There are times when you think you are incompetent to do some things that are not in your field or expertise. In this endeavor you have come to prove something to yourself. Selling a property is very important but if done with proper documentation, legitimacy, good faith and approval from both buyer and seller parties, the transaction will be completed on time.
In my own business, it takes about ten months more or less to sell the house and a lot of property transfers from parents to heirs of a clean title. You can enlist the help of a broker, attorney, or realty firm, among others, to help you process the paperwork. Each office takes two, three or one months to stamp approval or discharge.
In the documentation process, you will need a set of photocopies of the application, receipts, affidavits, claim stubs and other certificates. Label it in a secure folder and keep it in your bag so that whenever the office needs a copy, you have it. If a file is lost, a certified original copy can be sought from the appropriate government office.
Here are three steps from Attorney Glicerio Alarkon Jr. (San Beda College of Law), among which I asked for help for my paper.
“1 Resolved estate taxes where the property of the deceased was with the Bureau of Internal Revenue.
2 Securing new rights under the heirs at the Deed Registration Office or the Land Registration Agency.
Before securing a new title under the heirs in the Register of Deeds, you must pay transfer tax at City Hall.
3 After all these steps, the property is now ready for sale!”
So after the lawyer’s advice, this is how the papers are processed selling the property. To save on brokerage fees, I work myself selling houses and lots.
Initially, prior to the first step, real property taxes had to be paid annually, but if the taxes have increased and the interest burden is heavy, the owner can claim and wait for tax amnesty or pay in installments. Save real property tax receipts.
In the first step, after the land tax has been paid, the Bureau of Domestic Revenue will issue a certificate permitting registration. From here, you can go to step two.
Other documents you may need are the issuer’s statement, extrajudicial settlement, tax account number, government identity card, valid identity card, and a special power of attorney from the Consulate General of the country where the other heir resides if that heir resides. overseas. For example, our extrajudicial from the Consulate General of the Philippines in San Francisco, California, USA. Also, the death certificates of the parents, and occasionally, birth certificates of the heirs from the National Statistics Agency, must be prepared. Save some money for notary fees and transportation, among other things.
The last step is the Deed of Sale and Purchase. With this, the seller has to pay capital gains tax. Property payments can be made by cash or check. However, verification from the bank is required, if the payment is in check. You will need an attorney to assist you during this transaction. Also, you will need bank assistance for security. If you have a lot of money, ask a police officer for help. Really, good worker help!
Remember good sales happen in honest deals! My mission accomplished! Thanks to God!