Steps in Transferring Title from Seller to Buyer Upon Full Payment of Mortgage
Steps in transferring title from seller to buyer upon full payment of mortgage.
The following are the steps in transferring title from seller to buyer upon full payment of mortgaging of property
1) Land Tax Division – City Hall – seller should pay the quarterly real estate tax for the issuance of tax clearance. The requirements are the previous real estate tax and tax declaration. Processing time: one to a few days
2) Tax Clearance Division – City Hall – if the realty tax is paid, the division issues tax receipt. The requirements are the same as in the tax clearance division. Processing time: One to a few days
3) Transfer Tax Dvision – City Hall – Issues the transfer tax from seller to buyer. The requirements are the original and photocopy of seller’s title, Deed of Absolute Sale and Tax Declaration of the seller. Processing time: One to a few days.
4) BIR – Located at Barracks for the north, or Mambaling for the south. Also in Mandaue City. Issuance of BIR certificate if Docs stamps and EWT are fully paid. Requirements are docs stamps, EWT forms, original and photocopy of the seller’s title, and Deed of Absolute Sale, License to Sell, Certificate of Registration, CREBA certificate, Tax Declaration and form 1902 if the the buyer has no Tax Identification Number (TIN). Minimum processing time is one month since BIR will have to inspect the lot or house and lot.
5. Registry of Deeds. Located at Capitol, Cebu City. Also in Lapu-lapu City. Transfers the ownership of the title from the seller to buyer. Requirements are the deed of absolute sale, Secretary’s certificate, BIR certificate, Docs Stamps, EWT forms, technical description and transfer tax. Minimum processing time is one week.
6. Assessor’s Office – City Hall – Transfers the tax declaration from the seller’s name to the buyer’s name or account by cancelling the seller’s name. Requirements are: photocopy of the title, under the buyer’s name, BIR certificate, Deed of Absolute Sale, Trasnfer tax, Tax Declaration under the seller’s name, and the updated real estate tax receipt under the seller’s name.