There are times you think you are incompetent doing some things that are not your field or expertise. On this venture you come to prove something to yourself. Selling a property is crucial but if done with proper documentation, legitimacy, good faith and consent of both parties buyer and seller, transaction will complete in due time.
In my own venture, it took around ten months more or less to sell a house and lot of the transfer of property from parents to heirs of a clean title. You can seek the assistance of a broker, a lawyer, or a realty firm, among others, to help you with the processing of papers. Each office takes two, three or a month to stamp approval or release.
In the process of documentation, you need a set of photocopies of applications, receipts, affidavits, claim stubs, and other certificates. Label them in safe folders and keep in a bag so any time an office requires a copy, you have one available. Should a file be lost, certified true copies could be sought from the proper government offices.
Here are three steps from Attorney Glicerio Alarkon Jr. (San Beda College of Law), of whom I sought help for my papers.
“1 Settle the estate tax where the property of the decedent is located at the Bureau of Internal Revenue.
2 Secure a new title under the heirs at the Registry of Deeds or Land Registration Authority.
Before securing a new title under the heirs at the Registry of Deeds, you have to pay the transfer tax at the City Hall.
3 After all these steps, the property is now ready for sale!”
So after the lawyer’s advise, here is how the papers got processed selling a property. To save on brokers fees, I worked on my own selling a house and lot.
Initially, before step one, real property taxes must be paid every year, but if taxes have accrued and the interest charges are onerous, owners can claim and wait for a tax amnesty or pay in installment. Keep real property tax receipts.
In step one, once the estate tax have been paid, the Bureau of Internal Revenue will issue a certificate authorizing registration. From here, you can go step two.
Other documents you may need are publishers affidavit, an extrajudicial settlement of estate, tax account numbers, government identification cards, valid identification cards, and a special power of attorney from the Consulate General of the country where the other heirs reside if the heirs are living abroad. For example, our extrajudicial is from the Consulate General of the Philippines in San Francisco, California, USA. Also, death certificates of parents, and sometimes, birth certificates of heirs from the National Statistics Office have to be prepared. Save some money for notary fees and transportation, among others.
The last step is the Deed of Sale. With this, the seller should pay the capital gains tax. Payment of the property can be made in cash or check. However, verification from the bank is necessary, if payment is in check. You will need a lawyer to help you during this transaction. Also, you will need the bank’s assistance for safety. Should the money be of material amount seek the help of a police officer.