Transfer a Land Title from a Deceased Parent
In order to have the land title transferred, it needs to be
settled first in what is legally called the Extrajudicial Settlement of the
Estate. The estate is the property involved. The process involves drafting a
contract which clearly indicates how the property will be distributed among the
heirs. This process is also known as "out of court
settlement" because as the term suggests, the heirs will no
longer have to go to court to distribute the properties which the deceased
parent/s left.
An Extrajudicial Settlement of Estate is just one among many
ways to transfer the ownership of assets in an estate to the heirs or
beneficiaries. It is usually completed after someone dies. It avoids costly
litigation for as long as all the beneficiaries agree.
Following Rule 74, Section 1 of the Rules of Court, the
heirs need to secure and execute a Deed of Extrajudicial Settlement of Estate
and Adjudication of Estate with the help of a lawyer. However, all heirs must
get into an agreement, including those who are not interested in the property.
The deed should specify the following information:
✔The
absence of a will.
✔Proof
that the deceased parent/s has no debts left.
✔Name
and relationship to the deceased; Heirs should be of legal age, otherwise,
minors should have a legal representative.
✔Affidavit of self-adjudication,
and deed of extrajudicial settlement of estate and adjudication of the estate (should be signed by all the heirs and
afterwards notarized before
a Notary Public).
✔Description
of the property to be divided among the heirs.
✔Bond
fixed by the court, should there be personal property involved.
After a certain number of weeks, the heirs will have to
obtain the certification and publication and have it affirmed and verified by
the Bureau of Internal Revenue (BIR). They will release a certificate to the
heirs which should be submitted to the Registry of Deeds or Land Registration
Authority.
What are the Steps in the Extrajudicial Settlement
Process?
1. Prepare the necessary documents:
✔ A certified true copy of the deceased’s death certificate
✔Notarized
Deed of Extrajudicial Settlement of Estate, signed by all the legal heirs (
✔Proof
of publication of the notice (
✔Tax
Identification Numbers (TIN) of the deceased and the heirs
✔Other
relevant documents, such as land titles and tax declarations.
2. File the Deed of Extrajudicial Settlement of Estate and
other required documents with the Bureau of Internal Revenue (BIR) in the
Philippines.
3. The BIR will assess the estate tax, which the heirs
need to pay within six months from the date of the decedent’s death. Penalties
and interest may apply for late payment.
4. Secure the Certificate Authorizing Registration (CAR)
from the BIR after paying the estate tax.
5. Register the properties with the appropriate government
agency (e.g., Register of Deeds for land titles) and have the property titles
transferred to the heirs’ names.
6. Pay the corresponding transfer taxes and documentary
stamp taxes to the local government and the BIR, respectively.
Atty. Su
NOTE: This is for informational purposes only and
should not be considered as legal advice.

Comments
Post a Comment