Amilyar
Every month of January, an Important Friendly reminder
Dear clients and patrons,
Condominium Deed of Sale Signing
( This is coming from most locally known developers, 9-10 months after the turn over month of your unit.)
Please be advised that your Deed of Absolute Sale in relation to your purchased Unit 19-X in Nagoya Drama West Tower is now prepared and ready for your signing.
Kindly advise when is the most convenient time for you to drop by in your developer's office to sign the same.
Moreover, if you wish for their messenger to deliver it instead, please give them through email the following details:
1. Complete address where to deliver : ______________
2. Date when to deliver : ______________
3. Preferred time for our messenger to deliver it : ______________
4. The person to look for : Juan dela Cruz
Time also for you to pay real property tax and avail discount when you pay before January 2020!
The deed of sale is a legal, binding document proving that both buyer and seller have reached an agreement of sale or purchase of a property. ... However, there's this practice wherein the details of the buyer are left blank which is called open deed of sale. This isn't true with real estates. As at 18th July 2016
Real Estate Tax Payment (Philippines)
In the Philippines, real estate taxes are paid annually by property owners or landlords. These taxes are used to fund local government units (LGUs) and are based on the assessed value of the property. To ensure that landlords do not miss any deadlines and comply with all requirements, it is important to understand the process for paying real estate taxes.
Property Assessment - The first step in paying real estate taxes is to have the property assessed by the local government. This is done by the assessor's office, which determines the assessed value of the property based on its market value and other factors such as location, type of property, and improvements made. This assessment is done every three years and is the basis for computing the real property tax.
Notice of Assessment - Once the assessment is complete, the assessor's office will issue a Notice of Assessment (NOA) to the property owner. This notice includes the assessed value of the property, the applicable tax rate, and the amount of tax due for the year.
Payment of Real Property Tax - The next step is to pay the real property tax at the local treasurer's office. This can be done either in person or online, depending on the local government unit. The payment should be made on or before the deadline stated in the NOA to avoid penalties and interest.
Issuance of Official Receipt - After payment, an official receipt will be issued by the treasurer's office. This receipt serves as proof of payment and should be kept by the property owner.
Renewal of Real Property Tax - Real property taxes are paid annually, so property owners need to renew their payments every year. The process is similar to the initial payment, starting with property assessment by the assessor's office.
Other Requirements - Some LGUs may require additional documents or clearances before issuing the NOA, such as clearance from the Bureau of Internal Revenue (BIR) or clearance from the Homeowners Association (HOA). These requirements vary by LGU, so it is important to check with the local government for specific instructions.
Penalties and Interest - Failure to pay real property taxes on time may result in penalties and interest. The amount of penalty varies by LGU but is typically around 2% per month of the unpaid amount. Property owners should make sure to pay on time to avoid these fees.
In summary, paying real estate taxes in the Philippines involves property assessment by the assessor's office, issuance of a Notice of Assessment, payment at the treasurer's office, renewal of payment every year, and compliance with any additional requirements. Property owners should pay on time to avoid penalties and interest and keep their official receipts as proof of payment.
Condominiums
The process for paying real estate taxes on condominium units in the Philippines is generally the same as for other types of properties, but there are some specific considerations that are important to note.
Property Assessment - The first step in paying real estate taxes on a condominium unit is to have the unit assessed by the local government. The assessment is based on the market value of the unit, which is determined by the local government assessor's office. The assessed value is then used to compute the real property tax.
Notice of Assessment - Once the assessment is complete, the assessor's office will issue a Notice of Assessment (NOA) to the condominium unit owner. The NOA includes the assessed value of the unit, the applicable tax rate, and the amount of tax due for the year.
Payment of Real Property Tax - The next step is to pay the real property tax at the local treasurer's office. Condominium unit owners may need to coordinate with their condominium management or homeowners' association (HOA) to determine the amount of the real property tax and to facilitate the payment process.
Special Assessments - In addition to the basic real property tax, condominium unit owners may also be subject to special assessments, which are levied by the condominium management or HOA. These assessments are used to fund common expenses such as maintenance, repairs, and security. The amount of the special assessment varies by condominium development and is typically determined by the condominium management or HOA.
Other Requirements - Some LGUs may require additional documents or clearances before issuing the NOA for a condominium unit, such as clearance from the Bureau of Internal Revenue (BIR) or clearance from the condominium management or HOA. These requirements vary by LGU, so it is important to check with the local government for specific instructions.
Penalties and Interest - As with other types of properties, failure to pay real property taxes on time may result in penalties and interest. The amount of penalty varies by LGU but is typically around 2% per month of the unpaid amount. Condominium unit owners should make sure to pay on time to avoid these fees.
In summary, the process for paying real estate taxes on condominium units in the Philippines is similar to other types of properties. Condominium unit owners should coordinate with their condominium management or HOA to determine the amount of the real property tax and any special assessments, and they should make sure to comply with any additional requirements and pay on time to avoid penalties and interest.
For condominium properties, its common places assessment real property tax (RPT) (e.g. gym, WiFi lounge, pool, and garden) plus your unit's real property tax (paid in respective local cities in Manila)
After your monthly amortisation, if your condo, apartment, or house and lot property is mortgaged, when after paying the bank for insurances (fire and mortgage insurance), what are the local city taxes to be paid by you as an owner with say for a 31-sqm 1BR apartment unit?
This will be answered in the below document.
