realtor.org.ph

The Senate, by a unanimous vote, approved on third and final reading Monday, Senate Bill 2063, to be known as the Real Estate Service Act (RESA), designed to professionalize the real estate industry, Senate President Juan Ponce Enrile said yesterday.

Buying and/or selling one’s home is probably one of the most important decisions that one will have to make in his life. This is especially true for us Filipinos as the family home is considered the culmination of one’s lifetime efforts and accomplishments. More than that, a home is the place where we nurture and build relationships, hence, efforts to make it comfortable and suitable for the family will necessarily entail costs. As this also involves the investment of a huge amount of money, and will definitely tie up a person’s finances for many years, it would only be prudent to be aware of the tax treatment for these kinds of transactions.