Name change on title

A

audboogie

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Jul 4, 2004
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A few years back my husband sent money over and had his mom buy land. After some discussions we decided it was best if we have the title of the land changed from his mom's name to his name. He went to lawyer the other day who told him it would cost 25,000 pesos to do this. Now that to me is outrageous. He thought so to and is going to go to the company from whom he bought the land and find out whats going on, but i thought i'd ask if anyone here has ever transferred a name on a title and if so does it really cost that much??? Is it some tax?
 
L

laurapasinifan

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Sep 19, 2005
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well I have never changed a title in the DR on any property, But i have to think that isnt so unreasonable. If just for a moment you compare what happens in america with a title change....it follows to be about that much money.

first they have to make sure there are no liens on the property against the mother. then they have to make sure the property is what is says it is....where and what boundries. You arent JUST chnaging the name on the title...you are transfering the ownership...at least the way I am seeing it.

you have to file formal paperwork, it has to be logged in officially and legally...new titles have to be formally made up....every hand that touches this process wants money..or FEES.....and with the DRs tendency to have to grease peoples palms to get them to actually do their job....25,000 pesos..probably isnt far off the mark

again this is just one persons thought process....good luck finding the definitive answer

bpb
 
A

AnnaC

Gold
Jan 2, 2002
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Here's a reply on same subject

Fabio J. Guzman said:
Your brother will have to sell the property to you. Taxes on real estate sales are approximately 5.5% of appraised value. It does not matter what price you put on the deed of sale.

If your bother GIVES you the property you'd pay more since taxes on gifts are higher than taxes on sales.

You will need a lawyer to prepare the deed of sale, etc.
Click to expand...

Taken from http://www.dr1.com/forums/legal/34636-title-transfer.html#post238960



The work in changing a name on a title is the same as in purchasing.
 
M

MommC

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Mar 2, 2002
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Good catch Anna.......that's exactly the point! Changing a name means changing ownership- no matter WHO actually put up the moneyu for the original purchase. If you didn't want to have to pay the transfer tax you should have had the mother arrange a contract to purchase (know in Canada as an 'offer to purchase') then had your hubby come down when the deal closed to sign the necessary documents and pay the transfer tax at that time so the property would be in his name.
Since his mother 'bought' the property (even tho' it was with his money) she legally owns it and he will have to 'buy' it from her and pay tax on the current market value of the land even if no money actually changes hands.
 
A

audboogie

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Jul 4, 2004
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ok, thanks for replies. i guess "we" learn the hard way this time, and next time we make a purchase such as this one we will make sure it goes in "our" names from the get go. at the time neither of us would have flied down just to sign some papers. Now if she passes, any one of the four kids could claim their quarter when really its "ours" ---if im not mistaken.
 
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MommC

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Mar 2, 2002
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No you are not mistaken....as long as it is in her name it is her heirs that will inherit!
So it would be best to pay for your mistake and consider it part of the purchase price of the property to get it in your name as soon as possible.
 
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