Real Estate Laws

Bureau of Internal Revenue – Revenue Regulations No. 16-2011

here's an article that would help clear up issues on VAT related charges, property related or not. REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE October 27, 2011 REVENUE REGULATIONS NO. 16-2011 SUBJECT: Increasing the Amount of Threshold Amounts for Sale of Residential Lot, Sale of House and Lot, Lease of Residential Unit and Sale or Lease of Goods or Properties or...

Professional Broker’s License Renewal

hello everyone, here's an email from an associate member of our association who just just went through renewing his Real Estate Broker's License with the Professional Regulatory Commission.  this is for those who need to renew their licenses only and better check if you've got everything in order ( correct name verified with National Statistics Office, NBI Clearance, continuing education...

Law on Foreign Ownership of Properties in the Philippines

THE LAW ON FOREIGN OWNERSHIP OF LAND AND CONDO IN THE PHILIPPINES Know the law, rules and regulations on foreign ownership of land and condominium in the Philippines by checking the information provided below: The Right To Own Philippine Property The general rule is that only Filipino citizens and corporations or partnerships, at least 60% Philippine owned are entitled to acquire land in the...

How to Cancel Lis Pendens Case

Hello everyone, Just to update you on my friend's lis pendens case which is under going research and litigation by both parties.  In my search for information i came across this article which may shed some light to some who may need this info.  w How to cancel a notice of lis pendens? Or a notice of lis pendens annotated on the a landtitle? Ordinarily a notice of lis pendens which has...

LIS PENDENS – NATURE, MEANING & PURPOSE

Here's an initial article about "Lis Pendens" for your reference.  I will add on to this post  to keep you posted on any development of my friend's case to cancel this nuisance action by a relative who is after the property.   Take note that there are specific requirements needed by the Register of Deeds to annotate a Lis Pendens on a title, however, there are irregularities still being practiced by...

Special Retirement Retiree’s Visa ( SRRVisa )

WHAT IS THE SRRVisa? The Special Resident Retiree’s Visa (SRRVisa) is a special non-immigrant resident visa that provides its holders with multiple-entry and indefinite stay status in the Philippines. It also grants Tax-Free incentives and privileges as well as value-added services and benefits that they can avail of from our partner establishments such as hotels, resorts, retirement facilities,...

Bureau of Internal Revenue – FAQs

hello everyone, here's an article taken out of the website of Bureau of Internal Revenue with regards to real estate taxes that may shed some light on issues you're not aware of. Frequently Asked Questions 1) What is meant by capital asset? Capital asset means property held by the taxpayer (whether or not connected with his trade or business), but does not include – a) stock in trade...

PRC Filing for Real Estate Brokers

Here's an actual experience of an associate broker from REBAP that just went through the process of filing his PRC license : The actual PRC Filing opened only yesterday, Tuesday (August 17 2010). The in-charge-PRC-employees for Real Estate Brokers Registration has just finished sorting out our DTI Records last Monday (August 16). Two (2) verification windows handle the...

Real Estate Investment Trust Act

SB No. 63: Real Estate Investment Trust Act Senate Bill No. 63 known as “The Real Estate Investment Trust Act of 2007”  (REIT) has been recently referred to the Senate’s Committee on Banks, Financial Institutions and Currencies and the Committee on Ways and Means. Over the past few years, REIT was introduced in the US, as well as in other countries in Europe and Asia as more countries...

Tax Exception on Primary Residence

Tax Exception of Primary Residence By: Atty. Bobby Gallardo Partner, Tax & Corporate Services Division KPMG Philippines Laya Mananghaya & Co. Its mixed emotions that I feel, now that my wife and I have finally reached that phase of our married life where all our children have settled down and have their own families. We now find ourselves left all alone in a modest house that was a...

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