Transferring large amount of money from PI to US (sold house)

[spooks 1,729]

Turbota, it has been helpful just one question which I think needs some clarification baring in mind the levels of low trust that abound around buying and selling anything let alone here in the Philippines.

 

How did the sale transaction get undertaken was it cash, bank cheque or a personal cheque drawn on an obscure Chinese rural bank etc? did the cleared funds and Deed of absolute sale get exchanged in the bank or elsewhere etc?

[smokey 22,069]

Turbota, it has been helpful just one question which I think needs some clarification baring in mind the levels of low trust that abound around buying and selling anything let alone here in the Philippines.

 

How did the sale transaction get undertaken was it cash, bank cheque or a personal cheque drawn on an obscure Chinese rural bank etc? did the cleared funds and Deed of absolute sale get exchanged in the bank or elsewhere etc?

 

 

 

well as his check cleared i guess you missed that part and dont worry about the old rural bank check , i find having houses in both places rather fun.. Like a rolling stone i gather no moss...

[Brucewayne 3,803]

Not to shabby

 

Nice lillte guest house, where's the one you are selling?

[spooks 1,729]

No I did not miss that part. So the buyer gave a cheque over to clear and had nothing to prove ownership? the deed of absolute sale I am thinking would not be released until cleared funds so what protects the buyer in event the deed is not handed over etc

[smokey 22,069]

No I did not miss that part. So the buyer gave a cheque over to clear and had nothing to prove ownership? the deed of absolute sale I am thinking would not be released until cleared funds so what protects the buyer in event the deed is not handed over etc

 

 

 

maybe the buyer came into a hugh amount of cash suddenly some locals seems to be very cash rich... with all the talk of foreigners having money i have to say of all the houses in this subdivision over 10 million peso you will find 80% owned by locals.. and if you break that down you will find locals who own businesses like pawn shops,,, drug stores.. feed milling (rooster ) hardware stores,,, importers ,,, i think 3 of the houses are owned by people in the pawn shop business

[spooks 1,729]

As neither of us know I thought it best to ask and am sure turbota will respond if he wants to

[smokey 22,069]

As neither of us know I thought it best to ask and am sure turbota will respond if he wants to

 

 

 

its possible he dont want to say more in public maybe he will tell you by pm maybe buyers dont want information about them on the internet as well as sellers..

[spooks 1,729]

Sheeez smokey,

 

Turbota came on here and asked about such arrangements and posts invited to contribute. No one is asking about the identities of any of the parties involved just the mechanics.

 

So make it easy Party 'A' the vendor and party 'B' is the buyer, now the sequences of events that DID transpire and not the the theory.

 

There are more than a few of us who live here and have ownership of business and or real estate that may find the information useful, helpful, informative and relevant...then again.

 

Yes, a Pm would be welcome if that is what it will take.

[Turbota 95]

I was in the middle of typing a post concerning this sale, and just before I could hit the damned Post button, this POS computer I am using in the hotel just shut down without even asking so it could restart after downloading a Windows update.

 

Here goes again .....

 

1. After recieving a hand witten agreement signed by the buyer that they would pay a certain amount of pesos for the house, we set a date to exchange the nessesary official documents.

 

2. My realtor prepaired the official Deed of Sale for the sale of my house and lot.

 

3. I needed to have available the Deed of Sale for my lot when I originally bought it from Ayala Land (purchased in my wife's name of course) ... proving that we actually owned the lot.

 

4. The buyer would bring a personal check for the total amount minus the 6% Capital Gains Tax to be paid to the BIR (that Capital Gains Tax would actually be paid by my realtor in my wife's name of course) ... so we did not have to worry about dealing with the BIR ourselves.

 

Note: The amount of money shown on the Deed of Sale is what actually gets reported to the BIR for the mandatory 6% tax ... "What is shown" on the Deed of Sale is the important thing to think about ...

 

5. We all gather at my house and exchange documents and sign whatever needs to be signed. (this is kinda like the "Closing" in the US)

 

6. I also get the buyers personal check for the house purchase minus the 6% Capital Gains Tax at this time.

 

7. I go to the bank and put it into my wife's Peso account.

 

8. 2 days later, the check clears, and we give the new owners the keys to the house.

 

9. The next day, our realtor meets us at our bank and we pay her the 4% commission in cash.

 

That's about it .... really very simple.

 

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Edited November 29, 2012 by Turbota