Transferring A Title To The Buyer's Name

There are many documents needed in a sale of a property. In the given actual example, Mrs. Salome T. Jerez (Mrs. J) paid Pacific Star Properties, Inc. (PSPI) for a house and lot property worth Php 269, 250.00. In the case given, PSPI handled the transferring of the title from PSPI to Mrs. J.

The technical details regarding the payment of the capital gain tax, withholding tax, documentary stamps and other payments regarding the ownership transfer of property have been presented in a practical and simplified manner.

For the readers who are interested to go into the intricacies of the BIR rulings with regard to tax payments in their respective cases, they are advised to consult their accountants and lawyers for this matter.

Aside from the fake titles, the sellers and buyers are advised to check also other fake documents, such as fake transfer tax receipts to avoid future problems later on.

In a report, Quezon City Mayor Feliciano Belmonte, Jr. ordered an immediate investigation into the operations of a syndicate which defrauded the government of millions of pesos through the issuance of fake receipts for payments of transfer tax in real estate transactions.

A special team of the City Treasurer's Office found several fake receipts which have not been machine-validated and payments for which have not been received by the City Treasurer's Office. Some of the receipts bore spurious signature of the city treasurer. (Philippine Star, 7/5/03. p. 13)

On july 1, 2003, the BIR gave the checklist of documentary requirements for the transfer of property for individuals and those habitually engaged in real estate.

1. Transferring A Title To The Buyer's Name
2. List of Documents Required
3. Withholding Tax and Documentary Stamps Payments
4. Application for BIR Certification
5. Transfer Tax
6. The Registry of Deeds

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