Sales Process in the Philippines

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SALES PROCESS :

1) broker / owner ( seller) meeting to discuss details of property

2) agreement on broker’s fees and procedures

3) property is put on the market by broker

4) property is shown to buyers and network brokers who have their own clients

5) interested party makes an offer on the property through a ” letter of intent ”

6) owner accepts the offer by signing letter of intent

7) documents are then released to buyer ( certified true copy of title, certified true copy of tax declaration, tax clearance, latest real estate tax receipts, special power of attorney ( spa ) if necessary

8) buyer confirms authenticity of documents with the necessary government agencies

9) deed of sale / contract to sell is prepared and reviewed by both parties

10) date is set to finalize transaction

11) payment is made at buyer’s bank and account is opened under seller’s name, deed of sale is signed and notarized

12) capital gains tax and documentary stamps tax are now paid to Bureau of Internal Revenue ( BIR )

13) BIR then issues Certificate Authorizing Certification ( CAR ) authorizing transfer of title to the buyer ( 7-10 business days )

14) Transfer Tax is now paid to City Treasurer

15) Notarial Fees and Registration fees are then paid to the Cashier at Register of Deeds

16) Title is released to the new buyer ( 7-10 business days )