ConveyancingPH

Signing the deed of sale does not make you the registered owner of the property. When you signed the deed of sale and paid the agreed purchase price. You must have the deed notarized to make it a public instrument.  Once it is signed and notarized, the next step would be to register the sale with the Bureau of Internal Revenue District Office where the property is situated and pay the taxes.  The BIR will issue a Certificate Authorizing Registration (CAR).  Upon payment with the BIR and applying for the CAR, proceed to your local government unit's real property office to pay for transfer fees and apply for new tax declaration.  Once the CAR is issued, file the copy of the deed of sale, verified TIN, and CAR to the Registry of Deeds. Congratulations! Title is now issued in your name and the tax declaration released by your local government unit's assessors office, 

Q: What are the other fees to pay in the sale of real property?  A: If the property you are buying has a clean title and updated tax payments, you must take note of the following costs of transfer. Capital gains tax (6% of the selling price or the assessed value whichever is higher). Capital gains tax is usually shouldered by the seller, but you may agree that the same to be paid for by the buyer. Payable on the 5th day of the next month from the signing of the contract. Documentary stamp tax (1.5% of the contract price). Usually shouldered by the buyer but is sometimes agreed to be borne by the seller. Payable on the 5th day of the next month from the signing of the contract. Transfer fee, payable to the local government within 30 calendar days from signing of the contract. The LGU has its own prescribed amount but is usually less than 2% of the contract price.  Registration fee, payable to the Registry of Deeds. Usually from 1% to 1.5% of the selling price.