SELLING your Property?
PRE-SALE
Do the due-dilligence; the documents related to the property must be checked and verified with the concerned government agency. All owners must be aware of the sale of the property; and the decision for sale must be a common interest among signatories.
TITLE
Ready the Owner's Copy of the Title. As much as possible, keep the property free from loans, legal cases, etc.
TAX CLEARANCE
Keep Real Property Tax Receipts. Make sure all Real Property Taxes are paid until the current year.
PROPERTY
Make sure that it is sale-able. Remove all personal items. Clean the property and make it ready to be occupied.
TASKS
Have an assigned person to carry out some responsibilities like ocular visits, property maintaintenance, legal related matters.
SIGNATORIES
Ensure all owners are in good health. Transfer the title to the next-of-keen if any owner is diseased. If some owners are not available, create an SPA.
ENLIST
Take pictures. Have photocopies of Legal Documents. Ask for help from Licensed Real Estate Brokers to market and sell the property.
SALE PROCESS
The sale process is always tedius, difficult and different everytime. To be able to sell your property faster, it is best to be helpfull to your buyer and broker. Keep an open mind, be accomodating and be willing to negotiate for the terms of the sale. Asking for impossible terms and conditions will discourage both buyer and broker. Lastly, keep the price of the property a competitive rate; get the opinion of a Licensed Appraiser.
OCULAR
Ocular visits can happen anytime. Prepare the property for ocular. Have an assigned person accomodate and share what is good about the property.
NEGOTIATION
Buyers have different terms for buying Ex. Cash, Loan, Deferred Cash, All-in, etc. Have an open mind during these negotiations.
RESERVATION
The buyer will provide the Earnest Money together with the Letter of Intent to show his interest to buy the property. The term of payment must be stated in the letter.
ACCEPTANCE
If the terms of the payment are acceptable to the Seller; The Buyer and Seller will execute the Contract to Sell. If not, a counter offer letter will be provided until both agree on the terms.
CHECKLIST
Before executing the sale, a list of documents must be prepared and ready. They will be provided to the buyer during the Sale along with the keys to the Property. See SALE CHECKLIST for more details.
DOAS
Buyers and Sellers will execute the Deed of Absolute Sale as final stage of the sale. Both will sign the papers in front of Lawyer for Notarial. Buyers must prepare the Manager's Check before the sale.
SALE CHECKLIST
Requirements for sale and transfer of title to new owner.
SALE CHECKLIST
Keys to the Property
Deed of Absolute Sale - Signed and Notarized
Property Title - Owner's Copy
Property Title - Certified True Copy
Certificate Authorizing Registration - Owner's Copy
Certificate Authorizing Registration - Certified True Copy
Tax Declaration - Owner's Copy
Tax Declaration - Certified True Copy
Tax Clearance - Certified True Copy
Real Property Tax Receipt - Current Year
Gov. Issued ID - Seller and Buyer
Specimen Signature - Seller and Buyer
Certificate of Management - For Condominium
Certificate of Non-Lease - For Condominium
Payment to Seller - Manager Check
Payment to Seller Receipt - Signed by Seller
Payment to Capital Gains Tax or its equivalent
Payment for Broker's Professional Fee
Payment for Registration Fee
Payment for Transfer Fee
Payment for Other Government Fees
Consularized Special Power of Attorney - Optional
General Information Sheet - For Corporation
Secretary's Certificate - For Corporation
Articles of Incorporation - For Corporation