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Need some advice regarding property sale

Discussion in 'Banking - Investing - Finances' started by Dutchie, Sep 30, 2020.

  1. okiebound

    okiebound DI Forum Adept Showcase Reviewer

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    I used Atty Mike Miguel when I sold my house and lot after I had moved back to the US. I highly recommend you use an attorney with experience in this to make sure every "I" is dotted and every "T" is crossed.
     
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  2. OP
    OP
    Dutchie

    Dutchie DI Senior Member Showcase Reviewer Veteran Army

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    I forgot to do as I promised, my apologies.
    I tried to reach agreement in several ways, but even my simple proposal
    - to withhold the sum of the cap. gains tax from the agreed price until such time as the seller hands the buyer the BIR receipt for said tax while in the event this would not happen before date such and such the buyer would be automatically authorized to go to the BIR and pay the tax themselves -
    was shot down.
    Ultimately I walked away from the deal because of this issue (pity, I would have really liked to buy the house).
     
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  3. cabb

    cabb DI Forum Patron Highly Rated Poster ✤Forum Sponsor✤

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    Is it still for sale?
     
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  4. OP
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    Dutchie

    Dutchie DI Senior Member Showcase Reviewer Veteran Army

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    No it is not, it's been sold to someone else (another foreigner) at a slightly lower price than I had been willing to pay.
     
  5. ex231

    ex231 DI Member

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    In the Philippines for some reason it is next to impossible to get the seller to understand that capital gain tax while negotiable is not the buyer's responsibility. However it seems to become the buyer's responsibility after the sale if not paid and the buyer wants to transfer the property and get title to it.
     
  6. SkipJack

    SkipJack DI Senior Member

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    I don't know.
    The consensus seems to be to accept the capital gain tax as the buyers responsibility and factor this into the amount paid for the property.
     
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  7. ex231

    ex231 DI Member

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    That is probably the best way but the problem is when the seller wants "X" million pesos for property that you feel is only worth "Y" million pesos and then trying to discount it another 7.5% makes it difficult.
     
  8. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    Then you walk away.
     
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