The Philippines, our archipelagic nation attracted more than 5.3 million visitors in 2015, according to the United Nations World Tourism Organization (UNWTO). However, this country magnetizes more than just a tourist. In addition, the Philippines is dwelling to a large and welcoming community of emigrants who enjoy the low cost of living. Not to mention, the beautiful and inviting land beaches, the tropical climate and the friendly locals.
It is estimated that one can comfortably live in the Philippines for around $1,000 a month, that is around P40,000 to P45,000 including foodstuff, activities, essential healthcare, and housing costs.
Just like everyplace in this universe, housing makes up the large percentage of the finances. That’s one reason why many people stick to renting but if you’re planning to stay in the Philippines for good, it can be cost effective to buy.
Property prices vary greatly in the Philippines depending on location, size, condition, and features. Buying a property or land in the Philippines is difficult, complicated and a long process. As a buyer, you must know what to do and what to be aware of before completely deciding to buy your dream property or land in order to avoid problems in the future.
Real estate transactions always involve more than just the price tag. If you buy property in the Philippines, you can expect to pay some fees, including:
Capital Gains Tax – this is 6% of the real estates’ sales price, zonal value, or fair market value, whichever is highest. This is normally paid by the seller, but it some instances the buyer pays it, or it ends up rolled into the sales price.
Documentary Stamp Tax – normally 1.5% of the real estates’ sales price, zonal value or fair market value, whichever is highest.
Transfer Tax – this is generally 0.5% to 0.75% of the real estates’ sales price, zonal value, or fair market value, whichever is highest.
Title Registration Fee – this varies according to a published registration fee table and commonly around 0.25% of the real estates’ sales price.
Here are some great and useful tips if you are planning to buy a land in the Philippines
4 thoughts on “Tips Before Buying a Land in the Philippines To Avoid Problems”
Dear Sir,
I bought a lot in Magdiwang Bacoor 28yrs since …my prob the documents I am holding it comes out fake …
My worries now i want to process to own that land. Where do I start …Please help me …thank you
how to get a certified true copy if the lot situated at davao region, while the owner is living in cebu? is it possible to file a certfied true copy at ROD regional office-region7 eventhough the lot location is in davao? thanks
I want to buy a property and I really like the place. but the problem is the owner is just only holding a Certificate of Occupancy from the DENR , My question is it is safe to buy this property ? Pls.I am badly need your advice. Thank you very much .
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Dear Sir,
I bought a lot in Magdiwang Bacoor 28yrs since …my prob the documents I am holding it comes out fake …
My worries now i want to process to own that land. Where do I start …Please help me …thank you
how to get a certified true copy if the lot situated at davao region, while the owner is living in cebu? is it possible to file a certfied true copy at ROD regional office-region7 eventhough the lot location is in davao? thanks
I want to buy a property and I really like the place. but the problem is the owner is just only holding a Certificate of Occupancy from the DENR , My question is it is safe to buy this property ? Pls.I am badly need your advice. Thank you very much .
No, kailangan titolo ang hawak niya.