Realty By JM

Salt and Light of Philippine Realty

Transpacific Partnership Setback? The Fair Competition Act Explained.

ICYMI

Here is a brief explanation and update on the Philippine Fair Competition Act. Let me just tell in advance Pres. Aquino did not change his stand on Foreign ownership restrictions in the Constitution. It is just there are high rank officials who think relaxing said restrictions is necessary in commencing the Transpacific Partnership. Learn more in the video below.

Do you think this non-resolution is a setback? Are you for or against relaxing Foreign Ownership restriction? Is the Philippines ready for this level of competition?

Source: ANC (http://www.abs-cbnnews.com/video/business/06/15/15/what-fair-competition-act)

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Filed under: LAW, , , , , , ,

PAREB Circular for March 16, 2012

Filed under: Circulars, LAW, PAREB e-Bulletin, Real Estate, Real Estate Broker, , , , ,

PAREB’s Position Letter to PRC / PRBRES

 

Filed under: LAW, PAREB e-Bulletin, PRC, Real Estate, RESA IRR, , , , , , , , , ,

B.I.R Ordered To Collect More Taxes From Professionals

Pay your taxes, too, for these same reasons. For government workers need to be paid. They are serving God in what they do. Give to everyone what you owe them: Pay your taxes and government fees to those who collect them, and give respect and honor to those who are in authority. – Romans 13:6-7

“give to Caesar what belongs to Caesar, and give to God what belongs to God.” – Matthew 22:21

Filed under: LAW, Title Transfer, , , , , , , , , , , , , ,

Taguig Owns Fort Bonifacio

Filed under: LAW, PAREB e-Bulletin, , , , , , , ,

Does Your TCT or CCT Have This Lien?

Recently, I’ve been encountering Transfer Certificate Titles (TCT) and Condominium Certificate Titles (CCT) with this Lien: Section 4 of Rule 74 of the Rules of Court.  Do you want to learn more about this law?  (Click Here) In a nutshell, I believe it says that you can’t transfer your title to anyone unless the deceased is dead for two years.

I’m beginning to realize that this is a very common encumbrance.  People who inherited property do not mind, or is not aware of, this encumbrance until they sell their property.  It takes at least 2 weeks for this lien to be processed and canceled by the Registry of Deeds.  In addition to those weeks you spend waiting, are the hours you spend traveling and waiting in line for your number to be called.  So, kindly check your Titles.   If you read Sec.4 Rule 74 on it, prepare for it and have it canceled.

You need these:

  1. Owner’s Original copy of TCT or CCT.
  2. Verified Petition to cancel lien.  (Request this from your lawyer who will charge you a professional fee of 3K max.)
  3. A Photocopy of Presenter’s two valid I.D.s  (If you are hiring a real Estate Broker for this, a professional fee of 5K is fair.
  4. Registry of Deeds Application Form
  5. Patience

I have and know people who can work on this.  If your property is located in Metro Manila, Quezon City, we can assist you.  Or, if you have other concerns regarding your title, estate taxes, or transfer taxes, let’s talk.

 

[UPDATE] > Here is a sample/template you may find useful: See Template

Filed under: LAW, Sec.4 Rule 74, , , , , , , , , , , , , ,

PRC Registration Without Examination

This was taken from SEC. 20. of the Implementing Rules and Regulations of Republic Act No. 9646, known as the “Real Estate Service Act of the Philippines”

An applicant for registration without examination must submit the following documents on or before 30 July 2011:

  1. Original and photocopy of Certificate of Live Birth / Birth Certificate (NSO), or valid Philippine passport, or any other proof of citizenship;
  2. Original and photocopy of Certificate of Registration (COR) and / or Professional Identification Card (PIC) or DTI Licenses;
  3. DTI Certification of Rating (for those who passed the examinations but failed to obtain their license);
  4. Original and Photocopy of NBI clearance;
  5. Duly notarized CEP / CPE Certification;
  6. Civil Service Commission Certification, DOP, or any other national government agencies, of GOCC Certification (assessors or government appraisers), or any certification of accredited seminar / training provider;
  7. Appointment papers and service records to prove appraisal or assessment experience (for assessors or government appraisers)/
  8. Original and Photocopy of Marriage Certificate / Contract of Marriage (NSO) (if applicable);
  9. Four (4) passport size colored photos with complete name tag in white background, original and photocopy of community tax certificate (CTC), and surety bond for Real Estate Brokers and private real estate appraisers.

View Application (click here) Courtesy of Realtor Manny Bocaling, PAREB National President

Filed under: LAW, Real Estate Broker, RESA IRR, , , , , , ,

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