CTC inquiry

[earthlyken]

Hello Fellow tsikoters,

I would like to ask your expertise again...

We are planning to purchase a condo with assume balance at UCPB..

Currently the CTC is named under UCPB, now my question here is..

After fully paying the bank (UCPB), they will issue me a release of mortgage right? Then after that do we need to have it change to our name immediately? Or we can just wait for another year or so? Taxes i computed is kinda high..

Or after fully paying the bank (UCPB) they will be the one to process the transfer to our name?

Hope someone can help us with this..

Thank you again.

[benchman]

^transfer of title should follow after purchase though it would take awhile. you couldn't delay paying the estate tax, there's a certain grace period until when you should pay afaik.
derecho na iyan.

[vinj]

AFAIK, you're the one who will process the release and transfer after settlement with the bank.

Do it sooner than later rather than have complications arise later on.

[papi smith]

It's the Capital Gains Tax which you should be paid by the seller within 30 days after the Deed of Sale has been executed, there is a hefty penalty after 30 days. But normally, it's the Buyer who pays for this, whether he deducts it or not from the sale price, to ensure it get's paid so that title transfer can commence.