Documents Needed When Buying Land
Documents do you need when buying land in the Philippines
1) Contract to sell
The contract to sell is a written pact between buyer and landowner that lays out the basis for a purchase agreement. This contract remains in place until all debt has been settled.
2) Deed of absolute sale
Once the aforementioned debt has been settled, a deed of absolute sale must be filed with the Registry of Deeds. The document essentially confirms that you are the rightful owner of the land.
3) Deed of adjudication with sale
The deed of adjudication with sale is an important document that confirms heirs to the land have also agreed to the sale. This protects you from future disputes from the owner’s family.
4) Certification of titles
This document, which is given to you by the Registry of Deeds, essentially proves your ownership of the land. In most cases, this document will be the Transfer of Certificate of Title.
5) Tax declaration
Once you have obtained the title, you’ll need a tax declaration from the Assessor’s office in the municipality the plot’s located in. Having this will clear you of any previous tax responsibilities.
Failing to have the documents needed to buy land in the Philippines can cause delays in completing your transaction or create a number of other issues for you in the future. If the seller does not assist you in obtaining these, do not proceed with the land sale.
SOURCE: DotProperty
0 comments:
Post a Comment