⌛ Price of land by the square metre

Hi all,
do anyone know what is the current asking price for a vacant lot in Bogo, Dumaguete, by the square metre?
Many thanks for the info.
Regards,
Marco

 

I dont know exactly but it will probably vary on a couple of variables. How muc the owner needs the money, and the lenght of your nose.

 

...and how much the middle man and/or agent go over the original price from the owner's price...(be sure to know the area - if it has road right of way, if land taxes are annually paid...same area can vary between 200php-2000php, and how much are you willing to make the middlemen/agents 'happy')

 

Hopefully no middleman as I know the owner personally, but again, you'll never know (sending the wife ahead first is not going to work)! I was told about php 1700 approx per square meter....will see!
The nose....nothing I can do about it, just blow it!! :D:D

 

Don't be surprised if the price has suddenly gone up when you meet to sign the papers...

 

Caution: I ran into an issue as to who pays the capital gains tax on the property...

 

It is the seller of the property who has to pay Capital Gains Tax.
In reality it is always the buyer.
The seller is not in a hurry to pay whatever but once the deed of sale has been notarised, the buyer has only limited time to process papers in BIR .... including proof of payment of Capital Gains Tax (time is less then 1 month) or face a fine.
Capital Gains Tax is 6% of declared selling price (price on deed of sale) or Fair Market value - Whatever is the highest.
So you can try to deduct the capital gains tax directly from the agreed selling price.
It is also possible (recomended) to pass by BIR and ask for an estimate of total processing cost based on the (non notarised) deed of sale.

 

Under the Table!.

In Spain 6 years ago, we were asked to pay a proportion of the sale cost "Under The Table" so that the actual buying cost was more than that showing on the Bill of Sale, Capital Gains Tax was only paid on the Bill of Sale figure, has anyone come across this here.


Jack P.:o

 

In Belgium (and i guess also in Spain) it is elegal to declare a different price on the deed of sale then what you pay.(for real estate purpose)
In the Philippines this is not elegal.
The procedure of transfer tittle involves a certain number of taxes based on the declared price in the deed of sale exept Capital Gains Tax.
Capital Gains Tax is based on the declared price or fair Market value, whatever is higher.
For instance Fair Market Value of Bacong :
South,North and West Poblacion range between 800 and 2000 pesos/ m2
Lutao (adjacent to South Poblacion) = 100 pesos/m2
BIR and all Notaries have the actual figures