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Philippines/regard to tax declaration
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Question
Hello Bill and Lorna Collings,
We Ilenia and Stephen of Italian nationality. We and some friends would like to take a piece of land on which there is no property title, but it's tax declaration. We would like to ask what advantages and disadvantages you have to accept this type of contract. Thank you in advance for your help.
Regards
Ilenia e Stefano
Generally speaking a Tax Declaration is considered PROOF of OWNERSHIP, We have owned properties, rented them and bought and sold properties over the lasdt 20+ year and never delt with a TITLE other than a small condominium here in Manila. Lots of "agents" will try to tear down a properties' value by pointing out " IS IT TITLED?" suggesting they can get a discount or their expenses to get it titled be deducted from the deal ( NEVER HAPPENED YET! but nice try). We have prospered from "taking the chance" of investing in land withOUT Title so it's really up to you and your wife's decision. Mostly ONLY the ELITE Filipinos have Land Titles and they SELDOM give a good deal to a prospective buyer / investor. So if you plan to buy land from the original family heirs it's hopeless to buy with a title but you can get a great deal but if you buy a house & lot from a developer of a sub-division or condo building then INSIST on a TITLE.
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Answers by Expert:
Bill and Lorna Collings
Expertise
Feel FREE to ask us about traveling, living, relocating, retiring and investing in the Philippines. Guests from 83 countries make our place in Manila an incredible meeting place for world travelers who exchange travel stories and information. We understand both the joys and the hardships of living and traveling in the Philippines.
Experience
I arrived in the Philippines in January 1980 to travel for 2 months; I stayed 4 months before reluctantly leaving. I met my Filipina wife, Lorna. an incredible stellar, "one in a million" individual in 1983 in Seoul and we moved to the Philippines in 1986 and opened our 3BR house to world travelers on a budget. After welcoming thousands of guests from 83 nations our place has grown to 30 bedrooms but will never lose its "Home away from Home" atmosphere. Almost everyday at The Townhouse Hotel there's a party-like social scene with vibrant, almost magical energetic conversations between our guests who have the pleasure to meet each other and share their life's many experiences. Sometimes. three groups with conversations in different langauges are going on at the same time.
So we've been exposed to every kind of person from all over the world and shared their experiences.
Publications
Suite101.com, eDreams.com, expertcentral.com ( who asked me to apply with allexperts.com since About.com has bought both companies and are in the process of integrating them)
Education/Credentials
some college 2-1/2 years - no degree - I've been traveling since I was 18, almost 30 years.
Awards and Honors
Luckily, my wife and I have been semi-retired since we were 30 years old, more than 15 years.
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