WHAT THEY DON’T TELL YOU

Last Updated: 10 November 2017

1. Registering yourself as a Lessor with the BIR will subject the future sale of ALL your properties to VAT.

2. When buying pre-selling lots, there’s a possibility that a Meralco transformer will be placed right in the middle of your frontage or that you’ll find a tree in the middle of your lot. Moving these immoveable objects will be at your own cost.

3. To the east of Rockwell Center Makati is Barangay Guadalupe Viejo. Marching band practice occurs every Saturday and Sunday in the afternoon and is quite noisy for the buildings located in the East Bloc of Rockwell Center.

4. Park Terraces in Ayala Center has not determined the proper association dues to charge since unit owners found the original proposals to be too high (Php160+/square meter). For now, a provisional fee of Php75/square meter is charged while they determine an appropriate figure.

5. Some residential condominium buildings in BGC have LEASEHOLD arrangements for the land the buildings sit on. This means that the condominium corp. (and ultimately the unit owners) are simply leasing the land from the developer on a long term basis (as opposed to actually owning it).

6. It’s best to keep the architectural plans of your house. Having them on hand helps prospective buyers calculate how much they have to spend to renovate the place.

7. Before renting out/purchasing a condo, test your mobile phone’s signal in the unit. Some condos have excellent reception while others don’t. It will be quite frustrating if you have to keep on going out the balcony to take a call.

8. Some developers charge real property taxes even if the title is still in the developer’s name (and not under the buyer’s). Paying real property taxes is a requirement for the developer to process the title to the buyer’s name.

9. Some condos in Metro Manila take years to deliver the Title to the buyer. This makes it hard for the current owners to sell these properties.

10. Paying taxes to the wrong BIR Revenue District Office (RDO) will is termed by BIR as “misvenue”. Unless another payment is made to the correct RDO before the respective deadline, tax payers will be subject to the 25% penalty. The payment to the wrong RDO may still be refunded by the tax payer through tax credits.

Disclaimer: This material, which is strictly for information purposes only. The views and opinions expressed in this article are those of Juan Patag’s and do not necessarily reflect the position of RE/MAX Capital, any other RE/MAX franchise, or of Rockwell Land. Any information is subject to change without prior notice. No liability whatsoever is accepted for any loss that may arise (whether direct or consequential) from any use of the information contained herein. Information Each RE/MAX franchise is independently owned and operated.

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