18/05/2023
How transfer the title of a condominium unit in the Philippines, follow these general steps:
Prepare the necessary documents: Gather the required documents for the transfer, which typically include the original copy of the notarized Deed of Absolute Sale, original copy of the Condominium Certificate of Title (CCT), tax declarations, tax clearances, and other relevant documents.
Secure a new tax declaration: Apply for a new tax declaration for the property from the local Assessor's Office.
Pay transfer taxes and fees: Visit the City or Municipal Treasurer's Office to pay the necessary transfer taxes and fees based on the selling price or zonal value, whichever is higher. Obtain the official receipt as proof of payment.
Prepare the necessary forms: Accomplish the Bureau of Internal Revenue (BIR) Form 1706 or Capital Gains Tax (CGT) Return and BIR Form 2000 or Documentary Stamp Tax (DST) Return. Make sure to complete these forms accurately and submit them to the BIR office along with the required attachments.
Submit documents to the Registry of Deeds (RD): Submit the following documents to the RD where the property is located: notarized Deed of Absolute Sale, original copy of the CCT, tax declarations, tax clearances, and other supporting documents. Pay the required transfer fees.
Obtain new title: After verifying the documents, the RD will process the transfer and issue a new condominium title in the buyer's name. This new title will replace the previous owner's title.
Update records with the homeowners' association (HOA): Inform the HOA or property management of the change in ownership and provide them with the necessary documents and information.
It's important to note that these steps serve as a general guide, and the specific requirements and processes may vary depending on the location and policies of the involved government agencies. It's advisable to consult a lawyer or seek assistance from a licensed real estate professional to ensure a smooth and accurate transfer of condo title.