Most Filipinos working abroad dream about buying property for their family. In fact, it is usually the biggest motivating factor for OFWs as they work away from their loved ones. The feeling of being able to buy a house and lot can be very fulfilling.
However, one should be aware and ready for the legal responsibilities that come with property acquisition. Transferring a land title, for example, takes a lot of work and if you are not aware how to do it right, you can easily get lost in all the paperwork.
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How do you exactly transfer a land title in the Philippines to your name from a previous owner? Read on and we’ll teach you how!
Acquire Important Documents
The first step, of course, is to gather all the required documents namely a certified copy of the title and a certified copy of tax declaration.
Pay The Taxes
Once you have the documents, your next goal is to get an assessment from the Bureau of Internal Revenue (BIR) for your Capital Gain Taxes and Documentary Stamp Taxes. After that, visit the Municipal or Provincial Assessor’s Office for your Transfer Tax.
Pay the total amount based on the assessments.
Obtain A BIR Clearance
Afterwards, check back with BIR and submit the documents and obtain a Certificate Authorizing Registration (CAR) from them.
Process The Title Transfer
Submit the CAR to the Register of Deeds office. Get an assessment for the registration fees and pay for it. Wait until the title transfer has already been processed.
Apply for Transfer of Tax Declaration
Now that you have the title, your final step is to visit the Municipal or Provincial Assessor to apply for a transfer of Tax Declaration.
For the most part, the entire process would likely require you around two to three months to finish but with enough patience, you can successfully transfer a land title to your name with less hassle.