Over the last decades, there are few changes in the country’s real estate tax laws. These laws establish the rights of Filipino real estate buyers as well as foreigners. Before buying a property, real estate buyers must understand the real estate tax laws or they can just contact their real estate brokers.
Here are the top 3 common questions on the prevailing real estate tax laws;
- What is the Real Estate Service Act (RESA Law)?
Lamudi.com expounds the RESA law for the benefit of the homebuyers. RESA law defines the professionals who practice real estate services in the Philippines. Real estate professionals are the consultants, appraisers, brokers, appraisers and sales agent. Homebuyers must ensure that they transact with agents and brokers accredited and licensed by the PRC.
- What is the Realty Installment Buyer Protection Act (MACEDA Law)?
This law offers protection to certain homebuyers of property on installments basis. The MACEDA law declares that homebuyers who have paid at least two years in installment should be given a grace period of 1 month without interest in case of inability to fulfill the financial obligations.
- What is the Tax Exemption for Minimum Wage Earners Law ( Home Mortgage Relief Act of 2014)?
It is a law that offers home mortgage interest relief to first-time homebuyers. The purpose of this law is to remove the interest rates of first-time Filipino homebuyers. Hence, it will encourage buying of homes at affordable payment terms.
Homebuyers and the real estate tax laws
The country implements rules and regulations in the real estate sector to protect both the buyers and sellers. In buying real property, homebuyers must understand the prevailing laws to avoid pitfalls. Learn as much as you can to make the right steps.
Do you have other questions on real estate tax laws? Get a help from a licensed real estate broker here.