How does the Transfer of Ownership work? What documents do I need for a successful transfer of ownership?
First and foremost, transfer of ownership can only commence when the unit has been fully paid. Once it has been paid, DMCI Homes will take the following steps to process the transfer of ownership:
1. Deed of Absolute Sale (DOAS)
DMCI Homes will issue to the unit owner a Deed of Absolute Sale once the owner has completed their payment term and fully paid for the unit
2. Clearance to Transfer (CTT)
After paying the necessary taxes, DMCI Homes will then submit all proof of payment to the Bureau of Internal Revenue, and in turn, the BIR will issue a Clearance to Transfer the Title (CTT) from the company to the buyer.
3. Issuance of New Title
DMCI Homes will then bring the DOAS and the CTT to the Register of Deeds where the property is located. After transfer fees are paid, then the Registry will issue a new Title naming the buyer as the owner of the unit.
4. Transfer Expenses / Registration Expenses
Please note that except for the creditable withholding tax, all taxes, transfer, or registration expenses are shouldered by the buyer. A Statement of Account will be sent to you listing the taxes and expenses to be incurred. |
