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6StepsinSettlingtheEstateofaDeadPersoninthePhilippines|REALTTORNEY
butinthisworldnothingcanbesaidtobecertain,except
deathandtaxes.
BenjaminFranklin,inalettertoJeanBaptisteLeroy,1789
ByRealttorney
With property values rising in the last 6 months, more and more
sellers are motivated to sell real properties to get the maximum
amountofmoneyfortheirbenefit.Theriseinpropertyvaluesisnot
limited only to the National Capital Region, but to all urban and
suburbanareasinvariousprovincesinLuzon,VisayasandMindanao.
Itisafactthattherearenumerousrealpropertiesforsalethatare
stillregisteredinthenamesofthedeceasedparent,grandparentor
nextofkin.Aslicensedrealestateservicepractitioners(RESPs),we
knowthatwhentheregisteredownerofarealpropertyisdeadthe
samecannotbetransferredtothenameofthebuyeruntiltheestate
ofthedeceasedpersonhasbeensettled.
To elucidate, settling the estate of the
deceased means the declaration of all
the properties of the deceased real
and personal and payment of the
correct estate taxes on all the declared
properties with the Bureau of Internal
Revenue(BIR).Nopropertyinthename
of the deceased can be transferred to the name of another person
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withoutthesettlementoftheestatewhethertestateorintestate.
RESPsshoulddissuadetheirsellerclientsfromresurrectingthedead
tomakeitappearthatthedeceasedexecutedthedeedofsaleofthe
property just to pay capital gains and evade the payment of estate
taxes.
The savings made on paying capital gains tax only is not worth the
troubleofaBIRinvestigation.Itisnotgoodforyoursellerclientas
wellastotheRESPswhoadvisedsuchamodeoftransfer.
Do what is right. Prepare the documents for the extrajudicial
settlementoftheestatewhentherehasbeenorpriortoameeting
ofthemindsbetweenthebuyerandseller.
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30 Comments
Ines G. Miguel on July 23, 2014 at 20:34
CLARIFICATION WHERE TO FILE ESTATE TAX OF A DEAD OFW
Sir:
My sister Imelda Galate died June 6, 2014 in Canada but a resident of
Sayangan, Paoay, Atok, Benguet. She work in Canada for almost 7 years
and went home March 2014 to attend his Sons graduation. Where will
we le estate tax is it BIR CAR of BIR Quezon City?
Thank you.
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Atty. Jojo
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6StepsinSettlingtheEstateofaDeadPersoninthePhilippines|REALTTORNEY
Hi Ms. Irene,
Thank you for your email. For the answers to your queries,
please read the latest article I just posted. Kindly click here for
the link: The 1st Thing You Have To Do in Settling the Estate of a
Deceased Person
Atty. Jojo
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6StepsinSettlingtheEstateofaDeadPersoninthePhilippines|REALTTORNEY
My question is, if I buy this property can I have it registered and titled
later on? If so, how?
Thank you very much for your help.
Reply
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