Four tips for investors who plan to invest in tax delinquent real properties in Quezon City

The Quezon City Office of the City Treasurer has recently issued another notice of sale of delinquent real properties which shall be sold through public auction on July 8, 2010, 10:00am, at the main entrance of the Taxpayer’s Assessment and Payment Lounge, Quezon City Hall, Quezon City.

If you plan to invest in tax delinquent real properties in Quezon City, I have here four tips for you. But before that, let me share a brief overview on tax delinquent real properties.

What are tax delinquent real properties?

Tax delinquent real properties are properties that have been certified by the City Treasurer to be delinquent in the payment of real property taxes, penalties, and cost due thereon as of the date of publication of the notice of sale. These shall be sold through a public auction by virtue of the provisions of Section 260 and 263 of RA 7160, otherwise known as the Local Government Code of 1991. This can also be referred to as a tax foreclosure auction.

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The notice of sale for this particular tax foreclosure auction in Quezon City was published last June 14, 2010 in the Philippine Star, pages B-12 to B-15. Due to the large listing of tax delinquent properties, I have split them into four parts which can be downloaded below.

Four tips for real estate investors

Here are my four tips for real estate investors who plan to participate in the Quezon City Tax foreclosure auction on July 8, 2010:

Tip #1

Disregard the address that you will find on the list under the column “Declared Owner”. This is the address of the declared owner, NOT the address of the tax delinquent property that will be auctioned. To determine the address of the property, proceed to Tip #2.

Tip #2

To get the actual address of the property for visual inspection as part of due diligence, refer to the Transfer Certificate of Title(TCT) or Condominium Certificate of Title(CCT) number on the list of tax delinquent properties, just get a copy at the registry of deeds. “What if a property has no TCT/CCT number on the list?” Just get the tax declaration number and the name of the registered owner and bring this to the tax mapping section so that they can give you property details like the exact address, location, and the TCT/CCT number.

Tip #3

The actual list of tax delinquent properties will surely become smaller as the auction draws nearer because most of the owners of the real properties will pay the delinquent tax, interest due thereon, and the expenses of sale. Because of this, be sure to get the most updated list of tax delinquent properties for auction at the Quezon City Treasurer’s Office and have a list of backup properties during the auction.

Tip #4

If after doing your due diligence you decide to bid for a property and win, have the Certificate of Sale (COS) registered with the registry of deeds as soon as possible as the one year period of redemption shall begin to run once the COS has been registered. Winning bidders shall be issued a COS by the City Treasurer upon full payment of the winning bid price. For more details, please refer to the auction guidelines which can be found here.

Got more tips? Please share them here by leaving a comment. Thanks!

Happy hunting!

Jay Castillo

Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Mobile phone (Call/SMS): +639178843882
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Tagged as: Property tax, quezon city tax delinquent properties, real estate investors, tax delinquent, tax delinquent real properties, tax foreclosure, tax foreclosure auction

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http://www.investingpinoy.blogspot.com Bryan Uy
Hi Jay!
Haha! This is how it feels pala to be the first one to comment, particularly in a very popular blog like yours!:)
Thanks for the post bro.
See you soon.
http://www.foreclosurephilippines.com Jay Castillo
Hi Bryan, you’re welcome and thanks for being the first commenter! See you soon bro!
Liza
Jay, I am not familiar much with tax delinquent properties. Any other writings, articles or books you could recommend about this?
Thank you!
http://www.foreclosurephilippines.com Jay Castillo
Hi Liza, please read our experience with the Marikina Tax foreclosure auction last 2008: http://www.foreclosurephilippines.com/2008/11/marikina-public-auction-of-real.html
You can also read the book “Riches in Foreclosures” by Dinna Revilla where a chapter is devoted to this. She wrote this prior to the controversies that led to her becoming a “fallen guru” as some people would put it. I believe someone in sulit.com is still selling copies, mine got destroyed by Ondoy.
http://cee-nergy.com Jun Tagle
Good Tips Jay. See you on July 2 & 3 Wealth Summit Expo.
deep
thank you sir.
very informative! =)
http://www.foreclosurephilippines.com Jay Castillo
Thanks Jun, see you there!
http://www.foreclosurephilippines.com Jay Castillo
You’re welcome Deep, thanks for dropping by!
renz_kho
“have the Certificate of Sale (COS) registered with the registry of deeds as soon as possible as the one year period of redemption shall begin to run once the COS has been registered.”
I’d like to make correction on that point. The redemption period starts to run immediately after the sale and the winning bidder has been recognized and has paid the bid price and this is regardless of whether or not the COS is registered with the RD. This situation differentiates the tax delinquency sale under the Local Government Code, which governs the delinquency sale conducted by the City Treasurer from the foreclosure sale conducted by the Sheriff in case of foreclosure of mortgage
diego valdez
if you decide to join the bidding, be sure that you have enough patience and extra money because it does not end when you win, you have to do a lot of things, after you have been awarded the cos you have to annotate the sale in the original title, then wait for one year, then if not redeemed by the owner,you have to file a consolidation of title in court(you need a lawyer), then the court will conduct hearing, if the owner contends, the case will be prolonged for years, if you win in the case, the title will be transferred to your name, if the property is occupied or tenanted you have to eject the tenants, this is another case you have to file in court, hearings will again be held, if you win, sheriff will implement the writ of execution. then you can finally say the property is yours, hehehe hirap, naranasan ko,
http://www.foreclosurephilippines.com Jay
Hi Renz, based on the experience of investors I know who who have bought tax delinquent properties and the redemption period has supposedly lapsed, they were informed that the one year period of redemption shall begin to run once the COS has been registered. I could be wrong.
Nevertheless, the auction guidelines state that the COS should be registered with the RD so might as well register it as soon as possible, just in case the interpretation that the redemtion period starts on the date the COS has been registered is true. Thanks for the comment!
http://www.foreclosurephilippines.com Jay
Hi Diego, thanks for sharing your experience. I agree with your sentiments which is why I would rather invest on properties that have a higher possibility of being redeemed. Sure, if a property is not redeemed, you may have gotten it for a fraction of the actual market value, but you will have to do all the things you mentioned above, and may take years to complete.
As for tenanted or occupied properties, I would rather avoid them.
Thanks for the comment, cheers!
http://yahoo roland tabz
Good Day…
Sir, It’s good to know that there is a site or forum like this one. interesado po ako sa pab bili ng maliit lang na property kahit lot lang, could you please give some advise for new comers like me..
Thank you so much and God Bless…
http://www.foreclosurephilippines.com/2012/02/san-juan-tax-delinquent-properties-auction-february-9-2012.html San Juan Tax Delinquent Real Properties auction slated on February 9, 2012 — Foreclosure Investing Philippines
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