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Deed of donation

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1 Deed of donation on Wed Dec 03, 2014 3:13 pm

hannababe


Arresto Menor
Hi.
Me and my ex boyfriend, bought a property 10 years ago and it is fully paid already (2006) and the title was already transferred to us. Both our name appeared on the title. 2009 we broke up and eventually he got married to other person.

I want the property or title be named only to me. Which is better to do? Deed of donation or deed of absolute sale? I want to know also if his wife needs to sign to either paper? Which is i dont want to happen. I want her wife to be out of this. Will that be allowed?

Thank you in advance for your reply.

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2 Re: Deed of donation on Wed Dec 03, 2014 5:23 pm

karl rove


Reclusion Perpetua
whether it be by donation or sale.. you have to pat corresponding tax for the transfer..

but I will suggest..sale

if interested for a legal service, email me at adpr24242000@yahoo.com

tnxs

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3 Re: Deed of donation on Wed Dec 03, 2014 5:23 pm

karl rove


Reclusion Perpetua
pay i mean...

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4 Re: Deed of donation on Fri Dec 05, 2014 6:19 am

jekz


Prision Mayor
Sale is better than donation since mas mababa tax.

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5 Re: Deed of donation on Fri Dec 05, 2014 10:50 pm

Ladie


Prision Mayor
If the title is BOTH ON YOUR NAME AND YOUR EX-BOYFRIEND, then I would say YOU EQUALLY OWN THE PROPERTY, that is, l/2 of it legally belongs to you and 1/2 of it legally belongs to your ex-boyfriend. I think, your ex-boyfriend since he got legally? married now, his wife has a right on your ex-boyfriend's 1/2 share of the property, unless he and his wife had a pre-nuptial agreement before they got married. Why not just talk with your ex-boyfriend to settle the problem with his wife, either donate his 1/2 share of the property or sell it to you, for you to own the whole property. If this is the case, to donate his 1/2 share of the property to you, donor's tax is 32% of the fair market value or zonal value, whichever is higher; or if to sell it to you, 6% capital gains tax (seller's obligation) and 1.5% documentary stamp tax (buyer's obligation) of the selling price or the fair market value or the zonal value, whichever is higher not mentioning the transfer tax to the municipal treasurer's office. TAKE HEED, ONLY 1/2 OF THE PROPERTY IS TO BE CONSIDERED IN COMPUTING ALL THESE TAX PAYMENT SINCE YOU OWN ALREADY THE OTHER HALF OF THE PROPERTY. Check the Tax Reform Act RA-8424 on donor's tax, capital gains tax and documentary stamp tax and the Family Code Executive Order 209 on property ownership (conjugal and exclusive).

Good luck!

Note: I am not a lawyer, neither an accountant, but just an ordinary person trying to share my opinion and experience that might be helpful to your problem.

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6 Re: Deed of donation Today at 11:01 am

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