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Hi
I would like to post a question with regards sa Real Estate Tax
As my father had invested in a condo unit, in which he was offered to have the downpayment to be paid in 3 years and after the remaining balance shall be loan on the bank. On reaching almost the 3rd year on paying the downpayment, my father had passed away. Since my father had died before he can even loan the remaining balance i had to step in pay the remaining balance for the downpayment.
The property is named together with my mother as a conjugal property, but since my mother had no source of income she cant loan on to the bank. The other option is to have it transferred to me so that i can apply a bank loan and able to save the property.
The said property during my father had died is not even ready yet for handover, as we are trying to have it transferred to me the developer said ,real estate tax must be settled before it can be even transferred.
So the question is
1) Is it necessary to have the real estate tax to be paid after my father had died, even if it the said property has not yet handover/turnover to him, as the development has not been completed during the time he had died, furthermore my mother is also named on the document a co-owner.
2) If the real estate tax is to be paid how much will be it's total cost (e.g. condo =php 2,900,000)
Thanks and best regards
I would like to post a question with regards sa Real Estate Tax
As my father had invested in a condo unit, in which he was offered to have the downpayment to be paid in 3 years and after the remaining balance shall be loan on the bank. On reaching almost the 3rd year on paying the downpayment, my father had passed away. Since my father had died before he can even loan the remaining balance i had to step in pay the remaining balance for the downpayment.
The property is named together with my mother as a conjugal property, but since my mother had no source of income she cant loan on to the bank. The other option is to have it transferred to me so that i can apply a bank loan and able to save the property.
The said property during my father had died is not even ready yet for handover, as we are trying to have it transferred to me the developer said ,real estate tax must be settled before it can be even transferred.
So the question is
1) Is it necessary to have the real estate tax to be paid after my father had died, even if it the said property has not yet handover/turnover to him, as the development has not been completed during the time he had died, furthermore my mother is also named on the document a co-owner.
2) If the real estate tax is to be paid how much will be it's total cost (e.g. condo =php 2,900,000)
Thanks and best regards
