There are times when you think you are incompetent doing some things that are not in your field or experience. In this adventure you come to prove something to yourself. The sale of a property is crucial, but if it is done with the proper documentation, legitimacy, good faith and the consent of both parties, the buyer and the seller, the transaction will be completed in due time.
In my own venture, it took about ten months or so to sell a house and lot transferring ownership from parents to heirs of clear title. You may seek the assistance of a broker, attorney, or real estate firm, among others, to help you with the processing of the documents. Each office takes two, three or a month to seal the approval or release.
In the documentation process, you need a set of photocopies of applications, receipts, affidavits, claim stubs, and other certificates. Label them in secure folders and keep them in a bag so that whenever an office requires a copy, you have one available. If a file is lost, certified true copies can be requested from the appropriate government offices.
Here are three steps from Attorney Glicerio Alarkon Jr. (San Beda Law School), from whom I sought help with my paperwork.
“1 Settle the estate tax where the property of the deceased is located in the Internal Revenue Bureau.
2 Obtain a new title under the heirs at the Registry of Deeds or the Land Registration Authority.
Before obtaining a new title in charge of the heirs in the Registry of Deeds, the property transfer tax must be paid at the Town Hall.
3 After all these steps, the property is now ready for sale!”
So, after the advice of the lawyer, this is how the documents for selling a property were processed. To save on broker fees, I worked for myself selling a house and a lot.
Initially, before step one, property taxes must be paid every year, but if taxes have accumulated and interest charges are onerous, homeowners can either claim and wait for a tax amnesty or pay in installments. Save your property tax receipts.
In step one, once the estate tax has been paid, the Internal Revenue Bureau will issue a certificate authorizing the registration. From here, you can go to step two.
Other documents you may need are an affidavit from the publisher, an out-of-court liquidation of assets, 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 live. abroad. For example, our extrajudicial is from the Philippine Consulate General in San Francisco, California, USA. In addition, death certificates of the parents and sometimes birth certificates of the heirs must be prepared from the National Statistical Office. Save some money for notary and transportation expenses, among others.
The last step is the deed of sale. With this, the seller must pay capital gains tax. Payment for the property can be made in cash or check. However, bank verification is required if payment is by check. You will need a lawyer to help you through this transaction. In addition, you will need the assistance of the bank for security. If the money is of a significant amount, seek the help of a police officer. Truly, the help of good workers!
Remember that a good sale happens in an honest deal! My mission accomplished! Thank God!
