WHAT IS RIGHT OF FIRST REFUSAL ? Sometime ago, I was working on a residential lot in a residential subdivision and was given the exclusive authority to sell by the property owner. I then of course did my usual procedure of assessing the property by visiting the site, taking photos, and getting all necessary figures ( orientation, neighborhood, comparison of property values, etc ... ). I also asked...
here's a Supreme Court Ruling ( G.R. 150678 ) from http://sc.judiciary.gov.ph/jurisprudence that We, licensed brokers and practitioners should be aware of. This is case of a licensed broker who had to go through court case as a property owner, a bank for that matter refused to pay broker's professional fees ( at that time, it was still called "Commission" ). Take note of the term "Procuring Cause"...
here's the latest on Estate Tax ruling from bworld.com's correspondent, Raynan F. Javil for your reference. Again this is positive news as quite a number of properties inherited by "Heirs" all over the Philippines have had this issue either because the percentage of Estate Tax is too high or they simply don't have the funds to pay for the taxes. This will eventually spur the sale of more properties...
here's vital information on Idle Land Taxation as promised taken from jmc.blgv.gov.ph for your reference, as mentioned this is one issue that was recently encountered on a commercial property in Metro Manila wherein they had already paid their taxes and got their tax clearance then suddenly was charged by the Local Government of that municipality, Idle Land Tax. as per some friends and clients...
hello everyone, This is to update the blog below I did way back in November 2014. It is now important to update the tax declaration of the property to current status prior to closing a deal, particularly on the improvement which means that an inspection must be done by the assessor's office every three years ( this actually is in the the assessor's office guidelines but unfortunately isn't...
Case Study : In this business, the most important people re documentation are the Bureau of Internal Revenue, Assessor's Office and Register of Deeds ( RD ). We all at sometime will come across a client, investor, bank, lawyer who claim to know it all or have been informed otherwise ( these are the hardest people to deal with so handling it with special care and reasoning out with them is important )...
Several years ago a Seller in a Metro Manila was going through a Bank's requirement for a commercial property loan and just when the loan was approved, a status on the property showed up which required clearance from the Housing and Land Use Regulatory Board ( HLURB ) as the site was listed as an Area for Priority Development ( APD ). Due diligence has been done from the Register of Deeds ( clean title...
ETHICS : I just came back from an out of town trip for some business and at the same time, educate myself on how the foreign market is doing in comparison to the Philippines Real Estate Market ( will blog soon). During my travels, i continuously receive sms, email or facebook messages regarding several issues ( real estate or other issues ) and one that really got to me is how unethical practice...
Case Study : Re post i did a month ago wherein a Seller and Buyer were under negotiation for a purchase of a real estate property, the issue of Donor's Tax has already been addressed and it's also plain and simple, it's for the Buyer's Account. The Buyer is undergoing annulment of marriage and wants to name the property under their only child who is still a minor. The annulment case is already...
What is Property Assessment & How can it Affect You Recently I had an associate who had this experience with her personal client who was buying a property through her in Metro Manila. The above photo isn't the property but just a photo for you to comprehend what transpired during the transaction. This experience primarily will make one aware of why an updated assessment of a property is...
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