Primary Residence Tax Exemption – BIR Requirements

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primary residence

hello everyone,

just to advise you on a recent transaction wherein a client is going through primary residence tax exemption.  Bureau of Internal Revenue ( BIR ) is now very strict on their requirements.  we recommend you check with the respective Revenue District Officer ( RDO ) where the property is located and confirm their requirement so you don’t waste your time going back and forth if you’re doing liason yourself.  of course, you have to go through the bank requirements for escrow also.  so far the documents needed by BIR are as follows :

1) barangay clearance

2) PROOF OF BILLING ( telephone, water, cable, etc ) ( this is now a MUST )

3) sworn statement of intent

4) certificate of escrow deposit

5) escrow agreement ( bank, RDO & seller )

6) certificate authorizing registration ( when property was originally acquired )

7) deed of absolute sale

8) capital gains tax form & receipt

9) documentary stamps tax form & receipt

10) certified true copy of title

11) certified true copy of tax declaration

PLEASE TAKE NOTE THAT THIS IS JUST FOR THE PORTION OF SUBMITTING DOCUMENTS IN ORDER TO QUALIFY FOR PRIMARY RESIDENCE TAX EXEMPTION.  ADDITIONAL REQUIREMENTS WILL BE NEEDED WHEN THE SELLER / TRANSFERROR ACTUALLY APPLIES TO GET THE REFUND !  BLOG ON THAT WILL FOLLOW ….

be advised that Banco de Oro is no longer doing escrow.  we’ve been using Metrobank since then and they have been efficient !

should you have a comment or something you could add on to this blog, please let me know.  thank you for visiting my website and have a pleasant day  ….

Robert G. Sarmiento Properties
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