estate situated in the Philippines of any person who died within five (5) years prior to the death of the decedent, or transferred to the decedent by gift within five (5) years prior to his death, where such property can be identified as having been received by the decedent from the donor by gift, or from such prior decedent by gift, bequest, devise or inheritance, or which can be identified as having been acquired in exchange for property so received:

• a. One hundred percent (100%) of the value if the prior decedent died within one (1) year prior to the death of the decedent, or if the property was transferred to him by gift, within the same period prior to his death;
• b. Eighty percent (80%) of the value, if the prior decedent died more than one (1) year but not more than two (2) years prior to the death of the decedent, or if the property was transferred to him by gift within the same period prior to his death;
• c. Sixty percent (60%) of the value, if the prior decedent died more than two (2) years but not more than three (3) years prior to the death of the decedent, or if the property was transferred to him by gift within the same period prior to his death;
• d. Forty percent (40%) of the value, if the prior decedent died more than three (3) years but not more than four (4) years prior to the death of the decedent, or if the property was transferred to him by gift within the same period prior to his death; and
• e. Twenty percent (20%) of the value, if the prior decedent died more than four (4) years but not more than five (5) years prior to the death of the decedent, or if the property was transferred to him by gift within the same period prior to his death.

These deductions shall be allowed only where a donor’s tax, or estate tax imposed under Title III of the NIRC was finally determined and paid by or on behalf of such donor, or the estate of such prior decedent, as the case may be, and only in the amount finally determined as the value of such property in determining the value of the gift, or the gross estate of such prior decedent, and only to the extent that the value of such property is included in the decedent’s gross estate, and only if, in determining the value of the net estate of the prior decedent, no deduction is allowable under this Item, in respect of the property or properties given in exchange therefore. Where a deduction was allowed of any mortgage or other lien in determining the donor’s tax, or the estate tax of the prior decedent, which was paid in whole or in part prior to the decedent’s death, then the deduction allowable under this Item shall be reduced by the amount so paid. Such deduction allowable shall be reduced by an amount which bears the same ratio to the amounts allowed as deductions under Items 2, 3, 4 and 6 of this Subsection as the amount otherwise deductible under this Item bears to the value of the decedent’s estate. Where the property referred to consists of two (2) or more items, the aggregate value of such items shall be used for the purpose of computing the deduction.

6. Transfers for public use. – The amount of all bequests, legacies, devises or transfers to or for the use of the Government of the Republic of the Philippines or any political subdivision thereof, for exclusively public purposes.

7. The Family Home. – An amount equivalent to the current fair market value of the decedent’s family home: Provided, however, that if the said current fair market value exceeds Ten million pesos (P10,000,000), the excess shall be subject to estate tax.

Definition of Terms

7.1. Definition of terms

Family home – The dwelling house, including the land on which it is situated, where the husband and wife, or a head of the family, and members of their family reside, as certified to by the Barangay Captain of the locality. The family home is deemed constituted on the house and lot from the time it is actually occupied as a family residence and is considered as such for as long as any of its beneficiaries actually resides therein. (Arts. 152 and 153, Family Code)

For purposes of these Regulations, however, actual occupancy of the house or house and lot as the family residence shall not be considered interrupted or abandoned in such cases as the temporary absence from the constituted family home due to travel or studies or work abroad, etc.

In other words, the family home is generally characterized by permanency, that is, the place to which, whenever absent for business or pleasure, one still intends to return.

The family home must be part of the properties of the absolute community or of the conjugal partnership, or of the exclusive properties of either spouse depending upon the classification of the property (family home) and the property relations prevailing on the properties of the husband and wife. It may also be constituted by an unmarried head of a family on his or her own property. (Art. 156, Ibid.)

For purposes of availing of a family home deduction to the extent allowable, a person may constitute only one family home. (Art. 161, Ibid.)

Husband and Wife – Legally married man and woman.

Unmarried Head of a Family – An unmarried or legally separated man or woman with one or both parents, or with one or more brothers or sisters, or with one or more legitimate, recognized natural or legally adopted children living with and dependent upon him or her for their chief support, where such brothers or sisters or children are not more than twenty one (21) years of age, unmarried and not gainfully employed or where such children, brothers or sisters, regardless of age are incapable of self-support because of mental or physical defect, or any of the beneficiaries mentioned in Article 154 of the Family Code who is living in the family home and dependent upon the head of the family for legal support.

The beneficiaries of a family home are:

• (1) The husband and wife, or the head of a family; and
• (2) Their parents, ascendants, descendants including legally adopted children, brothers and sisters, whether the relationship be legitimate or illegitimate, who are living in the family home and who depend upon the head of the family for legal support. (Art. 154, Ibid)

7.2. Conditions for the allowance of family home as deduction from the gross estate:

• 7.2.1. The family home must be the actual residential home of the decedent and his family at the time of his death, as certified by the Barangay Captain of the locality where the family home is situated;
• 7.2.2. The total value of the family home must be included as part of the gross estate of the decedent; and
• 7.2.3. Allowable deduction must be in an amount equivalent to the current fair market value of the family home as declared or included in the gross estate, or the extent of the decedent’s interest (whether conjugal/community or exclusive property), whichever is lower, but not exceeding P10,000,000.

8. Amount received by heirs under Republic Act No. 4917. – Any amount received by the heirs from the decedent’s employer as a consequence of the death of the decedent-employee in accordance with Republic Act No. 4917 is allowed as a deduction provided that the amount of the separation benefit is included as part of the gross estate of the decedent.

9. Net share of the surviving spouse in the conjugal partnership or community property. – After deducting the allowable deductions appertaining to the conjugal or community properties included in the gross estate, the share of the surviving spouse must be removed to ensure that only the decedent’s interest in the estate is taxed.

SEC. 7. COMPUTATION OF THE NET ESTATE OF A DECEDENT WHO IS?

A NON-RESIDENT ALIEN OF THE PHILIPPINES. – The value of the net estate of a decedent who is a non-resident alien in the Philippines shall be determined by deducting from the value of that part of his gross estate which at the time of his death is situated in the Philippines the following items of deductions:

1. Standard deduction. – A deduction in the amount of Five Hundred Thousand Pesos (P500,000) shall be allowed without need of substantiation. The full amount of P500,000 shall be allowed as deduction for the benefit of the decedent.

2. The proportion of the total losses and indebtedness which the value of such part bears to the value of his entire gross estate wherever situated. Losses and indebtedness shall include the following:

• 2.1. Claims against the estate.
• 2.2. Claims of the deceased against insolvent persons where the value of the interest therein is included in the value of the gross estate.
• 2.3. Unpaid mortgages, taxes and casualty losses.

The allowable deduction under this subsection shall be computed using the following formula:

[Phil Gross Estate / World Gross Estate] x [Item No. 2] = Allowable Deduction

3. Property previously taxed.

4. Transfers for public use.

5. Net share of the surviving spouse in the conjugal property or community property.

Unless otherwise provided in this section, the rules for the availment of deductions in the preceding section shall apply.

Sample Computations and Illustrations – Estate Tax

SEC. 8. PROPER PRESENTATION OF FAMILY HOME AND STANDARD DEDUCTION AS DEDUCTIONS FROM THE GROSS ESTATE. – Illustrative examples to properly present the manner of deducting family home, standard deduction, and other allowable deduction from the gross estate in accordance with the provisions of the NIRC.

Illustrations:

(1) Decedent is unmarried, family home more than P10,000,000:

Although the family home is valued at P30 million, the maximum allowable deduction for the family home is P10 million only.

(2) Decedent is married, the family home is conjugal property, more than P10,000,000:

(3) Decedent is married, the family home exclusive property, more than P10,000,000:

(4) Decedent is an unmarried, the family home is below P10,000,000:

(5) Decedent is married, the family home is conjugal property and is below P10,000,000:

(6) Decedent is married, the family home exclusive property and below P10,000,000:

Time & Place of Filing – Estate Tax

SEC. 9. TIME AND PLACE OF FILING ESTATE TAX RETURN AND PAYMENT OF ESTATE TAX DUE.

1. Estate Tax Returns. – In all cases of transfers subject to the tax imposed herein, or regardless of the gross value of the estate, where the said estate consists of registered or registrable property such as real property, motor vehicle, shares of stock or other similar property for which a Certificate Authorizing Registration from the Bureau of Internal Revenue is required as a condition precedent for the transfer of ownership thereof in the name of the transferee, the executor, or the administrator, or any of the legal heirs, as the case may be, shall file a return under oath.

Estate tax returns showing a gross value exceeding Five million pesos (P5,000,000) shall be supported with a statement duly certified to by a  certified Public Accountant containing the following:

1.1 Itemized assets of the decedent with their corresponding gross value at the time of his death, or in the case of a nonresident, not a citizen of the Philippines, of that part of his gross estate situated in the Philippines;

1.2. Itemized deductions from gross estate allowed in Section 86; and

1.3. The amount of tax due whether paid or still due and outstanding.

2. Time for filing estate tax return. – For purposes of determining the estate tax, the estate tax return shall be filed within one (1) year from the decedent’s death. The Court approving the project of partition shall furnish the Commissioner with a certified copy thereof and its order within thirty (30) days after promulgation of such order.

3. Extension of time to file estate tax return. – The Commissioner or any Revenue Officer authorized by him pursuant to the NIRC shall have authority to grant, in meritorious cases, a reasonable extension, not exceeding thirty (30) days, for filing the return. The application for the extension of time to file the estate tax return must be filed with the Revenue District Office (RDO) where the estate is required to secure its Taxpayer Identification Number (TIN) and file the tax returns of the estate, which RDO, likewise, has jurisdiction over the estate tax return required to be filed by any party as a result of the distribution of the assets and liabilities of the decedent.

4. Time for payment of the estate tax. – As a general rule, the estate tax imposed under the NIRC shall be paid at the time the return is filed by the executor, administrator or the heirs.

5. Extension of time to pay estate tax. – When the Commissioner finds that the payment of the estate tax or of any part thereof would impose undue hardship upon the estate or any of the heirs, he may extend the time for payment of such tax or any part thereof not to exceed five (5) years in case the estate is settled through the courts, or two (2) years in case the estate is settled extrajudicially. In such case, the amount in respect of which the extension is granted shall be paid on or before the date of the expiration of the period of the extension, and the running of the statute of limitations for deficiency assessment shall be suspended for the period of any such extension.

Where the request for extension is by reason of negligence, intentional disregard of rules and regulations, or fraud on the part of the taxpayer, no extension will be granted by the Commissioner.

If an extension is granted, the Commissioner or his duly authorized representative may require the executor, or administrator, or beneficiary, as the case may be, to furnish a bond in such amount, not exceeding double the amount of the tax and with such sureties as the Commissioner deems necessary, conditioned upon the payment of the said tax in accordance with the terms of the extension.

Any amount paid after the statutory due date of the tax, but within the extension period, shall be subject to interest but not to surcharge.

6. Payment of the estate tax by installment and partial disposition of estate. – In case of Insufficiency of cash for the immediate payment of the total estate tax due, the estate may be allowed to pay the estate tax due through the following options, including the corresponding terms and conditions:

6.1. Cash installment

• i. The cash installments shall be made within two (2) years from the date of filing of the estate tax return;
• ii. The estate tax return shall be filed within one year from the date of decedent’s death;
• iii. The frequency (i.e., monthly, quarterly, semi-annually or annually), deadline and amount of each installment shall be indicated in the estate tax return, subject to the prior approval by the BIR;
• iv. In case of lapse of two years without the payment of the entire tax due, the remaining balance thereof shall be due and demandable subject to the applicable penalties and interest reckoned from the prescribed deadline for filing the return and payment of the estate tax; and
• v. No civil penalties or interest may be imposed on estates permitted to pay the estate tax due by installment. Nothing in this subsection, however, prevents the Commissioner from executing enforcement action against the estate after the due date of the estate tax provided that all the applicable laws and required procedures are followed/observed.

6.2. Partial disposition of estate and application of its proceeds to the estate tax due

i. The disposition, for purposes of this option, shall refer to the conveyance of property, whether real, personal or intangible property, with the equivalent cash consideration;

ii. The estate tax return shall be filed within one year from the date of decedent’s death;

iii. The written request for the partial disposition of estate shall be approved by the BIR. The said request shall be filed, together with a notarized undertaking that the proceeds thereof shall be  exclusively used for the payment of the total estate tax due;

iv. The computed estate tax due shall be allocated in proportion to the value of each property;

v. The estate shall pay to the BIR the proportionate estate tax due of the property intended to be disposed of;

vi. An electronic Certificate Authorizing Registration (eCAR) shall be issued upon presentation of the proof of payment of the proportionate estate tax due of the property intended to be disposed. Accordingly, eCARs shall be issued as many as there are properties intended to be disposed to cover the total estate tax due, net of the proportionate estate tax(es) previously paid under this option; and

vii. In case of failure to pay the total estate tax due out from the proceeds of the said disposition, the estate tax due shall be immediately due and demandable subject to the applicable penalties and interest reckoned from the prescribed deadline for filing the return and payment of the estate tax, without prejudice of withholding the issuance of eCAR(s) on the remaining properties until the payment of the remaining balance of the estate tax due, including the penalties and interest.

7. Request for Extension of Time, Installment Payment and Partial Disposition of Estate. – For purposes of these Regulations, the request for extension of time to file the return, extension of time to pay estate tax and payment by installment shall be filed with the Revenue District Officer (RDO) where the estate is required to secure its TIN and file the estate tax return. This request shall be approved by the Commissioner or his duly authorized representative.

8. Place of filing the return and payment of the tax. – In case of a resident decedent, the administrator or executor shall register the estate of the decedent and secure a new TIN therefor from the Revenue District Office where the decedent was domiciled at the time of his death and shall file the estate tax return and pay the corresponding estate tax with the Accredited Agent Bank (AAB), Revenue District Officer or Revenue Collection Officer having jurisdiction on the place where the decedent was domiciled at the time of his death, whichever is applicable, following prevailing collection rules and procedures.

In case of a non-resident decedent, whether non-resident citizen or non-resident alien, with executor or administrator in the Philippines, the estate tax return shall be filed with and the TIN for the estate shall be secured from the Revenue District Office where such executor or administrator is registered: Provided, however, that in case the executor or administrator is not registered, the estate tax return shall be filed with and the TIN of the estate shall be secured from the Revenue District Office having jurisdiction over the executor or administrator’s legal residence. Nonetheless, in case the non-resident decedent does not have an executor or administrator in the Philippines, the estate tax return shall be filed with and the TIN for the estate shall be secured from the Office of the Commissioner through RDO No. 39-South Quezon City.

The foregoing provisions notwithstanding, the Commissioner of Internal Revenue may continue to exercise his power to allow a different venue/place in the filing of tax returns.

9. Liability for payment. – The estate tax imposed under the NIRC shall be paid by the executor or administrator before the delivery of the distributive share in the inheritance to any heir or beneficiary. Where there are two or more executors or administrators, all of them are severally liable for the payment of the tax. The eCAR pertaining to such estate issued by the Commissioner or the Revenue District Officer (RDO) having jurisdiction over the estate, will serve as the authority to distribute the remaining/distributable properties/share in the inheritance to the heir or beneficiary. The executor or administrator of an estate has the primary obligation to pay the estate tax but the heir or beneficiary has subsidiary liability for the payment of that portion of the estate which his distributive share bears to the value of the total net estate. The extent of his liability, however, shall in no case exceed the value of his share in the inheritance.

SEC. 10. PAYMENT OF TAX ANTECEDENT TO THE TRANSFER OF SHARES, BONDS OR RIGHTS AND BANK DEPOSITS WITHDRAWAL. –

There shall not be transferred to any new owner in the books of any corporation, sociedad anonima, partnership, business, or industry organized or established in the Philippines any share, obligation, bond or right by way of gift inter vivos or mortis causa, legacy or inheritance, unless an eCAR is issued by the Commissioner or his duly authorized representative.

If a bank has knowledge of the death of a person, who maintained a bank deposit account alone, or jointly with another, it shall allow the withdrawal from the said deposit account, subject to a final withholding tax of six percent (6%) of the amount to be withdrawn, provided that the withdrawal shall only be made within one year from the date of the decedent. The bank is required to file the prescribed quarterly return on the final tax withheld on or before the last day of the month following the close of the quarter during which the withholding was made. The bank shall issue the corresponding BIR Form No. 2306 certifying such withholding. In all cases, the final tax withheld shall not be refunded, or credited on the tax due on the net taxable estate of the decedent.

The executor, administrator, or any of the legal heirs, withdrawing from the deposit account shall provide the bank where such withdrawal shall be made, with the TIN of the estate of the decedent. For this purpose, the bank shall require prior to such withdrawal, the presentation of BIR Form No. 1904 of the estate, duly stamped received by the BIR,. Further, all withdrawal slips shall contain the following terms and conditions: (a) a sworn statement by any one of the joint depositors to the effect that all of the joint depositors are still living at the time of withdrawal; and, (b) a statement that the withdrawal is subject to the final withholding tax of 6%.

In instances where the bank deposit accounts have been duly included in the gross estate of the decedent and the estate tax due thereon paid, the executor, administrator, or any of the legal heirs shall present the eCAR issued for the said estate prior to withdrawing from the bank deposit account. Such withdrawal shall no longer be subject to the withholding tax imposed under this section.

EFFECTIVITY – These regulations are effective beginning January 1, 2018, the effectivity of the TRAIN Law.

Source: Bureau of Internal Revenue (BIR), Department of Finance Philippines (DOF)

Land Ownership and Property Acquisition in the Philippines for Foreigners and Former Filipino Citizens. In general, only Filipino citizens and corporations or partnerships with least 60% of the shares are owned by Filipinos are entitled to own or acquire land in the Philippines.

Foreigners may own real estate property in the Philippines, but they are not allowed to buy and own land. Foreign ownership of property in our country is not absolute and subject to restrictions. Non-Filipinos may purchase and own condominium units built on Philippine soil. 

The answer to the question is YES!  There are tons of reasons why you should talk with a bank and get pre-approved before looking at homes.  First and foremost, talking with a bank before looking at homes can help you understand exactly how much you can afford. You can also refer to your TRUSTED Realtor to help you get the bank pre-approval. 

Year of the Pig 2019 : a year of fortune and luck! The Pig occupies the last (12th) position in the Chinese Zodiac. You are a “Pig Chinese Zodiac native” if you are born in one of these years: 1935, 1947, 1959, 1971, 1983, 1995, 2007, 2019 . 2019 is a great year to make money, and a good year to invest!

Disclaimer: Above statement is patnubay lamang 

If you’re planning to rent out your condo, the sum of the monthly mortgage, cost to maintain the property, and condo association fees are really going to impact whether or not a condo is a good investment for you.  However, if you can get the condo at a very low price or in pre-selling stage  the investment could be worth it.

In real estate, a pre-selling Condo or Subdivision is a project development  being sold before its completion, during its construction, or while still in the planning stages. These mean that the property still does not exist and the developer is yet to break ground for the project.

Previously, a tax based on the value of the net estate of the decedent, whether resident or nonresident of the Philippines, was computed based on a tax schedule where an estate worth P200,000 and over was taxed from 5 percent to 20 percent. Under the TRAIN law, it will now be subject to a flat rate of 6 percent.

A condotel is a lodging that is a hybrid of a condominium and hotel, by being operated as a commercial hotel even though the units are individually owned. A condotel has rental and reservation desks, short-term occupancy, food and telephone services, and daily cleaning services.

A condominium is a form of property ownership involving multiple unit dwellings where a person owns his or her individual unit, but the common areas are owned in common. All members share in the costs and maintenance of the common areas.

A property developer is required to get different permits and documents before they can offer any of their real estate project to the public. One important permit that needs to be secured is a HLURB License to Sell.

Related: Development with HLURB License to Sale 

RESA Law lists five types of professionals who are considered to be in the practice of real estate services. They are Real Estate PRC Lic. Consultants, Appraisers, Assessors, Brokers, and Salespersons. … Real estate brokers are those who act as agents of a party in a real estate transaction.

Republic Act No. 6552, or more commonly known as the Maceda Law or the Realty Installment Buyer Protection Act, deals primarily with one’s rights as a real estate investor or a real estate buyer paying in installments. It also describes the rights of a buyer defaulting in payments for such purchases

PD 957. Subdivision and Condominium buyer’s Protective Decree. (as amended by P.D.1216) REGULATING THE SALE OF SUBDIVISION LOTS AND CONDOMINIUMS, PROVIDING PENALTIES FOR VIOLATIONS THEREOF.

The Housing and Land Use Regulatory Board (HLURB) is a national government agency tasked as the planning, regulatory and quasi-judicial body for land use development and real estate and housing regulation. These roles are done via a triad of strategies namely, policy development, planning and regulation

As a rule, ownership of lands in the Philippines is reserved to Filipinos only (Section 2, Article XII, 1987 Constitution). As an exception, foreigners shall be allowed to acquire private lands in cases of hereditary succession (Section 7, Article XII, 1987 Constitution). A different rule, however, shall be observed in case of a former natural born Filipino who became a citizen of other countries. Section 8, Article XII of the 1987 Constitution allows such citizens to be a transferee of private lands, subject to limitations provided by law.

Such limitation is provided in Section 5 of Republic Act (R.A.) No. 8179, to wit:

Section 5. The Foreign Investments Act is further amended by inserting a new section designated as Section 10 to read as follows:

“Section 10. Other Rights of Natural Born Citizen Pursuant to the provisions of Article XII, Section 8 of the Constitution. – Any natural born citizen who has the legal capacity to enter into a contract under the Philippine laws may be a transferee of a private land up to a maximum area of five thousand (5,000) square meters in the case of urban land or three (3) hectares in the case of rural land to be used by him for business or other purposes. In the case of married couples, one of them may avail of the privilege herein granted: provided, that if both shall avail of the same, the total area acquired shall not exceed the maximum herein fixed.

“In case the transferee already owns urban or rural land for business or other purposes, he shall still be entitled to be a transferee of additional urban or rural land for business or other purposes which when added to those already owned by him shall not exceed the maximum areas herein authorized.

“A transferee under this Act may acquire not more than two (2) lots which should be situated in different municipalities or cities anywhere in the Philippines: provided that the total land area thereof shall not exceed five thousand (5,000) square meters in the case of urban land or  three (3) hectares in the case of rural land for use by him for business or other purposes. A transferee who has already acquired urban land shall be disqualified from acquiring rural land and vice versa”.

Hence, you may still be able to buy lands in the Philippines subject to the aforementioned limitations even if you are already a German citizen, provided that you are considered a natural born Filipino citizen. For this purpose, a natural born citizen refers to a person who is a citizen of the Philippines from birth without having to perform any act to acquire or perfect his/her Philippine citizenship. A person who was born before January 17, 1973 of a Filipino mother and who elected Philippine citizenship upon reaching the age of majority shall also be considered a natural born citizen (Section 2, Article IV, 1987 Constitution).

This is one of the most common concerns raised by condominium buyers. And it is a very relevant question to ask especially since we are talking about millions of money here.

In the Philippines, there is a law that protects the interest of the unit owners in a condominium project. This is the Republic Act 4726 or The Condominium Act of the Philippines which was mandated on June 18, 1966.

To answer the concern of the condominium owners and the would-be owners, here is an excerpt of the act.

SECTION 8. Where several persons own condominiums in a condominium project, an action may be brought by one or more such persons for partition thereof by sale of the entire project, as if the owners of all of the condominiums in such project were co-owners of the entire project in the same proportion as their interests in the common areas: Provided, however, That a partition shall be made only upon a showing:

That three years after damage or destruction to the project which renders material part thereof unit for its use prior thereto, the project has not been rebuilt or repaired substantially to its state prior to its damage or destruction, or That damage or destruction to the project has rendered one-half or more of the units therein untenantable and that condominium owners holding in aggregate more than thirty percent interest in the common areas are opposed to repair or restoration of the project; or That the project has been in existence in excess of fifty years, that it is obsolete and uneconomic, and that condominium owners holding in aggregate more than fifty percent interest in the common areas are opposed to repair or restoration or remodeling or modernizing of the project. That the project or a material part thereof has been condemned or expropriated and that the project is no longer viable, or that the condominium owners holding in aggregate more than seventy percent interest in the common areas are opposed to continuation of the condominium regime after expropriation or condemnation of a material portion thereof; or That the conditions for such partition by sale set forth in the declaration of restrictions, duly registered in accordance with the terms of this Act, have been met.

It’s not like you will buy a condominium property and then after 50 years, your investment will be gone, just like that. When a condominium project is fully turned over to the unit owners, it becomes just like a corporation, and you are one of the owners of that corporation if you have a unit there.

So it follows that you will have a “say” in the decision making as to what to do with the whole building, and if it has been decided that the property is going to be sold or demolished so that a new property will be developed on the area, you will get your appropriate share of the proceeds of the sale.

Just like any investment, your condominium property can last, can be profitable and can be passed on to your heir

To qualify for a PagIBIG housing loan, a member shall satisfy the following requirements:
On Pag-IBIG Membership

Must be a member under the Pag-IBIG I, Pag-IBIG II or Pag-IBIG Overseas Program (POP) for at least twenty-four (24) months, as evidenced by the remittance of at least 24 monthly contributions at the time of loan application.

Related: Development Available through PagIbig Financing 

A member with less than the required number of contributions applying for a Pag-IBIG housing loan shall be allowed to make lump sum payment based on the mandatory monthly membership contribution rates (both EE and ER share) to meet the said requirement at point of loan application provided he has been a contributing member of the Fund for at least twelve (12) months. Lump sum payment of membership contributions shall be considered a single contribution for the applicable month as of the payment date.

A member whose loan exceeds P500,000.00 shall be required to pay the upgraded membership contribution rates upon housing loan approval and onwards.

A member who has contributed for at least two (2) years and whose loans exceed P500,000.00 shall be required to pay the upgraded contribution rates upon housing loan approval and onwards.

For purposes of satisfying the required two (2) years membership contributions, the member may opt to pay in lump sum any amount short of the said requirement. In addition, the period corresponding to the TAV applied earlier to an outstanding loan shall also be considered when counting the total number of monthly contributions, provided the remaining TAV after offsetting does not fall below the equivalent amount of two (2) years membership contributions.

Not more than sixty-five (65) years old at the date of loan application and must be insurable; provided further that he is not more than seventy (70) years old at loan maturity;

Has the legal capacity to acquire and encumber real property;

Has passed satisfactory background/credit and employment/business checks of the Pag-IBIG Fund;

Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower;

However, should a co-borrower in a tacked loan signify an intention to avail of a Pag-IBIG housing loan for himself, he shall be allowed to do so provided the tacked loan is updated and the amount proportionate to his loan entitlement has been fully paid. Hence, the co-borrower shall be released from the original obligation and shall be allowed to avail of his own Pag-IBIG housing loan, subject to standard evaluation procedures.

Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago, which shall include cases where the borrower is no longer interested to pursue the loan and surrenders the property;

Has no outstanding Pag-IBIG multi-purpose loan in arrears at the time of loan application. A member whose multi-purpose loan is in arrears shall be required to pay his arrearages over the counter to update his account.

General requirements of most banks and PagIBIG for complete list of requirements for bank financing, kindly check with the bank to which you will file the loan to.

If in the Philippines

• Income Tax Return (latest) Certificate of employment with compensation;
•  Business Permit (if self-employed) Community;
• Tax Certificate T.I.N. (Tax identification Number);
• Bank Statement (for the last 6 months);
• Marriage Certificate (if married) (Photo copy);
• Proof of Billing Post Dated Checks.

Note: All original except marriage certificate, Business Permit, Community Tax Certificate

If Borrower is permanently abroad

• Federal Income Tax Return (latest)
• Bank Statement (for the last 6 months)
• Special Power of Atty. (SPA) (consul authenticated)
• Certificate of Employment with compensation (consul authenticated)
• Proof of remittance
• Business Permit (if self employed)
• Marriage Certificate (if married)
• Post Dated Checks.

Most states require real estate sales professionals to be licensed by the state, so that they can control education and experience requirements and have a central authority to resolve consumer problems.

The terminology used to identify real estate professionals varies a little from state to state. Brokers are generally required to have more education and experience than real estate salespersons or agents.

The person you normally deal with is a real estate agent or salesperson. The salesperson is licensed by the state, but must work for a broker. All listings are placed in the broker’s name, not the salesperson’s.

A broker can deal directly with home buyers and sellers, or can have a staff of salespersons or agents working for him or her.

A Real Estate Sales Person is more than just a “sales person.” They act on your behalf as your agent, providing you with advice and guidance and doing a job – helping you buy or sell a home. While it is true they get paid for what they do, so do other professions that provide advice, guidance, and have a service to sell –such as Certified Public Accountants and Attorneys

The Internet has opened up a world of information that wasn’t previously available to homebuyers and seller. The data on listings available for sale is almost current – but not quite. There are times when you need the most current information about what has sold or is for sale, and the only way to get that is with an agent.

If you’re selling a home, you gain access to the most buyers by being listed in the Multiple Listing Service. Only a licensed real estate agent who is a member of your local MLS can get you listed there – which then gets you automatically listed on some of the major real estate web sites. If you’re buying or selling a home, the MLS is your agent’s best tool.

However, the role of an agent has changed in the last couple of years. In the past, agents were the only way home buyers and sellers could access information. Now agents are evolving. Because today’s home buyers and sellers are so much better informed than in the past, expertise and ability are becoming more important.

The real estate agent is becoming more of a “guide” than a “salesperson” — your personal representative in buying or selling a home.

9646 or the Real Estate Service Act of the Philippines, which is more commonly referred to as the RESA laws the law that protects the rights of those who call themselves as real estate professionals.

https://lawphil.net/statutes/repacts/ra2009/ra_9646_2009.html

Executive Order No. 209, s. 1987

Signed on July 6, 1987

MALACAÑANG
MANILA

BY THE PRESIDENT OF THE PHILIPPINES

EXECUTIVE ORDER NO. 209

 THE FAMILY CODE OF THE PHILIPPINES

I, CORAZON C. AQUINO, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and promulgate the Family Code of the Philippines, as follows: 

Chapter 1. Requisites of Marriage

Article 1. Marriage is a special contract of permanent union between a man and a woman entered into in accordance with law for the establishment of conjugal and family life. It is the foundation of the family and an inviolable social institution whose nature, consequences, and incidents are governed by law and not subject to stipulation, except that marriage settlements may fix the property relations during the marriage within the limits provided by this Code. (52a)

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