List of Title Transfer Requirements 2023 You Must Prepare for the Process
TITLE TRANSFER REQUIREMENTS 2023 PH – Listed below are the documents needed in processing for the transfer of a land title.
More and more people are aspiring to purchase a residential property they can call their own. It can be a vacant lot, a house and lot, a condominium unit, a townhouse, or another type of property. Indeed, residential properties, specifically the lot, can be a good investment.
However, it is important to be aware prior to a property purchase that it will involve a lot of process. You got to have the time, money, and energy. Meanwhile, all processes are part of what should be done for the legality of the transaction and to set a cclear transfer of the property’s ownership.
Part of the process is the transfer of the land title. It is done at the Registry of Deeds (ROD) or the Land Registration Authority (LRA) nearest to where the property is. This is done whether you paid for the property purchase in full cash or have it under mortgage. In the case of the latter, the seller or owner must agree to have it transferred to your name.
Each phase of the process has its own set opf requirements. You also need to prepare for the Transfer of Title cost. Most often, the fees are shared by the seller and the buyer but the LRA fees are usually shoulder by the buyer or new owner of the property. It all boils down to the agreement made between the seller and the buyer of the property.
There are also title transfer fees that you must be prepared of. These fees are usually shared by the seller and the buyer of the property depending on the agreement between the two (2) parties.
With regards to the title transfer requirements 2023 set by the ROD or LRA, you need to prepare and submit the following documents:
- Electronic Certificate Authorizing Registration (eCAR)
- Deed of Conveyance
- Latest Tax Declaration
- Deed of Absolute Sale
- Birth Certificate
- Copies of IDs of all signatories
- Official Receipt of Notary Public used to notarize the Deed of Sale
- Certificate of No Marriage or Marriage Certificate
- Clearances from the Home Owners Association, if applicable
- Certified True Copy of the Original Land Title
- Tax Clearance
You need to secure the Electronic Certificate Authorizing Registration (eCAR) from the Bureau of Internal Revenue (BIR). There are requirements for eCAR application at BIR that you must also prepare and submit to the tax-collecting bureau.