When buying property, you don’t just consider the actual price. There are other expenses involved, mostly related to documentation and taxes.
It’s always best to seek professional advice from a real estate agent who knows and understands the market. An experienced RE/MAX agent can help answer your questions about purchasing property and the additional expenses you will incur. These additional expenses can be quite substantial and complicated. Thus, you will need expert advice and even representation for this.
Once you’ve zeroed in on the property, you can contact a broker or agent to represent you. Having a broker or agent represent you in a property purchase means a professional will take care of important details and aspects of the sale. Brokers and agents from RE/MAX will also use all their resources and knowledge to help you find the property you’re looking for at the price you want.
The broker or agent will also help you in other aspects of the sale, such as scheduling a site visit so you can inspect the property and talk to the seller if you choose to do so. The broker or agent will also give you a checklist of questions to ask and accompany you on the site visit. They are basically your teammate in this purchase, and it is their job to help you make informed decisions every step of the way.
After you’ve decided to purchase the property, the broker or agent will give you a quotation and inform you of the payment terms. You will need to put down a reservation fee if you are serious about your intent. After that, a down payment of 20% is usually expected from the buyer. The reservation fee is incorporated into this down payment.
Here are the other fees you will need to pay on top of those already mentioned:
Notary fee
This represents 1-2% of the property value. This amount will go to notarizing the Absolute Deed of Sale and other documents related to your purchase.
Local Transfer Tax
The Local Transfer Tax is usually around 0.50% of the property value for provincial properties and 0.75% for properties within Metro Manila. This is paid to the local government unit for transferring the ownership of the property from the seller to you.
Registration Fee
This varies, but it usually starts at around 1% of the selling price. This is paid to the Register of Deeds in the LGU where the property is located.
Transfer Tax
This tax is imposed by the local government unit on the sale, donation, barter, or any other means of transferring ownership of a real property. The rate depends on the city where the property is located. In Metro Manila but it usually starts at 50% of 1% of the selling price of the property. This tax is paid to the treasurer’s office of the LGU.
Capital Gains Tax
This is one of the biggest amounts you will shell out, aside from that of the property price. The Capital Gains Tax represents 6% of the total selling price, zonal value, or fair market value of the property, whichever is higher. This payment is made to the Bureau of Internal Revenue office where the property is located;
Miscellaneous fees
These include certification fees to be paid to the BIR or to the LGU and the expenses you will incur in copying documents.
For more information about RE/MAX, visit their website at https://www.remax.ph/ and follow and like their Facebook pagehttps://www.facebook.com/officialremaxph/
FAQs
Journalists use these eight news values to answer "who cares": timeliness, proximity, impact/consequence, prominence, conflict, human interest, currency, and novelty.
When can you say your report is complete? ›
Complete.
The report is complete when it is a complete word picture of the incident, there are no questions left unanswered by the reader, officer actions are explained and justified by the contents of the report, and both supporting and conflicting information is included.
What are the 8 news values and definitions? ›
The secret to getting those news placements is in understanding this news values list: impact, timeliness, prominence, proximity, the bizarre, conflict, currency and human interest. The newsworthiness of a story is determined by these eight guiding principles.
What are the 7 elements of newsworthiness? ›
The most important aspects in order to determine newsworthiness include timeliness, significance, proximity, human interest, conflict, novelty, and prominence.
Which two news values do journalists argue are the most important? ›
Here's the best way to solve it. Journalists argue that the two most important news values are timeliness and impact.
What does 30 mean to journalists? ›
In journalism, the number 30 is traditionally used to indicate the end of the report or story that is being forwarded for editing or typesetting for publication. No one knows how this tradition started and why it continues to this day.
What is the golden rule of news writing? ›
Write a strong first paragraph.
Assume that a reporter will only read the first sentence or paragraph of your story and make a quick decision about whether it's worth pursuing. In that very first paragraph you must communicate your message in a way that has them hungry for more.
What is the 5w rule in journalism? ›
One of the best practices for writers is to follow "The 5Ws" guideline, by investigating the Who, What, Where, When and Why of a story.
How long should a detailed report be? ›
While reports can vary greatly in length, with shorter reports containing 7-15 pages and longer reports ranging anywhere from 30-50 pages or more, the length tends to depend on your topic. Shorter reports focus on one single topic with longer reports covering multiple.
Can police tell you who reported you? ›
Unless there is a state law or a agency policy requiring it, no the police do not have to tell you a thing about someone reporting you.
hard news, journalistic style and genre that focuses on events or incidents that are considered to be timely and consequential to people locally, regionally, nationally, or internationally. Traditionally, hard news covers topics such as politics, international affairs, economics, and science.
What is the structure of the news? ›
News articles are written in a structure known as the “inverted pyramid.” In the inverted pyramid format, the most newsworthy information goes at the beginning of the story and the least newsworthy information goes at the end.
What are media ethics? ›
Media ethics promotes and defends values such as a universal respect for life and the rule of law and legality. Media Ethics defines and deals with ethical questions about how media should use texts and pictures provided by the citizens.
What factor is not used in determining newsworthiness of a story? ›
What factor is NOT used in determining newsworthiness of a story….? stressing speed and timeliness in gathering and reporting the news.
What is the difference between newsworthiness and news values? ›
News values influence how a story is written
It is not just unexpectedness that can be used to present a topic/issue as 'newsworthy' – the other news values can also be established through skillful writing. Satisfying more than one news value can increase the newsworthiness of a story.
Where did the newsworthiness values come from? ›
The first in-depth study of news values was undertaken by Galtung and Ruge (1965), who established a list of 12 factors that together determine the news value of a story.
What is newsworthiness in law? ›
Courts generally find social value in topics such as crimes, accidents, deaths, fires, police activity, entertainment events, and activities of public officials; therefore, they are typically considered newsworthy.
