“I'd rather regret the things that I have done than the things that I have not.”
― Lucille Ball

Wednesday, September 22, 2010

Yeah!! We got it.

Yesterday, 21 September, was a day to remember. 

We went to the bank in Dagupan to withdraw our money (in cash) to pay the owner of the lot/property that we purchased from him. According to Philippine habit a lot of "witnesses" were brought in. Apart from the buyer (my wife), the seller, the attorney and myself, the following persons were present:

1. Bank manager's assistant
2. My brother in law
3. My mother in law
4. My auntie (sister of my mother in law)
5. The wife of the seller
6. Two sons of the seller 

Missing was the manager of the bank, Mr. Henry, who had promised to be present. It was said that he was delayed because of the heavy rains we had yesterday, so the manager's assistant helped us.

When the money was made available and the pasbook updated, we deducted the amount required for taxes and fees, transferred the remaining amount to the seller, the deducted amount to the attorney and he made some legal statements that the money was transferred.

Total costs for taxes, attorney and surveyor fees was about 10%, of which we had agreed on already to divide it between seller and buyer. 
The following list shows the taxes that are included:
  • Capital Gain Tax        6.00%
  • Document Stamp Tax 1.50 %
  • Transfer Tax               0.50%
  • Registration fee           0.25%
  • Sales Tax                    0.50%
According to our attorney it will take from now on a month to transfer the title. Meanwhile we will start to produce the paperwork for applying for a building permit (City Hall) and start preparing building the fence.


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