Tag Archives: cebu

Disclaimer: This site not affiliated with Pag-ibig

Posted on May 30, 2008 by engkanta| Leave a comment

It appears from the comments left on articles here that some visitors and readers have mistakenly assumed that this is a Pag-ibig Fund-initiated site.

I’m sorry if some entries here have led some of you to believe that I, the writer, am affiliated with Pag-ibig. Let this post be a formal disclaimer that this site has nothing whatsoever to do with that government agency.

Rather, this blog is a personal initiative that started when my husband suggested that we write about real estate in Cebu. To get more information about real estate transactions, I joined a seminar on the realty profession organized by the National Real Estate Association-Cebu Chapter before starting this site last year.

Since the option to take the real estate examination for brokers came with the seminar, I did that too and passed. I, however, only applied for a broker’s license last month. I was told just last week that my license has been released and I only have to pick it up with the NREA-Cebu Chapter office.

I’m also based in Cebu and can only provide information about real estate units here.

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Taxes on real estate transactions

Posted on August 1, 2007 by engkanta| 14 Comments

Jose Reyes, who works in a call center in Cebu City, has been transferred to his company’s main branch in Manila. He wants to move for good and sold his house and lot in a subdivision in Lapu-Lapu City for 2.5 million pesos.

How much is he required to pay in taxes to government for the sale?

The computation of his tax due depends on whether his property is a capital asset or an ordinary asset.

Capital assets refer to properties that are not used in connection with trade, business, or as an income source by the owner.

An example of a capital asset would be a residential house and lot “actually” used as residence by the owner.

On the other hand, properties used in trade or business or as a source of income by the owners are considered ordinary assets.

The applicable tax in the sale of capital assets is the capital gains tax. The tax rate is 6 percent of either the “price per deed of sale” or “zonal value” in case of land.

Government, in deciding which of the price or the zonal value (fixed by the local government unit) to use as basis in the computation of taxes, always goes for the higher amount.

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Posted in Computations, Terms, Tips

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Oath taking of new real estate brokers

Posted on July 29, 2007 by engkanta| 1 Comment

Last night, we took our oaths as new real estate brokers, vowing to follow the code of ethics of the real estate profession and to place the interests of our clients over our own.

By we, I meant of course me and the 54 others in my review class who passed the licensure examination held in May this year.

Our oath taking was officiated by Zaide Bation, chief of the Trade and Regulatory Division of the Department of Trade and Industry (DTI) in Cebu province. It was held at the Cebu Midtown Hotel in Cebu City.

Realtor Serafin Blanco, a former Mandaue City administrator, in his welcome remarks told of the “opportunities up for grabs” in the real estate profession, citing last year’s 26 percent growth in the real estate sector that roughly translated to exposure of 70 billion pesos.

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Four people you meet in real estate practice

Posted on June 8, 2007 by engkanta| Leave a comment

You see them at malls manning exhibits of subdivision developments, say Filinvest Land Inc.‘s Corona del Mar or Commonwealth Estate Inc.’s Collinwood.

They entertain you during open houses of subdivision or condominium projects and show you around the house models or condo units that are for sale.

They take you “tripping”—the term used in the Philippine realty service to describe the practice of bringing prospective buyers to one or more properties so they can choose what best suits them.

They’re known as real estate brokers and because of the nature of their profession, they need to be a little bit of a PR person, lawyer, accountant, conciliator, geodetic engineer, says Trade and Industry Regulatory Division-Cebu Province chief Zaide C. Bation.

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Into the world of realty service

Posted on June 3, 2007 by engkanta| 2 Comments

One of the first things I’ve learned when I joined a review class to prepare for the Philippine brokers’ licensure examination is differentiating between the “business” and the “practice” of real estate.

Real estate as a business deals with investing money to acquire or improve land and anything attached to it–like a house or a building–and selling, leasing, or using them for other income-generating purposes. Think real estate developers or property investors.

Well, this blog is not about that.

This blog is about the aspect of real estate as a practice. Think real estate salesmen, brokers, appraisers, and consultants. They’re called real estate practitioners and they’re engaged in the realty service practice.

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