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Free Guide to Hiring a Real Estate Lawyer
Conveyancing refers to the legal process of transferring ownership of real property from one party to another. In Mandaluyong City, as with the rest of the Philippines, conveyancing involves a series of steps to ensure that property transfers are conducted legally and without future disputes. This process typically includes preparing and reviewing documents, conducting due diligence on the property, securing necessary permits, and registering the transaction with government agencies. The goal is to provide both buyers and sellers with security and legal protection during property transactions.
While some property transactions may seem straightforward, conveyancing can be complex due to the numerous legal requirements involved. You may need a lawyer if you are:
Legal assistance helps ensure all documents are properly executed, taxes and fees are paid, and your rights are protected throughout the transaction.
Conveyancing within Mandaluyong City is governed by several national and local statutes, as well as regulatory policies. Key legal aspects include:
All property transfers must be registered with the Registry of Deeds in Mandaluyong City. The City Assessor's and Treasurer's offices are involved in assessing and collecting taxes and transfer fees.
The first step is usually due diligence, which includes verifying the property's title, checking for liens or encumbrances, and confirming that all taxes are paid. It is essential to ensure the seller truly owns the property and that there are no legal impediments to the sale.
Traditionally, the seller pays the Capital Gains Tax, while the buyer handles the Documentary Stamp Tax, Transfer Tax, and Registration Fee. However, parties may agree otherwise in their contract.
The process can take several weeks to months, depending on document completeness, government processing times, and the presence of any legal complications.
Foreigners are generally not allowed to own land in the Philippines. However, they may own condominium units under certain conditions or acquire property through a corporation with a majority Filipino ownership.
Commonly required documents include the original Certificate of Title, Deed of Sale or other transfer instrument, Tax Declaration, Tax Clearance, Transfer Tax Receipt, Documentary Stamp Tax Certificate, and IDs of both parties.
Verifying the title ensures that the property is free from encumbrances, such as mortgages or liens, and that it is not subject to claims from other parties. This helps avoid future disputes and financial losses.
Unpaid taxes must be settled before a transfer can take place. The City Treasurer's Office will require proof of payment before proceeding with the issuance of necessary clearances and permits.
The transaction is only fully secure once the Deed of Sale is registered with the Registry of Deeds and the title has been officially transferred to the buyer. Registration protects your legal ownership rights.
Issues include unclear or missing documents, disputes among heirs, properties with informal settlers, differences in property descriptions, and unexpected taxes or fees. A lawyer can help resolve these challenges.
While it is possible to handle some transactions independently, legal guidance is highly recommended due to the complexity and possible risks involved in conveyancing. A lawyer can help protect your interests and prevent costly mistakes.
If you need more information or assistance, the following organizations and offices in Mandaluyong City and nationwide can be helpful:
If you are considering or are already involved in a property transaction in Mandaluyong City, take the following steps:
Securing legal advice from the start can protect your rights, prevent disputes, and help ensure a smooth and lawful conveyancing process in Mandaluyong City, Philippines.
