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Steps to cancel Sec 7 RA 26 & Absolute sale

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1 Steps to cancel Sec 7 RA 26 & Absolute sale on Fri Jan 22, 2016 12:47 am

nicolai2015


Arresto Menor
Quezon City Title owned by my brother since 1993 - and we've been living there since. Now we've decided to subdivide it into two equal size. The subdivided (empty portion) lot is to be transferred under my name.

My question (1) is - are there max / minimum limit for the price of the property to be sold? Having smaller price will have any difference? Since my brother has agreed to give me the title given I pay all necessary taxes including Capital gain tax. So no actual money transferred between us. Is that even legal?

(2) the original title has Sec 7 RA 26 - where should I file the petition to cancel? what is the specific process?

Thank you in advance!

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technified_ex


Prision Correccional
Since there is an actual transfer of property from one owner to the other, your brother must execute a deed of donation, and pay all necessary taxes needed. I think the Size of the lot does not matter since the property is just going to be partitioned once the property is transferred into you name, not sure with this one.

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betchay001


Prision Mayor
1. No maximum or minimum lot size.

Before transfer, re-cutting must be done. Hire a geodetic engineer, he/she will produce a technical description which goes through the Bureau of Lands (to put it very simply). It's not a short process. Then the technical description and old title, together with the real property tax receipt will be submitted to the Registry of Deeds to produce two titles, still in the name of the original buyer.

Your brother may then transfer the other title in your name. You may opt for either Deed of Donation or Deed of Absolute Sale. If your brother has heirs, it could be a different scenario altogether, in which case one may suggest a Deed of Absolute Sale instead.

2. Sec 7 RA 26 states that the title is reconstituted from a lost title.

You may ask for more help from the nearest Registry of Deeds to give you accurate information. Order a certified true copy of the title while you're there.

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nicolai2015


Arresto Menor
Thank you both for awesome information.

@betchay001 - yes we are going for the deed of absolute sale because of the same exact reason u mentioned. As for the selling price in the DOAS contract...let say the zonal value is around 1.2m, is it ok if we go down to 600k? Would it make any difference (600k vs 1.2m) in the long run - like for applying for loan etc?

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betchay001


Prision Mayor
"As for the selling price in the DOAS contract...let say the zonal value is around 1.2m, is it ok if we go down to 600k? Would it make any difference (600k vs 1.2m) in the long run - like for applying for loan etc?"

BIR uses the latest zonal value, so even if the price on the DOAS is low, BIR will use its own numbers - whichever is higher.  As for applying for a loan, it depends on the appraisal value of the land, so it will most likely be higher than the zonal value.

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nicolai2015


Arresto Menor
Thank you so much.

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