If the property was donated, the Transfer Tax is in the form of Donor’s Tax. Transfer Tax (BIR) – Transfer taxes may also be owed to the Bureau of Internal Revenue.Transfer Tax (Local Treasurer’s Office) – this is tax imposed on the sale, barter, or any other method of transferring of the ownership or title of real property, at the maximum rate of 50% of 1 percent of a property’s worth (in the case of cities and municipalities within Metro Manila, this is 75% of 1 percent).Withholding Tax – this only applies when the seller of the property is a corporation (e.g.Capital Gains Tax (CGT) – this is computed as 6% of the selling price specified on the Deed of Sale or the Zonal value, whichever amount is higher.Any Unpaid Real Estate Taxes due – always check if the property you are buying has any unpaid real estate taxes particularly if you are buying property directly from the owner.The amount of these fees and taxes are based on how much the property cost at the time of the transaction or transfer: The following are the fees and taxes that you need to be aware of. And one of the ways to ensure this is to pay all the required fees and taxes. Therefore, it is imperative that you ensure the correct processing of this document. The absence of this document can lead to the ownership of your property being disputed. Having the land title under your name is very important as it serves as your proof of ownership of the property, regardless if you are a buyer, a donee or an heir. This fee needs to be paid whenever property is purchased, sold, donated or inherited. Let’s start off with the cost of transferring the land title. With that said, let’s start off by discussing the fees associated with purchasing property. The paperwork involved and the fees that need to be paid can be daunting for first timers. In this respect, the most important is perhaps the cost to transfer the land title.įor buyers or sellers, transferring the land title can prove to be a challenging experience. Along with the property’s price are other expenses that come as part of the purchase. But unlike other purchases that one can make, real estate is not something you can normally have by paying for in one quick transaction. One of the most commonly asked questions we encounter whenever we conduct trainings and orientation seminars for those interested to get into the real estate industry is “How much does it cost to transfer the land title”?īuying property is generally considered one of the biggest steps a person can take in life, typically due to the large amount involved.
#Convert real estate conveyance fee to sale price ct series#
We will be bringing you a series of articles that discuss commonly asked questions regarding real estate in general. The cost of transferring a land title in the Philippines
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