FAQ | iloiloland

What are the required documents for me to avail a house and lot/Condominium?

If I am a locally employed: I need

1.Photocopy of latest Income Tax Return(ITR)

2.Original Certificate of Employment and compensation

3.Payslips for the last three months (applicant/spouse

4.bank Statements for last 3 months

5.vouchers for the last six months

If I am self- employed: I need

1.Photocopy of Business Registration

2.Mayor's Permit

3.ITR for the last 2 years

4Original audited Financial Statement for the lAST 2 YEARS

5Bank Statements for the last six months

6.franchise/OR/CR(for taxi/jeepney operator

7.Picture of Business Statement

8.Company profile

If I am an Overseas Filipino Worker: I need

1.Photocopy of Contract of Employment

2.Original Certificate of Employment and compensation

3.Photocopy of Passports/seaman's book (exit stamps latest)

4Proof of Remittances

5.Payslips for the last 3 months

6.Bank Statements for the last 6 months

7.Special Power of Attorney with Consular Seal if notarized abroad)

If I am a pensioner,foreigner or with financer: I need

1.Proof of Pension

2.Sufficient Proof of Income

3.Bank Statements for the Last six months

4.affidavit of support

5.I can only avail Condominium in the Philippines

Our Standard Requirements are

1.Photocopy of Marriage Certificate/BirthCertificate

(original Copy)

2.Two pieces 0f 2x2 pictures

3.Community Tax Certificate

4.Proof of Billing

5.2 valid ID's Company or Government

6.Tax Identification number

7.House Sketch

Some other Documents maybe needed

1.Affidavit of Waiver

2.Affidavit of former Citizenship

3.ACR ID Card(Alien Certificate of Registration from Bureau of Immigration) For Foreigner

3.Application Forms/Bank Forms/Insurance Forms

4.Death Certificate

5.Court Clearance

6.Clearance of Cancelled Credit Card

7. Affidavit of Discrepancy

What are the required documents for me to avail a ACR ID Card if I am a foreigner?

As A Foreigner I need to

1.Accomplished BI Form 2014-08-006 REV 0

2.Certified True Copy issued by the Record Section of the Commissioner Order of Approval granting the Visa (for internal verification only)

3.Certified True Copy issued by the Record Section of the Commissioner Order of approval for Student Visa

4.Photo copy of passport with exit latest stamps

5.Photocopy of Official receipts fees (Php500)

6.two copies of latest 2x2 photograph w/white background and at least last 3 months taken upon the application

What is the standard sharing of expenses between the buyer and the seller when transferring the real estate property title (TCT - Transfer Certificate of Title or CCT - Condominium Certificate of Title) to a new owner?

As A Standard in the Philippines:

The SELLER pays for the:

Capital Gains Tax equivalent to 6% of the selling price on the Deed of Sale or the zonal value, whichever is higher. (Withholding Tax if the seller is a corporation)
Unpaid real estate taxes due (if any).
Agent / Broker's commission.

The BUYER pays for the cost of Registration:

Documentary Stamp Tax - 1.5% of the selling price or zonal value or fair market value, which ever is higher.
Transfer Tax - 0.5% of the selling price, or zonal value or fair market value, which ever is higher.
Registration Fee - 0.25% of the selling price, or zonal value or fair market value, which ever is higher.
Incidental and miscellaneous expenses incurred during the registration process.

The above sharing of expenses is the standard practice in the Philippines. However, buyers and sellers can mutually agree on other terms as long as it is done during the negotiation period (before the signing of the "Deed of Sale")

.These are the cost usually being explained as other charges in the computations.

How much Do I pay for Monthly dues as Home owner's association fee?

For Condominium:

Due Rate is Php 70.00 per sqm

For Residential house

Due Rate is Php 7.00 per sqm

How much Do I pay for Monthly Electrical Bill?

For Condominium:

Due Rate is Php 16.00 kph

For Residential house

Due Rate is Php 13.30 kph

What is Deed of Sale" or "Deed of Absolute Sale"

The "Deed of Sale" or "Deed of Absolute Sale" is the document showing legal transfer of real estate property ownership. The deed of sale is then taken to the Registry of Deeds to be officially recorded after paying the documentary stamp, transfer tax and registration fees. Always verify from the Registry of Deeds the authenticity of a Transfer Certificate of Title before buying a property. If the seller only has a tax declaration, be extra cautious and check with neighbours, the Barangay captain or anyone in the know in the community to verify the seller/owner's true identity and the property's history.

Your Agent / Broker will usually do the registration process (sometimes for a fee). However, all government taxes, transfer fees and incidental or miscellaneous expenses will be shouldered by the buyer.

Documents needed when transferring the title (TCT or CCT) to the new owner:

Certified true copy of the title
Notarized copies of the Deed of Sale
Latest tax declaration of the property
Certificate from the Bureau of Internal Revenue that the capital gains tax and documentary stamps have been paid
Receipt of payment of the transfer tax and registration fees

An adapted form of the "Torrens" system of land registration is used in the Philippines. The system was adapted to assure a buyer that if he buys a land covered by an Original Certificate of Title (OCT) or the Transfer Certificate of Title (TCT) issued by the Registry of Deeds, the same will be absolute, indefeasible and imprescriptible.

How much VAT be considered in the pricing of the real estate sold?

VAT should be considered in the pricing of real estate sold. Note that compared to a capital asset subject to 6% CGT(Capital Gains Tax), an ordinary asset will be subject to CWT(Creditable Witholding Tax) of as high as 6% plus 12% VAT. Thus, VAT may make or break a transaction, or lower the profit of the seller.

VAT rate

The sale of properties which may be considered as ordinary assets would be subject to the 12%[4] VAT effective February 1, 2006.

When is a sale of real property subject to VAT?

If the seller-taxpayer is a VAT-registered person, the sale of his ordinary asset shall be subject to VAT.

A person should register as a VAT entity if his gross annual sales and/or receipts exceed P1,919,500.00 in a year. If he is not originally registered as a VAT entity but he exceeded the threshold, he should submit BIR Form No. 1905 (Taxpayer Registration Update) to change to VAT.

How much Do I pay for Monthly water bill?

For Condominium:

Due Rate is Php 12 per cum

For Residential house

Due Rate is Php 10 per cum

IloIlo Land

Real Estate Service

Php 40,000!

VAT rate

When is a sale of real property subject to VAT?