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Selling donated property

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1 Selling donated property on Mon Jan 11, 2016 1:19 pm

jenny983


Arresto Menor
Hi, our mom and dad have donated their conjugal property to their legal heirs (my sister and I) years ago. We have all the legal docs on hand like the deed of donation, and the title. We have not done or paid anything to get a new title under our names yet because we planned to sell it. One of our parents are out of reach because we are not in good terms. My sister and I were hoping we can sell the property with just the title under our parents name and the deed of donation...is this doable or do we really need to transfer the title under our names first?

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2 Re: Selling donated property on Mon Jan 11, 2016 6:14 pm

karl704


Prision Mayor
You should still process the registration of documents and payment of taxes for the donation but i think you can process simultaneously the selling of the property para isang lakaran na lang and new title would be under the name of the buyer na. But you still have to pay donor's tax and interests penalties (which I presume to have accumulated in huge sum due to long period) and the captital gains tax for the sale.

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3 Re: Selling donated property on Mon Jan 11, 2016 6:25 pm

jenny983


Arresto Menor
Thank you @karl704 appreciate the help Smile

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4 Re: Selling donated property on Tue Jan 12, 2016 12:30 pm

betchay001


Prision Mayor
You may also opt to do it directly (Deed of Sale from the parents' name to the new buyer) so that you only pay taxes one time (Capital Gains Tax and Doc Stamps vs. Donor's Tax then Capital Gains Tax & Doc Stamps).  You'll just have to get the signatures of both parents.  If not possible, then you may forego this option.  

If I were a buyer though, I'd prefer to see the title in your names prior to purchasing it.

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5 Re: Selling donated property on Tue Jan 12, 2016 1:42 pm

jenny983


Arresto Menor
I see...option two is close to impossible.

Follow up question please...on the Title it said agricultural land though most of the neighboring lots now are residences, for donor's tax purposes, you think it would stay classified as agricultural or would it change once assessment is done? There were no improvements except for a concrete fence. Worried about the donor's tax plus penalties Sad

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6 Re: Selling donated property on Tue Jan 12, 2016 5:33 pm

Filia


Reclusion Perpetua
Only the govt can change the classification of the land. If the zoning ordinance states that it is agricultural regardless of being used as residential, that remains agricultural.

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7 Re: Selling donated property on Fri Jan 15, 2016 10:18 am

jenny983


Arresto Menor
I am so glad to hear that! Smile

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8 Re: Selling donated property on Fri Jan 15, 2016 10:24 am

jenny983


Arresto Menor
Follow-up question...re donor's tax

BIR asked us to present an Affidavit of No Prior Donation . We are not in good terms with one of our parents due to a bigamy filed against the person. Is it possible to procure this document from one parent alone? It was a conjugal property. So if one of them tried to donate the property prior to donating it to my sibling and I (their heirs) without the permission of the spouse, it's considered void, right?

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9 Re: Selling donated property on Sat Jan 16, 2016 8:54 am

jenny983


Arresto Menor
jenny983 wrote:Follow-up question...re donor's tax

BIR asked us to present an Affidavit of No Prior Donation . We are not in good terms with one of our parents due to a bigamy filed against the person. Is it possible to procure this document from one parent alone? It was a conjugal property. So if one of them tried to donate the property prior to donating it to my sibling and I (their heirs) without the permission of the spouse, it's considered void, right?
Crying or Very sad Crying or Very sad Crying or Very sad

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10 Re: Selling donated property on Sat Jan 16, 2016 12:12 pm

technified_ex


Prision Correccional
Sad to say, both should have signed the document on donation.

Where was the document when it was donated to you?

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11 Re: Selling donated property on Tue Jan 19, 2016 6:53 am

jenny983


Arresto Menor
Both have signed the deed of donation. We have the legal document on hand.

We want to proceed with the next step so that we can sell the property. However, is there really a need for an affidavit of no prior donation? Is there a way to work around this? Because at this point, we can only get one parent to make a sworn statement that they did not as husband and wife donate the property to anyone else prior to donating it to us.

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12 Re: Selling donated property on Tue Jan 19, 2016 9:25 am

technified_ex


Prision Correccional
I think one signature of the spouse will suffice since you still have the original deed of donation sign by both the parents. Just try to negotiate with the BIR.

By the way, have you registered your deed of donation with the Registry of Deeds? If you have, then, that is a notice to the whole world that there are no other annotations on your said property, that is, if there isn't.

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13 Re: Selling donated property on Tue Jan 19, 2016 9:34 am

jenny983


Arresto Menor
hay salamat...Smile

That's the thing...we need to pay BIR first before we get the certificate allowing us to proceed to the registry of deeds

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14 Re: Selling donated property Today at 8:14 pm

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