Steps On How To Register A Real Estate Property Bought In The Philippines

Every tract of land or property acquired should be registered with the land registry office. Otherwise, problems with land ownership and penalties might occur. A person who lawfully owns a real estate property is the ‘better’ owner than the one who abandons and neglects the land. To simply put, someone can take land or property that has already belonged to others when a piece of territory is not registered publicly. Find out the following steps on how to register a newly-bought property in the Philippines.

Step 1: Prepare the Deed of Sale
The deed of sale is the legal evidence of the purchase of the land or property.

Requirements:
A buyer should also secure some of the seller’s pertinent documents such as recent CTC, a copy of TIN and valid IDs.

Step 2: Go to City’s Assessor’s Office
Function: assesses and prepares real properties for taxation purposes

Requirements:
>CTC of tax declaration
>certificate of no improvement for vacant lot only

Step 3: Land Tax Division of City Treasurer’s Office
Function: collection of real property tax

To obtain tax clearance, the seller must be able to pay all arrears on property tax not only in the present year but also in the previous years.

Step 4: Proceed to the Bureau of Internal Revenue
Function: active collection of revenue taxes

Requirements:
>Tax Identification number (seller and buyer)
>Notarized deed of absolute sale
>CTC of the most recent tax declaration
>certificate of title (original and photocopy)
>certificate of ‘with improvement’

What to Receive:
>Certificate authorizing registration
>original copy of the deed of absolute sale (with BIR stamp)
>original copies of BIR return forms (with stamp)

Step 5: Municipal Treasurer’s Office
Function: manages revenues and cash flows; were transfer tax is paid (responsibility of the buyer).

Note: transfer tax should be paid no later than 60 days from the time the Deed of Absolute Sale was executed.

Requirements:
>Certificate Authorizing Registration (from the BIR)
>Tax clearance certificate
>BIR’s official receipt with the documentary stamp tax
>Deed of sale (photocopy)
>Transfer Certificate of Title (photocopy)
>Tax declaration (photocopy)

Step 6: Registry of Deeds
Function: processes, finalizes and maintains the public registration of the land

Note: payment for the registration fee is the responsibility of the buyer, which is 25% of the selling price.

Requirements:
>Deed of absolute sale (photocopy)
>Official receipt of payment of transfer of tax
>Certificate Authorizing Registration from BIR
>Real property tax clearance from the City’s Treasurer’s Office
>Transfer of Clean Title (original)
>CTC of the latest tax declaration

What to Receive
-New Certificate of Title (New owner’s name). Make sure to double-check the spelling of names and other essential information

Step 7: Municipal Assessor’s Office
Functions: ensures that laws and policies are properly maintained and executed in terms of appraisal of real properties

Requirements:
>New Tax Declaration
>Notarized Deed of Sale (Photocopy)
>Tax Clearance Certificate
>Certificate Authorizing Registration (from the BIR)
>Official receipt of transfer tax payment (original and photocopy)
>Transfer of Certificate of Title (from the Registry of Deeds)

Leaxcoin is a platform that came up with the solution to all the problems with real estate transactions, either in the purchase, rent, lease, and real estate launch or in the property registry.

This entire platform environment is intended for local and global communities, with tools, applications, and solutions to full integration with registry, notary and government institutions, following the local jurisdiction for the transfer of title deeds.

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