Date Posted: 2012-06-11 07:30:36
Site Posted: Myproperty.ph
You just bought a property and you're quite happy with your purchase. However, the Title of that property is still under the previous owner’s name. What do you do? Your next course of action is to transfer the Title to your name. Remember, ownership is not completely transferred unless you register the Title under your name.
Here’s an overview of how to transfer your Land Title.
1. Secure certified true copies of documents at the Registry of Deeds and Assessor’s Office
2. Secure Certificate of No-Improvement (if there is no structure on the property yet) at the Assessor’s office
3. Secure assessment of Taxes at the Bureau of Internal Revenue (BIR)
4. Secure assessment of Taxes at the Municipal or Provincial Assessors Office
5. Pay BIR Taxes at accredited banks
6. Pay Transfer Taxes at the Treasurer’s office
7. Secure Clearance on the payment of taxes
8. File documents at the BIR for the issuance of Certificate Authorizing Registration (CAR)/BIR Clearance
9. File documents at the Registry of Deeds for the issuance of new Title
10. File documents at the Municipal or Provincial Assessors Office for the issuance of new Tax Declaration
The entire process involves multiple interactions with several government agencies and could take several months to complete if there are complications that arise from the transactions. This might also entail going back and forth to certain government agencies for constant follow-ups, especially if there are problems encountered with the documents. Penalties might also arise if the taxes are not paid on time.
If you are someone who does not have the luxury of spare time, then this might be the cause for concern. Transferring the Title of the property under your name is very important and needs immediate attention.
Good thing there’s a company who specializes in these type of transactions. One who has the reputation and the expertise when it comes to handling Land Title transfers. OMI Land Title Services can assist you with your needs. They have been in the industry for several years now and are trusted by their clients, both here and abroad.
For more information regarding OMI Land Title Services, you may call them at 884-11-06 or visit their website at www.orionmaxis.com.
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