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1.) The children or child of the deceased parents needs to execute a Deed of Extra-judicial
Settlement of the Estate from a lawyer.
All the children should enter in an agreement on how to distribute or dispose the properties (e.g. land).
3.) Get the Affidavit and Certification of the Publication in the newspaper and bring these
documents to the Bureau of Internal Revenue (BIR).
The BIR will issue a certificate that you should bring to the Land Registration Authority or in the Registry of Deeds
in order to file a transfer of title.
The family members should transfer it as soon as possible after the execution of the Deed of
Extrajudicial Settlement of the Estate. You need to pay Estate Tax. And if you're late in paying this
tax, you will be charged 25% on the tax amount and another charge of 20% interest per year.
1. Estate Tax. Plus 25% on tax amount (if paid late - after due date) and another 20% interest
per year.
2. Documentary stamp tax (1.5% of the zonal or market value whichever is higher).
3. Transfer tax/fees (ranges from 0.5% to 1% of the consideration/zonal or market value
whichever is higher).
What if you didn't pay the Estate Tax in 10 years? Are there penalties?
Yes. You're going to pay a service charge of 25% of the tax amount plus 20% interest per year. You
should pay it as soon as possible or as early as possible. If you ignore it for many years, the total
charges plus interest will add up until the amount becomes greater than the current market value of
the property.
Are you having a problem in transferring your parents' land title to your name?
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more: http://www.affordablecebu.com/load/real_estate/how_to_transfer_a_land_title_from_a_deceas
ed_parents_in_philippines/43-1-0-30273#ixzz53ecyOlV8