This is a tax imposed on any mode of transferring the ownership of a realproperty, either through sale, donation, barter, or any other mode.
This varies to a low of 0.5 percent to a high of 0.75 percent of the zonal value of selling price of the property, whichever is higher, depending on the municipality where the property is located. To determine the exact amount, the buyer should consult with the City or Municipal Treasurer.
This fee is paid for the registration of a deed of sale, conveyance, transfer, exchange, partition, or donation of a real property and is paid to the local Registry of Deeds or Land Registration Authority where the property is located.
To make the calculation simple, let’s use Php1.7 million as the property’s selling price, an amount that incurs a registration fee of Php8,796. However, if the property’s selling price exceeds Php1.7 million—for example, Php2 million—the buyer will add Php90 for every Php20,000 in excess of Php1.7 million. Hence, the Registration Fee for a property worth Php2 million will be Php10,146.
The Deed of Absolute Sale should be also notarized, which requires a fee of about 0.1 to 0.15 percent of the property’s selling price.
The steps of buying property in Palawan
- Select preferred method of purchase (3 options)
- Property transaction
- Notaries, Taxes and other instituional fees are paid (standard taxes, fees and their administration are included in our service)
- Ownership certificate handed over