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Deed of Sale to daughters - collective Buyer or subdivide property

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jeunx


Arresto Menor
Hi everyone.

I need advise on the Deed of Sale we plan to execute. The property is under our parents' name, both still alive. Based on my understanding from this forum and research from the internet, a Deed of Sale if preferable over a Deed of Donation.

My question is, is it better to name us 4 daughters in the Deed of Sale as the Buyer, collectively or to have the property subdivided into 4 and acquire individual titles.

Which is the best/practical/cheapest option po?

It's a house and lot property po btw.

Thank you in advance!

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attyLLL


moderator
actually, i don't agree. a deed of sale should be used only if there's an actual sale and you will pay. if it can be proved that there is no actual sale, you can be legally vulnerable.


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jeunx


Arresto Menor
hi AttyLLL

Thank you for the information. We will pay our parents at a much lower price. Anyway, whichever is higher naman po compared with the assessment value right?

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attyLLL


moderator
that is correct, but if actual is lower than assessed value, the difference may be deemed a donation subject to donor's tax.


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[i] Visit our FB Page: BPO Employee Legal Advice
Warning and Disclaimer: I am not your lawyer; and you are not my client. With the limitations of an  Internet forum, a thorough review of your concern is not possible. View my comments at YOUR OWN RISK. It is best to actually retain a lawyer for your individual concerns.
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jeunx


Arresto Menor
Thanks for the time Atty!

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