However in resale properties (real estate properties with private owners and no longer under the developers' disposition) the performance of due diligence is very important and should be conducted by real estate professional in investigating a real estate property.
Monday, January 4, 2021
To most sellers particularly non-accredited real estate salesperson are not familiar with such activity even with some PRC licensed real estate brokers who are only doing project selling which does not require much due diligence as long as real estate developers are compliant with Housing and Land Use Regulatory Board (now known as Department of Human Settlements and Urban Development - DHSUD) requirements before selling such properties like copy of License to Sell (LTS) which we also ask the marketing officers of land developers to give us before getting ourselves accredited and sell the project. This is one such example of conducting due diligence in what we in the real estate selling practice do is ask for an LTS before getting ourselves accredited with a developer.
Monday, November 9, 2020
In the past few years, a lot of previous and potential clients would ask about the expenses on the sale of a property like taxes paid when undergoing real estate transactions from acquisition to transfer of real properties and we have included them in this article for everyone's information in doing transactions for real estate properties.
Monday, September 28, 2020
Estate Planning is part of life planning. This is the period when you create a strategy ahead of time on one's possible demise leaving behind a legacy that could has bear fruit and will be picked up by the loved ones (heirs) of the estate.
What is an Estate?
An estate may composed of land (lot with improvements such as buildings, homes, farm, etc), personal belongings (e.g.s. jewelries, fine arts, cars or antiques) or possessions with financial or monetary value such as money deposited on bank,s stocks from listed companies or shares from non-listed companies or corporations the decedent owns when they were still alive.
Monday, April 6, 2020
Sharing my thoughts for those who still want to apply for Tax Amnesty on real properties, stocks / shares and others of their deceased decedents. Below was taken from the Rules of Court under the Philippine laws.
Summary Settlement of Estate
Section 1. Extrajudicial settlement by agreement between heirs. — If the decedent left no will and no debts and the heirs are all of age, or the minors are represented by their judicial or legal representatives duly authorized for the purpose, the parties may without securing letters of administration, divide the estate among themselves as they see fit by means of a public instrument filed in the office of the register of deeds, and should they disagree, they may do so in an ordinary action of partition. If there is only one heir, he may adjudicate to himself the entire estate by means of an affidavit filled in the office of the register of deeds. The parties to an extrajudicial settlement, whether by public instrument or by stipulation in a pending action for partition, or the sole heir who adjudicates the entire estate to himself by means of an affidavit shall file, simultaneously with and as a condition precedent to the filing of the public instrument, or stipulation in the action for partition, or of the affidavit in the office of the register of deeds, a bond with the said register of deeds, in an amount equivalent to the value of the personal property involved as certified to under oath by the parties concerned and conditioned upon the payment of any just claim that may be filed under section 4 of this rule. It shall be presumed that the decedent left no debts if no creditor files a petition for letters of administration within two (2) years after the death of the decedent. The fact of the extrajudicial settlement or administration shall be published in a newspaper of general circulation in the manner provided in the nest succeeding section; but no extrajudicial settlement shall be binding upon any person who has not participated therein or had no notice thereof.