Buying a condo in makati, may tax 60T!!!

[El Loco]

Buying a condo in makati, may tax 60T!!!

I am on the verge of buying a condo here in makati..
They gave me the finalised papers and I was shocked to
see taxes amounting to 60T!!!
CAPITAL GAIN TAX daw..

This condo was forclosed by a bank..is that the reason why
there is notary fees, doc stamps and that taxes???

Di ba pwedi i-waive yun? Sabi ng bank sa BIR daw..
Please enlighten me..thanks

[netoy]

usually capital gain tax are shoulder by the seller not the buyer, it a common practice for the buyer to arrange in papers the selling price so as the capital gain will be lower...negotiate with the seller a selling price that will offset your expenses if not all at least lessen it.

[El Loco]

the Seller is a bank...
is it possible to negotiate with them?

[TJMaxx]

Hahaha. Mukhang iniisahan ka nung bangko...
Wag kang magpahalata...kunwari marami kang alam.
As a banker myself, i know ang mga style ng mga yan.
Huthot ng huthot hanggang di ka umaangal...
Oras na umangal ka, back to the negotiating table yan.
Of course sila dapat ang sumagot ng Capital Gains Tax.
Sila ang nag-"gain", di ba? Malaki kinita nila sa forclosed
condo na yan sa pagbenta sa iyo.
OO nga at para sa BIR yun, pero sila dapat kakarga noon
at hindi ikaw, pre...
Fotangna, anong bangko ba yan? Mukhang unethical mga
tao diyan, ha?
Dios ko, hundreds of billions of pesos ang foreclosed properties ngayon
ng mga bangko. Desperado yang mga yan na i-move out foreclosed
assets nila. Tamisan mo ng konti ang terms mo para kumagat sila.
Its all in the deal...

[El Loco]

Hahaha. Mukhang iniisahan ka nung bangko...
Wag kang magpahalata...kunwari marami kang alam.
As a banker myself, i know ang mga style ng mga yan.
Huthot ng huthot hanggang di ka umaangal...
Oras na umangal ka, back to the negotiating table yan.
Of course sila dapat ang sumagot ng Capital Gains Tax.
Sila ang nag-"gain", di ba? Malaki kinita nila sa forclosed
condo na yan sa pagbenta sa iyo.
OO nga at para sa BIR yun, pero sila dapat kakarga noon
at hindi ikaw, pre...
Fotangna, anong bangko ba yan? Mukhang unethical mga
tao diyan, ha?
Dios ko, hundreds of billions of pesos ang foreclosed properties ngayon
ng mga bangko. Desperado yang mga yan na i-move out foreclosed
assets nila. Tamisan mo ng konti ang terms mo para kumagat sila.
Its all in the deal...

Bank is china bank
Ijust had a talk with the manager this AM.
Ganun parin...Buyer daw talaga sasagot..ganun din daw yung deal nila to those who pruchased one before..
Meron pa daw VAT..baka the buyer will share onthe 10% vat..
Pano kaya next step ko?...
hay kadami tx..
definitely..I won't buy if those taxes will not be shouldered by the Bank...
thanks

[1D4LV]

pare, parang mali nga ah. lalo na yang vat...vat only applies on services and goods not on real property.

[crawdaddy]

TJMaxx,

thanks for the info, man! :D

[El Loco]

TJMaxx,

thanks for the info, man! :D

thank you very much on your inputs..still china bank wouldn't waived the CGT...at baka meron pa daw VAT ...//%$^^^& tlaga oo..
Sabi ko wag na lang..now ifyou can waived it call me..that's our final talk..

So dito ako sa 2nd option ko..
30 sqm 1 bedroom condo sa may central park sa evangelista..
price is 55OT..direct seller to..
terms is 50% down then 50% payable in 1 year no interest..
ok na ba deal to? I have seen yung iba their selling it for 720T...
would like to make sure kung good buy na to?

we will be finalising tomorow..how do Iknow na talagang wla ng ibang babayaran pa..though the lady owner showed me her certificate of completion of payment..is that a safe proof already?

If am going to buy it..ano yung mga dapat kong bayaran?
Capital Gain tax - sa kanya daw..
transfer - sino kaya? buyer or seller
deed of sale, processing fees???
ano other thing that would need to be paid?

thanks people..
sana i would get your feedback kagad..
thanks TJ maxx...

[1D4LV]

parekoy...

got a house too four years ago..wala akong binayarang other charges except for some real estate taxes that were unpaid yet. i think yung mga items stated mo above should still be shouldered by the seller.

[NightRock]

Just to refresh this TOPIC

Ano ano bang Documents dapat na makita ko when Buying a Condo.. If Im buying it on terms what kind of documents I should have.. "contract to sell" ba?

How about the payment how can I prove that Im paying it regularly.. let say If Im paying it thru the banks. is the deposit slip enough. let say sa tao binili then wala syang resibo monthly.

And if I owned the unit what are the dues I have to pay monthly..

Property tax yearly diba.. what is the basis of computation?? as per the floor area ba yon?

[1D4LV]

nightrock, afaik...

a) monthly association dues ng condo

yes, property (or real estate tax) is paid on an annual basis although you can have it paid on a quarterly basis too. yes, the basis of computation is per floor area.

[yebo]

nightrock,

open a checking account and make arrangements with the bank that all validated/paid checks be returned to you. the returned validated checks will be your proof that you paid because of course you will be writing on the check the name of the payee and for what the check is issued>>>paid to the order of xxxxx for xxxxx. the payee also signs on the back of the check as proof of his being paid before he can encash it. you also have the convenience of issuing all 12 checks (for say 1 year payments) at one time, post-dated na lang lahat except for the 1st month.

ingat ka lang at malaki ang multa sa bouncing checks. P1000 from the issuing bank, P1000 from the depository bank plus 1%/day the check is not redeemed. so that means you need to fund the check before they get due.

el Loco,

capital gains taxes are always shouldered by the seller. they should compute that in their final price. in effect the buyer still shoulders the capital gains taxes because it must already be included in the total price.

on transfer fees, either the buyer or the seller can shoulder this, depending on negotiations. if the buyer is familiar with the process (and thus knows somebody who can facilitate this for a lesser price) then the buyer usually does it himself. if not then the seller will do it but this will involve higher fees as the seller will definitely be hiring a lawyer. and in the end the buyer pays for it since the seller will just add the processing fees to the final price.

why don't you report China Bank to the BIR. i think their practice of making the buyer pay for the capital gains taxes is illegal.

[hybrid]

meron talagang tax na babayaran, and mahal talaga, but I don't know the exact breakdown my percentages.

usually nasa pag-uusap ng buyer and seller yan kung sino ang magbabayad ng tax.

..................
ngayon ko lang nabasa yung buong thread hehe
it's good to know you found another unit to buy na

[5Speed]

hehehe magulang talaga yang China Bank, ibang klase yang mga yan. Hirap daw makipag-deal sa kanila...

feedback lang naman nang ilang mga negosyanteng kaibigan...