Transfer of Title
How to Transfer Registration of Land Title
You cannot underestimate the value of registration. Registration presents to the whole world the contract of sale between the buyer and the seller and, in effect, binds other persons to respect that contract. Without registration, the seller may fraudulently sell the same real property to another person other than the original buyer. At the end of the day, registration protects the buyer.
Here are the steps to be undertaken before registration can be effected:
- Execution of the deed of sale.
- Notarization of the deed of sale.
- Filling of return and payment of corresponding taxes to the BIR such as:
- Form 1706 – Capital Gains Tax (CGT);
- Form 2000 – Documentary Stamp Tax (DST).
- Include in the return the following documents:
- Original copy of the deed of sale;
- Certified copy of the title;
- Latest tax declaration;
- If only the land is being sold, a certificate of no improvement from the Assessor’s Office.
- Issuance of a Certificate Authorizing Registration (CAR) and/or Tax Clearance Letter (TCL) after submission and review of the documents above by the BIR-Revenue District Officer or his authorized representative.
- Submission of the above documents to the Office of the Treasurer of the province, city, or municipality for the assessment of the transfer fee under Republic Act No. 7610, otherwise known as the Local Government Code.
- Payment of the transfer fee.
- Issuance of tax clearance by the Office of the Treasurer.
- Presentation to the Registry of Deeds (RD) of original copies of:
- Deed of Sale;
- CAR and/or TCL;
- Official receipts of payment of:
- Transfer fee;
- Tax clearance;
- Tax declaration (photocopy).
- Payment of registration fee to the RD.
After the RD issues the new title, the certified copy of this new title and photocopies of the deed of sale, official receipts of taxes paid, CAR and/or TCL, tax declarations and tax clearance issued by the Office of the Treasurer must be submitted to the Office of the Assessor for the issuance of a new tax declaration under the name of the new owner.
The above steps and supporting documents will have to be adjusted, however, if the seller or buyer is a juridical entity, or, if it is a sale of a condominium unit to a foreigner.
To know more about this topic, please email email@example.com:8888/dlaw or call Atty. Joyce Domingo at +632-8231090 or +639175220680.