How to transfer your Condominium Property in the Philippines

Here is the Summary or Step by Step process of the Title Transfer process of Condominiums in the Philippines:

 

Step 1: PREPARATION OF ALL DOCUMENTS FOR TRANSFER.

 

1. Deed of absolute sale (and signing)
2. ID’s and TIN of buyer and seller
3. Tax declaration
4. Tax clearance
5. Tax receipts (Should be updated)
6. Acknowledgement receipt
7. Letter of endorsement

 

Once the Signed DOAS is Notarized, we are given 30 days to settle the Capital Gains tax. Beyond that it incur a penalty, the timing of the notarization is very vital.

 

Step 2: ASESSMENT AND SETTLEMENT OF TAXES

 

Seller’s obligation:

Capital Gains Tax or CGT (within 30 days from the date of DOAS Notarization)

 

Buyer’s obligation:

1. Documentary Stamp Tax or DST (To be paid on the 5^th of the following month upon notarization of DOAS)
2. Transfer Tax
3. Registration Tax
4. Title Processing
5. Notarial fees

 

First to be paid, CGT AND DST, to be paid in BIR: The ONETT Officer will assess the all the documents, and then will prepare a computation of the Capital Gains Tax, Documentary Stamp Tax, and Certification Fee. We will be given amounts to be paid, the deadlines, and next is to pay the taxes to whichever bank accepts tax payments. After payment and submission of all necessary documents, Certificate Authorizing Registration or CAR will be ready within 5-10 working days.

 

Second to be paid:  TRANSFER TAXES C/O CITY HALL

The officer will assess the amount of tax based on the documents presented. It’s 1/2 of 1% of the Sale Price, Assessed Value, or Zonal Value, whichever is higher.

 

 

 

Step 3: TRANSFERRING REGISTRATION OF PROPERTY C/O REGISTRY OF DEEDS

Upon submission of all necessary documents and payment, a new Title will be released under the name of the new owner. This will be available for pickup within 20 working days or it may take longer.

 

 

Step 4: TRANSFER OF OWNERSHIP OF TAX DECLARATION C/O CITY ASSESSOR’S OFFICE


After receiving the New Condominium Certificate of Title from the RD, We will proceed with the transfer of tax declaration

 

 

And that’s it! Property is transferred to the new owner. In Taguig, processing takes 1-3 months in total.

 

 

Next, I will now be submitting all the documents to the buyer’s bank in Metrobank Marajo Tower in BGC. Once they have all the needed documents, the bank will now release the proceeds. In our experience, processing of this would take 10-15 working days.