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transferring land title

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1 transferring land title on Wed Mar 30, 2011 10:11 am

amboAPPEAL


Arresto Menor
What is the process of transferring land title if i bought a parcel of land to a person (only child) but his parents are already dead (there is no will and testament and his parents are still the owner not him) we already paid him. we already have a deed of sale. we are now in the process of filing capital gains tax but a friend says that it would be subject to an estate tax to be accomplished in the bir. what would be the next step and how to process the estate tax and capital gains tax so that the title would already be transferred.thank you so much.really appreciate if you could help me.

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2 Re: transferring land title on Wed Mar 30, 2011 7:08 pm

attyLLL


moderator
the heir has to settle the estate of his parents by executing an affidavit of adjudication of sole heir. estate taxes have to be paid and a CAR issued by the BIR. only then can your purchase be recognized.


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3 Re: transferring land title on Thu Mar 31, 2011 1:19 pm

amboAPPEAL


Arresto Menor
Thank you attyLLL for the reply.

Approximately how long would it take for the heir to settle the estate?and what is a CAR given by the bir?after these what would be the next step?thanks

What would happen if the heir would not settle the estate?because we already paid him.but we already have a deed of sale notarized and signed.thanks

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4 Re: transferring land title on Thu Mar 31, 2011 5:39 pm

attyLLL


moderator
process takes about 2-3 months. CAR is a like a certificate that all taxes have been paid.

someone has to pay the estate taxes. if he won't you will have to decide whether you will.


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5 Re: transferring land title Today at 11:08 am

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