Gigi Bonquin's Real Estate Blogs

Lost title and inheritance tax

Realtor Genevieve "Gigi " Bonquin (Phili — Thu, 10 May 2012 11:07:00 GMT

Lost title and Inheritance Tax

by : Genevieve F. Bonquin Licensed Real Estate Broker PRC 2309 (www.greenhuts.net)

Recently, an old client referred me to her friend who needed help for her inherited property in the Philippines. Her mother died last year leaving with her a house and lot in the Philippines. She and her mother were based abroad so she needed someone to assist her in selling the inherited property. The title belonged to her mother married to a foreigner who died long before her mother did. I asked for copies of documents but the most important document which is the TCT is missing! So we have two problems here, to replace the lost title, pay the inheritance tax then transfer the title to the heir.

As they say, you can’t be a full-pledged real estate broker if you haven’t handled cases like this. Armed with just the property address and a copy of old tax declaration, I went to the city treasurer’s office where the property is located and requested for latest copy of tax declaration and computation of realty taxes due on the property. From there, we can find the TCT number so after getting the copy of tax declaration, I proceed to the Registry of Deed to request for a certified true copy of the title and trace back at least three titles. It was good that there were only two previous titles; one was the mother title and the second was the developer’s and latest was this owner.

With lost owner’s duplicate copy of title, how do I proceed? Before this case, I always refer to it as “extra-judicial” but since there is only one heir, I got corrected by the RD officer as self-adjudication. Extra-judicial settlement if there are two or more heirs. I will then need two affidavits from the heir or maybe it can be consolidated into one, (I will let the lawyer do that) : the affidavit of loss and the self-adjudication.

Next stop is the Bureau of Internal Revenue (BIR) to check what requirements we will need to submit to settle inheritance tax as BIR won’t process unless complete documents were submitted. There is a checklist of these requirements at the BIR for Estate Tax.

I enumerated here the checklist I got from the BIR office for reference. I just highlighted what documents we were required.

Mandatory requirements are:

1. Tin of Estate (Form 1904)

2. Photocopy of Death Certificate, subject to presentation of the original

3. Any of the following :

a) Affidavit of self-adjudication

b) Deed of Extra-judicial settlement of the estate if the estate had been settled extra-judicially,

c) Court order if settled judicially

d) Sworn declaration of all properties of the Estate

4. Official Receipt/Deposit Slip for this purpose and duly validated return as proof of payment

For Real properties, if any

1. Certified True Copy of latest Tax Declaration issued by Local Assessor’s Office for land and improvement relevant date of taxable transaction (date of death)

2. Owner’s copy for presentation purposes only together with the photocopy thereof for authentication of Certified true copy of TCT, CCT , OCT

3. Sworn declaration of No Improvement by at least one (1) of the transferees or Certificate of No Improvement from the Assessor’s Office if applicable

4. Certificate of Property Holdings (of Spouse) and photocopy of previous CAR (from Register of Deeds) if applicable.

5. Barangay Certification –Proof of Residence

6. I.D, of Administrator/Heir and/or ID & Authorization of person transacting other than the Administrator/Heirs.

Then one last requirement that if the property’s Zonal Value is more than P2M, a Statement duly certified by a CPA containing the itemized assets, deductions, and the amount or still due if applicable.

I also posted here the Estate Tax table for reader’s reference :

Over	But not over	The tax shall be	Plus	Of theExcess Over
	P 200,000	Exempt
P 200,000	550,000	P 15,000	5%	P 200,000
500,000	2,000,000	15,000	8%	500,000
2,000,000	5,000,000	135,000	11%	2,000,000
5,000,000	10,000,000	465,000	15%	5,000,000
10,000,000	And over	1,215,000	20%	10,000,000

Another challenge posted to me is how I can find an interested buyer willing to advance the payment of the inheritance tax while we are still filing for replacement of the lost title in court. The heir do not have the money to pay for the inheritance tax as the property ‘s zonal value is about P3.3M. The property can sell for not less than P6M just for the lot price alone and then the improvement while its been more than 20 years, it is well- built and renovate to new to sell it about twice as much. Not to mention you have a famous celebrity for a neighbor. Hmmm.. I think I should look for a buyer who is a big fan of this celebrity who can afford to buy this house and be close to his/her idol.

Well, if lucky we can finish this in six to eight months or maybe a year depends on the judge.... but at least I know now that I can handle case like this for as long as the client is willing to go through the process and willing to wait. After all, it is her inheritance and she can only make use of the proceeds if we go through this.

For reader who might be in the same situation or you have elderly parents who has properties and have not done anything about the property they will leave to their heirs, to suggest that maybe they already partition the property to avoid inheritance tax especially if the property/ies is/are worth over P10M. Capital gains tax of 6% is better than 20% even if it was based on zonal value. Then aside from that, if there are siblings who are hard to please and want more than what they should get, or just the inheritance tax alone wil be a big problem to deal with as it is hard to dispose a property with deceased parties on the title. Then if in case the title has been cleaned of the deceased party/ies and had been transferred to heirs, there is prescription period in accordance with Section 4 Rule 74 of Civil Code that prohibits negotiating the property for the period of two years or pay corresponding bond so you can sell.

For lost title, you need to file the case in court to replace the lost title and it can take a year or more before the judge can give his/her decision and that is not even a guarantee. You need to have a very valid reason for the loss.

Well, it’s not that hard after all. I should say our job is really very rewarding not just financially. To be of assistance to families in this kind of situation brings many reward and experience that we can also share with others especially to colleagues in the industry.

If you have questions related to this situation or in similar situation and needing assistance, please feel free to email the author at gigi@greenhuts.net .

Run away price! Fully furnished well-maintained home in BF Homes, Paranaque

Realtor Genevieve "Gigi " Bonquin (Phili — Thu, 03 May 2012 17:18:00 GMT

Bf Homes Paranaque, Paranaque City - Owner leaving to be based abroad, leaving everything, designer furniture, customized bed, immaculately maintained premises at BF Homes, Paranaque, a 230 sq. m., 4 bath, 4 bdrm 2 story. Now $282,000 USD - P12M negotiable.

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Price Reduced on Palmera Heights, Cainta in Cainta

Realtor Genevieve "Gigi " Bonquin (Phili — Fri, 27 Apr 2012 16:42:00 GMT

Cainta, Rizal - Announcing a price reduction on Palmera Heights, Cainta, a 90 sq. m., 2 bath, 3 bdrm 2 story. Now $51,000 USD - P2.20M now reduced.

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Fully developed farm For Sale in Puerto Princesa, Palawan

Realtor Genevieve "Gigi " Bonquin (Phili — Sun, 01 Apr 2012 06:36:00 GMT

Fully developed with fruiting trees

• 29,133 sq. m. lot / land "Fully developed farm" - $140,000 USD - RUSH! P6M only

Manalo , Puerto Princesa City - Access to the farm is through a 2-km barangay road from the national highway going to Underground River.

The farm has a small river that runs parallel near the boundary of the 2.9-hectare property. This was tapped as irrigation for cash crops planted during peak summer months. A wooden bridge was constructed by the owner to cross the river and allow 4-wheel vehicles with trailer to load and unload supplies and harvest.
DEVELOPMENT IN THE FARM
A.Orchard Grove:
120 mango trees spaced 10 m x 10 m between trees, of which 100 trees are full-grown and full-bearing. Average weight per fruit is 600-800 grams. Varieties include Zambales, Guimaras, Lamao.

B. Fruit Tree Selection:

· 12 imported Chico varieties all bearing almost whole year round. Production is not yet commercial.

· 10 imported premium varieties of Jackfruit: orange flesh & latexless and red-flesh varieties. Latexless is of commercial volume. Red-flesh will start fruiting in about 2 years’ time. Fruiting is almost whole year round.

· 6 premium imported varieties of macopa trees: green macopa, red macopa, white macopa, and mini-macopa. Production is commercial. Fruiting almost whole year round. Sold at 50 pesos per kilo

· 10 premium varieties of Guayabano, all bearing. Production is not yet commercial

· 2 premium varieties of Avocado, 5 years old but not yet bearing

· 30 premium varieties of guava, including red-skin & red-flesh variety. Production is commercial. Fruiting is almost whole year round. Sold at 40 pesos per kilo.

· 10 premium varieties of berries & cherries. It was planted for personal consumption only.

· 30 trees of Pomegranate covering 6 varieties. Not yet bearing.

· 2 Balimbing trees, Taiwan Variety. Fruit is big and sweet. Full bearing. Production is commercial. Sold at 50 pesos per kilo.

· Red atis - fruit is in demand at Daluyon Resort. Production is not yet commercial.

C.Structures, Farm Equipment & Machineries
1.Irrigation Facilities
5 irrigation wells in strategic location within the farm.
About 30 water drums spread in strategic location within the farm
2.Potable Water Supply for drinking and cooking
Piped water system from spring water reservoir
3.1-Nipa Hut with kitchen, bedroom and terrace
4.1-Nipa hut/bodega to store organic fertilizers, pesticides, seeds, other farm supplies
5.1-Water pump, gasoline engine
6.1-Grass cutter
7.1-lawn mower
8.1-power sprayer with 30-meter hose
9.1-portable sprayer with motor
10.1-backpack manual sprayer
11.Cart & 1 sled
12.1 male water buffalo/carabao
13.2 pure-breed German Shepherd (with papers); 1 male & 1 female

For more detailed description, please email or call us.

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Price Reduced on Valenzuela, Makati City in Barangay Poblacion

Realtor Genevieve "Gigi " Bonquin (Phili — Sun, 25 Mar 2012 05:35:00 GMT

Barangay Poblacion , Makati - Announcing a price reduction on Valenzuela, Makati City, a 1,158 sq. m., 10 bath, 12 bdrm commercial "4 storey". Now $650,000 USD - Final price P28M!.

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Lot / Land For Sale in Tagaytay Highlands with view of Taal Lake

Realtor Genevieve "Gigi " Bonquin (Phili — Thu, 08 Mar 2012 05:41:00 GMT

Overlooking Taal Lake

• 642 sq. m. lot / land "corner, high point" - $290,000 USD - P19,500/sqm or P12.5M

Tagaytay Highlands, Tagaytay - This is a resale lot, (pre-owned) located on the higher portion of Lake View Heights in Tagaytay Highlands. Buyer need to be a member first of any club inside Tagaytay HIghlands.

Lakeview Heights showcases the Asian culture, embracing architectural influences from such diverse origins as the Phils, Indonesia, Thailand, Malaysia and Japan. Construction and landscaping are guided in accordance with the contemporary Asian culture theme, while allowing ample opportunity for individual expression.

Views: Taal Lake, Midland Fairways, Mts. Makiling, Malarayat and Banahaw and the Batangas countryside. Only 12 hectare lots only developments. Fences between houses are in the form of vegetation only. MInimum cost of construction is PHP4M.

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Price Reduced on Better Living, Paranaque in Better Living Subdivision

Realtor Genevieve "Gigi " Bonquin (Phili — Sun, 19 Feb 2012 05:51:00 GMT

Better Living Subdivision, Paranaque City - Announcing a price reduction on Better Living, Paranaque, a 300 sq. m., 3 bath, 5 bdrm 2 story. Now $228,000 USD - now selling for P9.8M .

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Price Reduced on Valenzuela, Makati City in Barangay Poblacion

Realtor Genevieve "Gigi " Bonquin (Phili — Sat, 18 Feb 2012 04:15:00 GMT

Barangay Poblacion , Makati - Announcing a price reduction on Valenzuela, Makati City, a 1,158 sq. m., 10 bath, 12 bdrm commercial "4 storey". Now $700,000 USD - now down to P30M net.

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3 Story For Sale in Barangay Sungay

Realtor Genevieve "Gigi " Bonquin (Phili — Fri, 10 Feb 2012 11:44:00 GMT

Nice vintage view of Calamba, Manila,

• 170 sq. m., 2 bath, 3 bdrm 3 story - $198,000 USD - P8.5M net firm

Barangay Sungay, Tagaytay - Rush sale! Owner leaving. Previously priced at P10M.

Made of imported CEDAR wood pine from Canada. Located on the highest point of the subdivision. Gated subdivision with 24 hr security.

257 sqm LA, 170sqm FA Semi- furnished, 3 storey house with loft and cave rooms
- Living room, kitchen, basement, garden, porch, Jacuzzi, 2 T&B with hot shower
-Clubhouse with swimming pool, 24 hr security, water
- Walk-in distance from Picnic grove
- Nearby are leading commercial establishment Robinsons, Puregold, Starbucks, Gerry's grill, Antonio grill,

On clear days, views can extend to Manila Skyline, Batangas and Manila Bay.

Mahogany market, Fastfood resto, Banks etc
- Tagaytay Medical Center is also within reach

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The Villas at TAgaytay HIghlands in Tagaytay Highlands now only for P17M!

Realtor Genevieve "Gigi " Bonquin (Phili — Wed, 25 Jan 2012 02:46:00 GMT

Tagaytay Highlands, Tagaytay - Announcing a price reduction on The Villas at TAgaytay HIghlands, a 250 sq. m., 3 bath, 3 bdrm 2 story. Now $390,000 USD - Now down to P17M!!.

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Foreclosed property For Sale in Pilar Village

Realtor Genevieve "Gigi " Bonquin (Phili — Sun, 22 Jan 2012 08:10:00 GMT

newly foreclosed, good condition

• 100 sq. m., 1 bath, 3 bdrm single story - $57,000 USD - P2.5M house almost free

Pilar Village, Las Pinas - Foreclosed property, newly renovated.

3 BR 1 T&B garage
Big lot.

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Farm lots For Sale in Calamba City

Realtor Genevieve "Gigi " Bonquin (Phili — Tue, 17 Jan 2012 14:19:00 GMT

Newest farm lots offering by Sta. Lucia

• lot / land - $46,000 USD - P2,700/sqm (750m2)

Calamba City, Laguna - La Hueta Farms and Residences-The First Leisure Farms and Residences project of Sta. Lucia Land Inc. Located in Canlubang, Calamba, Laguna. A 50 – hectare project which covers 3 Barangays - Laguerta, Bunngo and Burol.
Still in the pre-selling stage ; Date of completion is 2013 (3 years development time)
Located in Canlubang, Calamba Laguna
15 minutes away from Batino exit of South Luzon Expressway
Only 10 minutes away from Tagaytay Highlands
Has great weather and soil for farming
Near one of the most famous tourist spots in Calamba, Mt Makiling

The First and only farm development that promotes Health and Wellness.It has (4) four specially designed clusters. Each featuring
“EDIBLE LANDSCAPING”
It has (3) three Crop Farming Communities.
And a community for Ostrich Farming
Fully-Landscaped Entrance Gate with Guardhouse
Community Clubhouse and Training Center
Swimming Pool
Basketball court
Wide Concrete Road Network
Paved Sidewalks with Concrete Curbs & Gutters
Underground Drainage System
Electrical Facilities
Centralized Water System
Mercury Lamps & Shade Trees Along The Road

For grand launching this coming May 2010. Avail of promo price at P4,200/sqm

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Price Reduced on Calamba, Laguna in Calamba City

Realtor Genevieve "Gigi " Bonquin (Phili — Tue, 17 Jan 2012 14:19:00 GMT

Calamba City, Laguna - Announcing a price reduction on Calamba, Laguna, a lot / land. Now $46,000 USD - P2,700/sqm (750m2) for inner lots, P2,900/m2 for corner lots. Only 20% DP, 80% Balance payable in 5 or 10 years.

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View lots now available at Sycamore Heights in Tagytay Highlands!

Realtor Genevieve "Gigi " Bonquin (Phili — Fri, 13 Jan 2012 07:18:00 GMT

You are invited to the launching of Sycamore Heights in Tagaytay Highlands! Jan 19 6 pm at Belle Grande, Manila Bay

Be inspired by the mystic of nature in an Asian Contemporary community where homes work together with the natural environment. SYCAMORE HEIGHTS is right at the heart of the lush environs of Tagaytay Midlands.

ycamore Heights is located within the Lakeside Fairways subdivision which is just before Tagaytay Midlands, opposite Cotswold subdivision, west of Lakeside Enclave, near the future 3rd 9-hole of Midlands Golf Course.

Details of the development are as follows:

I. Design Team

- Locsin and Partner is the Subdivision planner

- Efren Laurel is the Subdivision landscaper

II. Theme

- Asian Contemporary

- Minimalist interior design

- Green architecture

- Light and airy

- the designs feature the use of natural stone, wood, glass, concrete and flat roof tiles

III. Features and Amenities

- Tree park and play area perfect for strolls, running or brisk-walking

- In-house landscaping and full housekeeping services

- Relaxing landscape that gives a genuine Oriental feel

- Gated community with 24-hour security

IV. Available Views

- Midlands fairway and golf course to the North

- valley to the East

- calm water Taal Lake to the South

- the majestic Taal Volcano to the South West

V. Lot Details

- Total number of lots : 331

- Total lot development area : 20 hectares, more or less

- Total saleable area : 12 hectares, more or less

- Total area of open spaces : 8 hectares, more or less

- Price per square meters : Php14,560.00 VAT inclusive

- Lot Area :

Smallest - 280 sqm

Average - 300 sqm

Fairway - 500 to 927 sqm

Gulley - 400 to 737 sqm

A. View Lots [total of 30 lots]

- Located in Blocks 11 Lots 1 to 8, Block 24 Lots 1 to 6, Block 25 Lots 1 to 10, Block 26 Lots 1 to 8, Block 27 Lots 1 to 7, Block 29 Lots 1 to 3

- Views include the Taal lake [from the second floor of a 9m house]

- Lots will be terraced and the total height difference between the View lots and the lots in front is approximately 3 meters

B. Fairway Lots [12 lots]

- Block 29 Lots 5-18

         - Lots will have rear views of the future 3rd Midlands Golf Course, specifically Hole # 7 (based on LF Brochure)

      C. Gulley Lots [16 lots]

        - Block 29 Lots 19-36

- Lots will have a view of Lakeside Enclave side

- some lots will slope protection / retention wall

VI. Lot Features

- Highest elevation is approximately 195 meters above sea level

- Lowest elevation is approximately 165 meters above sea level

- Steets/Roads

- Main Road [15 meters wide]

- Perimeter Roads [12 meters wide]

- Inner Roads or streets in between Blocks [10 meters]

- Alley [6 meters wide] located in between Block 11 and 24 building code provision for safety purposes

VII. Assignment of Rights

MEMBERS of any of the Clubs are automatically given a P100,000 discount. The assignment is not offered to members as an option instead of discount since the assigned shares are solely for Non Members.

A. Basic Information about the Assignment
- Shares will be assignment of rights only
- Only 1 assignment per property
- The assignment is only given to the first owner, once the lot is sold to a second owner, the assignment is cancelled and the secondary buyer will be required to purchase a membership or assignment

B.   Fees
Assignment Fee

Country Club (standard inclusion)    =         P100,000.00
Midlands Golf Club (upgrade)         =         P200,000.00

Activation Bond
P50,000.00 [refundable once the ownership is transferred or cancelled

Monthly Dues [same consumable]
Country Club          =         P 4,200 per month
Midlands Golf         =         P 4,500 per month

To confirm your presence on the launching, pls feel free to email or call us!

Lot / Land For Sale in La Prairie Tagaytay

Realtor Genevieve "Gigi " Bonquin (Phili — Thu, 12 Jan 2012 10:38:00 GMT

fully developed with complete amenities

• 202 sq. m. lot / land - $20,800 USD - P4,500/sqm to P5,000/sqm

La Prairie Tagaytay, Tagaytay - We are selling lots only at La Prairie. No house packages.

TWENTY LOTS now available. New inventory

LA PRAIRE
Come and be a part of this country community in the foggy hills of Tagaytay, Philippines. Explore the secured and peaceful surroundings. Make it your HOME.

La Prairie is a quiet and peaceful neighborhood along the Tagaytay-Nasugbu Highway, one kilometer after the Radar of Tagaytay City. A one hour drive from Manila.

It's the perfect place to retire in Tagaytay. The right choice to invest. The most likely choice to enjoy the cool Tagaytay weather. A great way to enjoy your days away from the stressful life from work or Manila life. A great place to bond with your loved ones.

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