can anyone tell me what you need when buying the lot, yes it will be in emmas name and it will be hers too, but what is this tax declaration property or titled property, what is it that we must have, are they both the same and also once we have brought our lot what taxes do you pay on the lot, we will not be building anything on there till we move so its just bare land, is there any other bills like here , rates and so on,
Steve, you just need to make sure you have Transfer Certificate Of Title.
There is capital gains tax,depending of the size of the plot, but its not expensive. You can get the information at your local city hall in the Philippines.Good luck.
Just to add, there is a small land tax you pay yearly at city hall
Steve.. Dont buy tax dec land unless you are here is my advice.. Lots of local checks required at the DENR (Dept of natural resources) and town hall , BIR (Bureau of internal revenue) etc..
Who owns the land? Are the original owners still alive (Husband and wife) .. If one or both are dead then the kids will have inherited.. All inheritors must sign to say they agree with the sale.. If one does not or is in another province etc he she can claim the land at any time.. If the land is in Bohol then I can introduce you to a lawyer that helped us with our purchases here..He`s good.. All kinds of problems can crop up if you rush things.. Theres a large lot near us that was sold 6/7 years ago..The problem was that there were two buyers that knew nothing about each other.. Double sale with an ongoing court case.
Clean Titled land is far less risky to buy..
All our land was tax dec but we have now had most of it titled...Even then we cannot sell until the title is at least 5 years old.(There are ways around that Im told)
If you know what can go wrong its a bit scary!
Take your time!
Land tax with no property is usually peanuts..(Pocket change)..
Your name will be on the title too.. If anything happened to your wife (God forbid) you will inherit it from her.yes it will be in emmas name and it will be hers too
Sir Steve since you are foreigner you cannot buy a lot here in your name...so at the Transfer of Title Certificate should be named like this Emma..................., Filipino citizen married to Steve.................,British citizen and a residents of..................................now the expenses you will incur upon transferring of the title in your name are: Transfer Tax, Withholding tax and registration fee........is it a subdivision or a farm lots...if it is s farm lot it depends on the agreement between you and the seller who will gonna pay the Capital gain tax.....if it is a subdivision the seller will pay the Capital Gain tax........a year after the transfer you will have a yearly payment of real estate tax but it is just minimal...depends on how big is the lot or how much is the zonal valuation on that area....where's the lot located sir?
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