Frequently Asked Questions
Question about selling
Usually the first thing a buyer needs to ask the seller (or the broker) is if the title to the property is clean. This means that the owner is the clear owner of the property and the property is free from all liens and encumbrances. Other documents that is asked by the buyer are: Tax declarations, tax clearance, certificate of non-delinquency (for condominiums), official receipts of tax payments, special power of attorney (if the signatory is not the registered owner), secretary certificate (if the seller is a corporation), other related documents (such as loan agreements, mortgages, etc.)
- The parties can freely agree on who shoulders the transfer fees and other payments during registration to the new owner.
- Absent an agreement, the default rule is the seller shoulders the capital gains tax or value-added tax and the broker’s commission.
Gross selling price.
A clean title is a certificate of title that free from all liens and encumbrances
An encumbrance is a claim by a person/entity (who is not the owner of the property) against a property. A lien is a more specific claim on the property (ie. constructor’s lien)
- Mortgage
- Adverse Claims
- Lis Pendens
- Extra-judicial settlement (claims of heirs)
- Easements
- Restrictions
Question about renting
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