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vguy

When selling a condo

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vguy

I have someone wanting to buy a condo i have in cebu city.

does anyone know how capital gains tax works ,  my  net selling price is 2.6 million , how much roughly would i have to pay.

Agents always say they can adjust it and write down the selling price as lower for capital gains tax so you pay alot less. is this safe ?

Anyone sold a condo , anything else i need to be aware of ..... always unlpleasent surprises when dealing with condos i know

 

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Alfred E. Neuman

Supposedly the seller is supposed to pay for the capital gains tax, but this is the Phils. so the buyer will pay.

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Dafey
30 minutes ago, Alfred E. Neuman said:

Supposedly the seller is supposed to pay for the capital gains tax, but this is the Phils. so the buyer will pay.

Yes...but he'll ask that the reported price is much lower to lesson the tax amount.

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Flakes

Usually buying a condo is quicker then selling a condo.

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RangerUp
3 hours ago, Flakes said:

Usually buying a condo is quicker then selling a condo. 

Doesn't buying a condo include someone selling a condo?

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Flakes
2 minutes ago, RangerUp said:

Doesn't buying a condo include someone selling a condo?

Yes it does..

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RangerUp
16 minutes ago, Flakes said:

Yes it does..

Buyer and seller, involved in the same transaction...

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Flakes
3 minutes ago, RangerUp said:

Buyer and seller, involved in the same transaction...

For me my buying process is almost always going faster then my selling process.

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Aerosick

We just sold one of our condos. In our CTS it states:

Capital Gains Tax and Real Estate Tax, shall be for the account of the SELLER/VENDOR;

Documentary Stamps Tax, Registration Fee, registration expenses, and all other miscellaneous fees and expenses shall be to the account of the BUYER/VENDEE.

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A_Simple_Man
11 hours ago, Aerosick said:

We just sold one of our condos. In our CTS it states:

Capital Gains Tax and Real Estate Tax, shall be for the account of the SELLER/VENDOR

But what happens if the Seller/Vendor does not bother to pay it?  Does a lien go against the property that the purchaser now "owns"?

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Davaoeno

I like to deduct the tax from the payment to the seller .  

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Davaoeno
11 hours ago, Aerosick said:

We just sold one of our condos. In our CTS it states:

Capital Gains Tax and Real Estate Tax, shall be for the account of the SELLER/VENDOR;

 

Documentary Stamps Tax, Registration Fee, registration expenses, and all other miscellaneous fees and expenses shall be to the account of the BUYER/VENDEE.

And it is always best to put the split in writing- as it is in your case.  It is of course  impossible to negotiate anything different now that you have already signed it

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Aerosick
11 minutes ago, A_Simple_Man said:

But what happens if the Seller/Vendor does not bother to pay it?  Does a lien go against the property that the purchaser now "owns"

 

3 minutes ago, Davaoeno said:

And it is always best to put the split in writing- as it is in your case.  It is of course  impossible to negotiate anything different now that you have already signed it

My wife has known the buyer for 30+ years. We trust her completely!

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SkyMan
15 hours ago, Davaoeno said:

If it doesnt get paid at the time of sale the BIR will come after the seller .

I didn't think they came after anyone, just increase the fees and therefore a larger and larger lien on the property.

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