Save Ink The Way We Print

Good news for those who uses their printer a lot often for there is another way of prolonging the life of ink, thus saving more to our wallet. This is by changing the font the way we print our documents. Instead of using the common font Arial, why not switch to Century Gothic which is still readable. Research found out by Printer.com that Century Gothic uses about thirty percent less ink than Arial. Other popular fonts are Times New Roman, Calibri and Verdana.

More info could be find at GMA News

My Real Estate Buying Checklist

I know how complicated it is in buying property considering the amount of documents I needed to produce. Hopefully, this will ease my stress and make it quick and simple in doing my real estate transaction. Here is my checklist which I used to print out in conducting my transaction from sales, documentation to registration.

STEP 1: CITY/MUNICIPAL ASSESSOR’S OFFICE

SECURE THE FOLLOWING:
1.  Certified True Copy of Tax Declaration if house and lot
2.  Certificate of No Improvement for a vacant lot
3.  Original Copies of the above – 1 for BIR and 1 for Register of Deeds

STEP 2 : CITY/MUNICIPAL TREASURER’S OFFICE
 Obtain a TAX CLEARANCE from the City/municipal Treasurer’s Office. In order to secure a Tax Clearance, Real Property Tax payment must be current as of date of document of sale.

STEP 3: BUREAU OF INTERNAL REVENUE

Must pay the following in BIR:
1.  Capital Gains Tax (6%)
Capital Gains Tax and Documentary Stamps Tax shall be based on Selling Price as written on Deed of Sale
2.  Documentary Stamps Tax (1.5%)
Market Value of Tax Declaration, or BIR Zonal Value, whichever is higher.
Requirements:
1.  Photocopy of Certified True Copy of Transfer Certificate of Title
2.  Certified True Copy of Latest Tax Declaration
3.  Real Estate Tax Clearance
4.  Original and two (2) Photocopies of Deed of Absolute Sale
5.  Certificate of No Improvement from the Assessor's Office if vacant lot.

Additional Note:
a. Payment for Capital Gains Tax and Documentary Stamps Tax shall be in cash or in managers check, to be paid to the BIR Regional office or BIR-authorized banks where property is located.
b. Capital Gains Tax shall be filed and paid to the BIR within thirty days from date of sale.
c. Documentary Stamps Tax shall be paid on or before the 5th day of succeeding month from the date of sale.

STEP 4: CITY/MUNICIPAL TREASURER’S OFFICE
Pay the Transfer Tax at the Treasurer's Office.
Requirements:
1.  Photocopy of Deed of Absolute Sale
2.  Photocopy Transfer Certificate of Title
3.  Photocopy of Tax Declaration
4.  Photocopy of Real Estate Tax Clearance

Transfer Fee is 1/2 of 1% of Selling Price or Market Value of Tax Declaration, whichever is higher

STEP 5: REGISTER OF DEEDS
Submit to the Register of Deeds where property is located the following documents:
1.  Owner's Duplicate Copy of Transfer Certificate of Title
2.  Deed of Absolute Sale (3 copies)
3.  Certificate Authorizing Registration from the BIR
4.  Transfer Fee Receipt
5.  Photocopy of Real Estate Tax Clearance
6.  Photocopy of Tax Declaration or if vacant lot, Certificate of No Improvement

A NEW TITLE UNDER THE NEW OWNER’S NAME WILL BE RELEASED BY THE Register of Deeds

REMINDER: The owner or the broker as authorized by the owner should be the one to present the above documents to the Register of Deeds because the new TCT shall be released only to the presenter of the above documents

STEP 6: CITY/MUNICIPAL ASSESSOR’S OFFICE
Secure from the Assessor's Office a new Tax Declaration.
Requirements:
a. Photocopy of Transfer Certificate of Title under the new owner’s name, duly authenticated at the Assessor's Office
b. Photocopy of Deed of Absolute Sale
c. Real Estate Tax Clearance

IMPORTANT:
Always bring Certified True Copies of the documents as well as necessary receipts to avoid inconvenience in case you will be required to present them.