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Transfer of Property Title

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1 Transfer of Property Title on Sun Feb 08, 2015 11:21 pm

aechiver


Arresto Menor
What is the process to transfer property title to heirs

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2 Re: Transfer of Property Title on Mon Feb 09, 2015 4:16 pm

Katrina288


Reclusion Perpetua
Hi,

Why would there be a transfer? Has someone died? If yes and the deceased has no debts and the heirs are of legal age, they can transfer the title of the property to the heirs through extrajudicial settlement.

Best regards,
Atty. Katrina

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3 Re: Transfer of Property Title on Mon Feb 09, 2015 11:05 pm

aechiver


Arresto Menor
Thank you for answering.
Yes, my mother passed away 2-1/2 years ago and there are 3 siblings, legal age and properties are paid-off:
1-How and why we need extrajudicial settlement if all properties will be named to 3 siblings. Where do we get the form and what kind of extrajudicial we need?
2-Do we need a lawyer or we can do it ourselves?
3-If we do it ourselves, what kind of taxes are we facing and approximately how much?
4-How long of a time are we looking for to transfer?
Thank you

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4 Re: Transfer of Property Title on Tue Feb 10, 2015 10:12 am

aechiver


Arresto Menor
Thank you for answering.
Yes, my mother passed away 2-1/2 years ago and there are 3 siblings, legal age and properties are paid-off:
1-How and why we need extrajudicial settlement if all properties will be named to 3 siblings. Where do we get the form and what kind of extrajudicial we need?
2-Do we need a lawyer or we can do it ourselves?
3-If we do it ourselves, what kind of taxes are we facing and approximately how much?
4-How long of a time are we looking for to transfer?
Thank you

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5 Re: Transfer of Property Title on Wed Feb 11, 2015 10:17 pm

Lunkan


Reclusion Perpetua
3. I don't know if there is a TRANSFER tax when children inherit too.
But the property tax, which you need to pay YEARLY, depend of value, location and classification. You can see the information for instancehere
NOTE the real value is REDUCED before the percent tax is counted.

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6 Re: Transfer of Property Title on Fri Feb 13, 2015 10:29 pm

taxconsultantdavao


Reclusion Perpetua
Thank you for answering.
Yes, my mother passed away 2-1/2 years ago and there are 3 siblings, legal age and properties are paid-off:
1-How and why we need extrajudicial settlement if all properties will be named to 3 siblings. Where do we get the form and what kind of extrajudicial we need?

you need a lawyer. di puwede na kau kau lang. natural na ipanotaryo iyan. nasa civil code i yan na title shall not pass to the heirs kung hindi massettle ang estate thru judicial or extrajudicial settlement. at saka me provision din sa civil code na bawal ibenta ang property kung walang settlement sa estate.
so in short, there is no other way mapasa inyong heirs ang property kung patay na ang parents niyo, at di kau lalapit sa lawyer para magpa extrajudicial settlement.




2-Do we need a lawyer or we can do it ourselves? definitely not.
3-If we do it ourselves, what kind of taxes are we facing and approximately how much?
you go to the bir. sila ang me alam magkano ang tax babayaran.
sa bir- estate tax ang bayaran niyo depende kung magkano lahat ang properties na na own ng parents niyo. lahat ng properties.

sa cityhall naman or sa city treasurers office, transfer tax tawag niyan kung me namatay o kung me sale . transfer tax applies even to transfer by succession at hindi sa sale lang. pa assess din kayo.


4-How long of a time are we looking for to transfer? depende sa inyo.

madami kasi requirements. kasi ang bir, di magcompute kung wlang tax declaration, so pupunta pa ulit kayo sa assessors office. at madami sila requirements. so ask kayo sa bir ano mga requirements. then icomply niyo.

if kumpleto kau, sa bir, 3-4 weeks minimum to 2 months max (pinakamatagal kung sobra ka complicated ang case at me tax audit kung malaki ang estate). sa assessor naman if me kulang ka na tax declaration, depende iyan kung me tax dec na existing o wala pa. if wala pa, you need around 1 month kasi 15 working days yan if pagawa ka pa ng tax dec. sa register of deeds, matagal iyan.

di namin alam gaano katagal kasi di namin nakita document mo. kaya lumapit ka na lang ng abogado na kilala mo
Thank you

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heavensamrhe


Arresto Menor
Good day, with all due respect regarding this post, I'd like to ask about the properties of my grandfather which passed away last year, My aunt claims that she is the only heir because my lolo gave and made a written/verbal testimony that my aunt is only the Sole heir, my father is the eldest of 4 siblings, next to him is his sister which is also deceased, my Tito (has a family already) and Aunt the youngest and old-maiden.

Is the last Will of my lolo valid and how about the rights to the businesses left, my Aunt controls/manipulates all because she said she runs/finances and works hard for it and we never cared in taking part of the businesses, but I think a family business should be equally shared and distrbuted? I know i may should selfish or taking advantage but they are never fair enough even if before, once I asked help, they would always say, there is none, no profit, always bankrupt but I can see on facebook they are abundant, please help, this is for my future and I do have other siblings (2 half brothers/1 half sister) all minors!

thanks for the enlightenment, more power!

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