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Guide for acquiring a property in Iloilo - Research Center for Iloilo
Iloilo History,Culture,Iloilo Economy,Tourism Iloilo , Research Center for Iloilo
Spanish Towns and Date of Incorporation
Table of Contents B
The Making of RCI
Everything about Iloilo
1. History of Iloilo
Iloilo History Part 1
Iloilo History Part 2
Iloilo History Part 3
Iloilo History Part 4
Iloilo History Part 5
Iloilo History Part 6
Iloilo History Part 7
Iloilo History Part 8
Iloilo History Part 9
Iloilo History Part 10
Iloilo History Part 11
Iloilo History Part 12
Iloilo History Part 13
Iloilo History Part 14
Iloilo History Part 15
Iloilo History Part 16
Malls IT-BPO
Ilongo Housing Interprise Motor Industry
Learn Conversational Ilongo
Learn the Old Ilongo 4. Health Facility
6. Infratructure
6.3 Terminals
Thoman Confesor Letter 1943
Building a livable Iloilo
Esplanade Iloilo
Education , Health Care and Housing
Iloilo - Safest Place in Visayas
Cyber Tour 1
Churches 100 Things to do
Hotel and Pension Houses
Guide for acquiring a property in Iloilo
Step 1-- Know the Zonal Value of a property
There is a legitimate prescribed selling price of every real property ( land). It is necessary for the buyer to know this so he will be aware if the cost is overpriced.
Department of Finance latest Zonal Value
On September 2012 , Department of Finance in Manila Guidelines categorizing all areas of Iloilo City as Residential , Commercial and Agricultural. and their zonal value.( photo left)One example is lots in San Rafael Mandurriao , Iloilo City.Residential Area - P 8 , 600Commercial Area - 11 , 500Smallville Condo - 20 , 000
Step 2 - Registry of Deeds
For verification purposes of proof of ownership , request for a certified true copy of the seller's title to make sure that the title is clean ( Authenticity of the TCT or Land Title) and there are no legal issues to be concerned of prior to the transfer of the title to your name.This also avoids the hassle of having to pay a seller without assurance that the property you’re buying can really be legally yours. The TCT can be acquired in this agency is custudian of the real owner of the Mother Title ( if the lot has not yet given to the co-owners)
Step 3 - The Deed of Absolute Sale
Once you have the copy of TCT , execute the the Deed of Sale . A legal document showing legal transfer of real property ownership because the seller sold the property on agreed price. This is officially recorded at the Registry of Deeds ( RD) after paying the documentary stamp, transfer tax and registration fees.It is kept in Registry of Deeds. It is located in Muelle Looney , Iloilo City. ( At the back of MIWD). However , you need to do these things first.
Step 4 : Bureau of Internal Revenue
Go to BIR Regional District Office (RDO) that manages your property's location. Fill up the forms and pay the applicable taxes including:1. The documentary stamps (BIR Form No. 2000- OT) with Official receipts2. The capital gains taxes. ((BIR Form No. 1706)Ideally, the documentary stamps and capital gains taxes must be paid on or before the 10th day of the month following the notarization of the Deed of Sale. If you go beyond this schedule, expect some penalties and surcharges. It is located in Molo , Iloilo City.The seller pays the capital gains tax and any unpaid real estate taxes due (if any). The buyer pays the cost of registration including the documentary stamps tax, transfer tax and registration fees. While these are the standard sharing of expenses practiced in the Philippines, buyers and sellers may have their own mutual agreement on how to share the expensesGet the Bureau of Internal Reveneu- Certificate Authorizing Registration (CAR). This document authorizes the RD office to effect the transfer of title to your name
Step 5 : Iloilo City Assessors Office Then go to the City or Municipal Assessor's Office.Ask for a certified true copy of the latest " Tax Declaration "for the property". This document is needed for the RD’s assessment of your Transfer Fees.Pay the Transfer Fees at the City/Municipal Government office. They will issue you the Transfer Tax Receipt .
Step 6: Land Title in Registry of Deeds
You need to go back to the RD to apply for Land title .Bring these documents and show your 1. ORIGINAL Deed of Absolute Sale 2. ORIGINAL Tax Clearance Certificate 3. ORIGINAL Transfer Tax Receipt 4. ORIGINAL BIR Certificate Authorizing Registration (CAR)5. ORIGINAL Capital Gains (BIR Form No. 1706), Documentary Stamp (BIR Form No. 2000- OT) with receipts6. CTC of Tax Declaration of Real Property7. ORIGINAL Transfer Certificate of TitleUpon acceptance of these requirements, Pay the computed REGISTRATION FEE to RD.there is a turnaround time of about two weeks to one month for the new title to be issued under your name. The Registrty of Deeds ( RD) shall give you the Owner's Duplicate of Title of your new TCT ( Titulo).
Step 7: Go back to Assessors Office
You do this to transfer the Decleration of Tax from previous owner and you as new owner.CTC of Deed of Sale CTC of CARCTC of TCTORIGINAL Transfer Certificate of TitleCTC of the latest TAX DECLARATION issued by the Local Assessor's Office (Municipal Hall) for LAND and IMPROVEMENT relevant to the date of transactionYou have now possessed the " Tax Decleration." It is the basis of how much money you have to remit to the government every year . It is called the Real Property Tax.The computation is assessment of land ( assessed value) and improvement if any , multiply by 2.5%. The sum of your land and improvement assessment is your annual tax declaration.
Home Construction Permits
1. Electrical permit2. Building Permit - as required by National Building Code to ensure that homes are built and remodeled to meet reasonable safety requirements. They protect you and your home.3. Zoning Certification - is required to ensure that the construction conforms to the city’s Comprehensive Land Use Plan and zoning ordinances. It is obtained in City Planning and Development Office (CPDO)4. Fire Safety Evaluation Clearance (FSEC) - Apply and obtain from the local Fire Marshall at the Bureau of Fire Protection (BFP)The City Fire Marshall evaluates one set of plans and specifications submitted by the applicant to ensure that they conform to the fire safety and control requirements of the Fire Code. The applicant must also submit 3 sets of the Fire and Life Safety Assessment Report (FALAR) 1 (which documents the fire and life safety features of the building) prepared by an architect who is duly certified by the BFP to prepare this report5. Certificate of Occupancy- requires “certificates of completion” from the architect, engineer, plumber and electrician and final inspections.After the Office of the Building Official ( OBO) has processed the application and conducted the inspection, it then issues an assessment and order of payment. The OBO issues the Certificate of Occupancy after the applicant has paid the corresponding fees.
Water , Electric , Telephone , Cable System Apply for instillation of Water System in Metro Iloilo Water DistrictApply for instillation of Electrical System in Panay Electric CompanyApply for instillation of Telephone and Internet in PLDTApply for instillation of Cable System at Sky-Cable.
History,Culture,Economy,Tourism Iloilo,Hiligaynon language - Wikipedia, the free encyclopedia ,Iloilo City - Wikipedia, the free encyclopedia