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Best Posts in Thread: Need some advice regarding property sale

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  1. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    If a country desires to improve it does need to have good consumer-protection laws; here there are very few. The only people benefiting are the unscrupulous and attorneys.
     
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    Notmyrealname, Oct 1, 2020
    #18
  2. Show Pony

    Show Pony DI Forum Patron Highly Rated Poster Showcase Reviewer

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    I would not rely on the seller to actually go to the BIR and pay the taxes. Just deduct the amount due from the cash you hand over to the seller and make the trip to the BIR yourself. That's the only way to be certain it gets done.
    Don't expect the seller to have any motivation to do anything once they have their money in hand.
     
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    Show Pony, Oct 1, 2020
    #10
  3. Philpots

    Philpots DI Senior Member Restricted Account

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    I know of a case where the buyer was responsible for all the taxes and fees, she then presented another Deed of Sale she concocted and got it notarized would you believe showing a completely different amount to present to the BIR and the Titles office. Sale was P5 5 million, ocean frontage, declared sale. P600,000. And the BIR and ROD believed that an ocean frontage just north of Sibulan would sell for that amount. Crazy.
     
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    Philpots, Sep 30, 2020
    #4
  4. charlyB

    charlyB DI Forum Patron Highly Rated Poster

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    charlyB, Oct 1, 2020
    #16
  5. Dutchie

    Dutchie DI Forum Patron Highly Rated Poster Showcase Reviewer Veteran Army

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    Because the seller insists on paying the cap. gains tax. Motive? Anyone's guess; mine is a financial one.
    Lawyer insists that transfer of the title won't work if seller persists in the demand to pay that tax themselves. Motive? Anyone's guess; mine is a financial one.
    Buyers throws hands in the air and thinks this is a strange country indeed (but would hate to walk away from the deal).
     
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    Dutchie, Oct 1, 2020
    #13
  6. Show Pony

    Show Pony DI Forum Patron Highly Rated Poster Showcase Reviewer

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    How can that not be an option?
    Someone has to go BIR to pay the taxes. You or your lawyer should be the ones. In a previous post I mentioned putting in a clause that the seller should provide all cooperation ( including signatures) free of charge. I've heard stories of sellers wanting 10 k pesos to go down to the lawyers office to sign documents. Once the money has changed hands the sellers charming personality can disappear in a heartbeat.
    I don't know if it's legal or enforceable but you could try putting in a clause saying the seller will indemnify and hold harmless the seller against all adversarial claims against the title.
     
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    Show Pony, Oct 1, 2020
    #12
  7. andiflip

    andiflip DI Senior Member

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    This is totally true,, these people do not trust each other even within their own family's, never mind what they say.. if you have been here long enough you will see where property's are sold because mom and dad died and there is no way the sharing is anyway near equal or fair..
     
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    andiflip, Oct 1, 2020
    #7
  8. PatO

    PatO DI Forum Luminary Highly Rated Poster Showcase Reviewer Veteran Marines

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    In my 3 transactions here, if I am the buyer I try and get the seller to pay fees and taxes; if I am the seller, I try and get the buyer to pay fees and taxes. Normally, you negotiate and settle on a fair outcome for both parties.
     
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    PatO, Sep 30, 2020
    #5
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