Having both parents active in the Real Estate Brokerage business I’ve realized how meticulous and complicated is the buying and selling of a Real Estate property. Most of the time, aside from the unethical (un-licensed) agents, we also encounter different problems with the property itself. From the usual wear and tear, bad location, eyesore neighbors (such as illegal settlers), flooded area, etc.
Being a Real Estate Broker/ Realtor® you need to have a lot of patience and perseverance. You will deal with a lot of hard work. You will give a lot of time and effort for you to be able to close a deal.
Handling fickle-minded buyers is one thing, but selling a property and realizing its problems in the last minute of sale can be devastating. That is why, I will impart some basic knowledge and per-requisites on the part of a Seller before they offer their property in the Real Estate market here in the Philippines.
To be able to have a sweet flowing deal, you, the Seller must make sure and provide your Realtor® and their prospective buyers the following so they can also verify it themselves:
- Provide them with a photocopy of your Title (TCT). Make sure that you have no pending Encumbrances, Loans, etc. (It will be stamped/indicated at the back of the TCT and needs to be canceled at the Registrar of Deeds)
*** Also, if your property is located within Quezon City, your TCT probably has a stamp stating Section 7 RA 26. It is an act providing a special procedure for the Reconstitution of Titles (TCT) that were lost or destroyed (This is due to the burning of the original Titles inside QC City Hall). And it is a protection for the Real Owner if in case someone pretends to own your property after the incident. Only 2 years after it was stamped can IT be removed through the order of a Judge/court. Most of the time, buyers and banks will want you to have it removed before they buy the property or use it for a bank loans.
*** Also, if the owner of the property recently died, there will be a stamp stating Section 4 Rule 74. It protects an heir or any other person concerned if they appear to have been deprived/tricked of their lawful share in the said property, or if there is an outstanding debts that is yet to be paid or realized that is made by the departed.
With this, you cannot sell the property unless the stamp is canceled after 2 years, so the Title (TCT) can be Transferred to the buyer/ new owner.
- Next, please provide your Broker and their clients with a photocopy of your Tax Declaration (both Lot and Structure).
- Also make sure you annually update/pay your Real Estate Taxes (Lot and Structure). Then provide your broker with a copy of the Tax Receipts. So they can verify.
- If you are NOT delinquent with your Taxes, you will be able to provide your Realtor® with a Tax Clearance Certificate.
- Feel free to share a photocopy of your CEI (Competent Evidence of Identification) such as government issued ID’s. Provide them at least 2 and also include your Tax Identification Number as it will be needed after the sale.
- They may ask for a copy of the Lot Plan and Vicinity map so be ready.
And always remember: Be Safe! Deal Only with a Licensed Real Estate Broker/ Realtor®
NOTE:
If you decide to sell your house, you the seller, should accept the fact that you will be the one to shoulder the: Capital Gains Tax, Updated Realty Tax and the Brokers/Realtor® Professional Fee of 5% based on the total sale value.
** Republic Act 9646 a.k.a. the Real Estate Service Act (RESA) law Prohibits the ILLEGAL practice of Real Estate Service.
Disclaimer:
This post is a part of a blog campaign sponsored by Bucks2Blog (www.bucks2blog.com) & a Kansas City Real Estate company. However, all the information are Facts and of my own.
No comments:
Post a Comment