⌛ Attorney

You have 30 days to pay the capital gains tax once the deed of sale is notarized. The penalty for late payment is 25% per month!

If the deed of sale was completed in the 90's, the penalties may be worth more than the land. In that case, it would be best to take care of it now before the seller passes.

Larry

 

Thanks Jim, JackPeterson and Shadow...very good info...we are working the issue now

again, thanks for your help

Buster

 

Sorry, I can't recommend my atty. who process the land title we bought for 4 yrs now... It's so frustrating when you think atty's fee had been paid fully. There's not even a communication from him since we last saw him...when was that??? 2 yrs ago? Tried to fone up a hundred times as we are still here in the uk but the receptionist always said, he's out of town. Tried to ask for his e-mail add...well its funny- he hasn't got any...

 

Ever thought of Posing as a New Client, Bet he will talk to you then, Just a naughty thought here. :(

 

Excellent suggestion

If the guy's still in business, it'll most likely work. I would have a friend set up an appointment with him & then I'd show up with a bat :D

 

Unfortunately, this seems to be common practice with attorneys here. Attorneys often just add cost and time to something such as a title transfer. There is no need for an attorney to be involved in a title transfer in the first place except as a notary.

Larry

 

that's what i have thought...

 

What happens if there is a problem Larrry? Or do you approach this as and when it occurs? That is use a person as you suggested with a lot of experience in this area and refer to an Attorney if a problem comes up.

I must admit this figure of 10% of the value of the property seems a BS figure and my experience recently was to negotiate a fixed figure of 50.OOO pesos.

I also had no problem in getting this written in a small contract with the lawyer, unlike some friends of mine where it was all hanging on the attorneys word or an email.

But what eventuated in my case was the senior secretary in the office dealt with most of the stuff with the lawyer providing oversight.

The documents which included a lease agreement were only templates so even for 50,000 were expensive.

Ricbak

 

Hi,

I also have a question regarding this Capital Gains tax.
My friend bought a property 2 years ago worth 1 million pesos and was not aable to pay the capital gains tax. Can you give me an example of how they compute the tax and penalties?

Thanks.
Sljoy

 

Rick, the 10% figure I quoted included the payment of the capital gains, documentary tax, transfer of title, attorneys fees, etc. The taxes alone come to 8%.

Larry