30,000 Sqm, 3,620,000 USD
The steps of buying property in Palawan
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 following are frequently asked questions we have received by interested buyers worldwide along with our responses.
Question: Can I come anytime to see the property? What is involved in seeing your properties for sale.
Answer: Yes any time to suit. We just require 48h notice of your arrival before we can confirm the travelling itinerary which would include pick from the airport, the whole trip and back to the airport.All expenses (fuel, hotels etc) incurred by the prospective buyer during the tripping would be deducted from the price of the property upon closing.
Question: I am a foreigner interested in buying a lot in Palawan. Can Foreigners own Lands in The Philippines?
Answer: The answer is yes, although there are some restrictions as to “how” the property is owned by the foreigner. We at Flbfang & Partners are well versed in dealing with these methods via our in house legal department to provide our clients with full rights and control of any property here in the Philippines.
Question: What is the difference between a Titled and a Tax Declaration property?
Answer: Settlement in Palawan has largely taken place over the last 30 years, and much of the land remains untitled. Settlers who have come here have, in many instances, settled on and improved land. In so doing they have also declared the land for tax purposes, and taxes have been charged as if the occupant were an owner of a titled property. Such a property can be sold, so long as the owner has proper documentation, and is referred to as a Tax Declaration property.
The extra security of an official title of deeds will be reflected in the price of a titled property. Tax Declaration properties can be titled later. It is always prudent to seek the advice of a qualified real estate lawyer here in Palawan. A good way to achieve maximum capital gain is to buy the property at Tax Declaration status and Title it yourself, but you will not have this option if it is already titled.
Question: I leave the country twice a year for over a month at a time. Who reliable can I get to look after my property and vehicle while away?
Answer: Traditionally a foreigner would trust this responsibility to his partner/wife’s family or native workers, however we have heard many complaints over the years from these kind of arrangements. A more reliable alternative is to hire a Property Management company to make site visits and email you pictures while away. They can pick up your rent, deposit your money and even pay your bills while you are away. We can provide this service if required.
Question: Who reliable can I use to maintain my property until I am ready to build after I buy it?
Answer: You should hire a professional landscaper while you are away or all year round. There are many months during our summer where we see low amounts of rain. There are many horror stories of whole gardens, flower beds and farms dehydrated and dead due to poor or unknowledgeable gardeners who accidentally destroy the property’s vegetation. A professional landscaping service can clear, maintain and plant all types of tropical vegetation. They should even be able to email you progress update with attached pictures or video. We can provide this service if required.
Question: I see many Islands on sale in Palawan. Some have cottages on the water. How can I get permissions to do this also?
Answer: Most Islands in Palawan are only under a tax declaration. The few Islands that are titled have had applications made and approved for an official certificate of title. An owner can apply for a Special Land Use Permit (SLUP) and if approved will give them special permission to lease the water in front of the property for various uses. We can provide this service if required.