INFO ON SELLING YOUR PROPERTY IN THE PHILIPPINES

SELLING YOUR REAL ESTATE PROPERTY in THE PHILIPPINES

SUBMITTING YOUR PHILIPPINE PROPERTY TO BE LISTED


Here are information that may help you in converting your real estate property in the Philippines into cash.

Before we be able to exchange your piece of real estate for some currencies or valuable consideration, we shall be needing copies of these following documents:

Certified True Copy of the Property’s Certificate of Titlefor us to initially verify the ownership status and legal conditions of the property.

 

Certified True Copy of the Tax Declaration for the land, and if there are any improvements on the land (house, building, apartments, etc.) – For us to know and compute the Real Estate Taxes of the subject property, as well as the title of the building/improvements on the land.

 

Tax Clearance or Latest Real Property Tax receipt – to verify if the Real Property taxes are up to date.

 

Lot plan – to know the dimensions of the property.

 

Vicinity map – to know the location of the property and its’ surrounding areas.
Or if you don’t have the vicinity map, you can download, install and use Google Earth to locate and identify your property using high-technology satellite images. See video below on how to use Google Earth:

google earth tutorial

When you found your property using Google Earth, make sure that your “Status Bar” is “checked” by clicking “View” to show the drop-down-menus, and then check the “Status Bar”.

Google Earth Status Bar

You’ll notice as you move your cursor on any point on the map, there are small numerical figures at the very bottom portion of Google Earth that keep changing.  These are called “Coordinates”, they tell us where the pin-point exact location of that said spot is on the planet Earth. In my case the 15 degrees 08’54.58”North and 120 degrees 34’53.67”East   is the Coordinate pointing to the corner of our property in Pampang, Angeles City, Philippines.

GOOGLE EARTH COORDINATES

Now, point your mouse on the satellite image of one corner of your property and you’ll find in the bottom of Google Earth the  “Coordinates” of that point. Write that down, and you got the universal address of one point of your property. If your property have 4 corners, then write down the four sets of coordinates for your property. Then send those coordinates to us so we’ll know exactly where your property is.

Copy of ID of the owner/seller – for identification purposes.

 

If the seller is the authorized representative of the registered owner, a copy of the duly notarized Special Power of Attorney would be in order, as well as the ID’s of both the registered owner and the authorized representative.

 

What is a Special Power of Attorney?
A Special Power of Attorney is a document executed by a principal to give specific authority to a certain person to be his/her “authorized representative/attorney-in-fact”,  to act and do definite functions in behalf of the principal who gives the authority. This document must be notarized by a notary-public if executed within the Philippines, or the Philippine Consulate, if executed from another country, to be recognized as legal instrument. This Special Power of Attorney must be accompanied by valid ID’s of both the principal and the authorized representative.
This is applicable in cases when the owner of a property is not available to do specific functions like; negotiating to sell/lease his own property, sign contracts such as: Contract to Sell/Absolute Deed of Sale/Lease Contract, receive payments, etc.  Hence, the owner would then appoint a representative to do these functions in his behalf, as though the owner-himself would do so, by executing a SPECIAL POWER OF ATTORNEY.
SAMPLE SPECIAL POWER OF ATTORNEY FORM

To learn more about Real Estate Property Titles; Who have the rights to own, sell, lease, mortgage, donate, exchange or joint venture the Real Estate Property in the Philippines?You can read these related articles below for more information:

WHO OWN THE PROPERTY? THE HUSBAND OR THE WIFE?

CAN FOREIGNERS OWN PHILIPPINE PROPERTIES?

WHO INHERITS WHAT? AND INHERITANCE TAX?

 

In order to submit these documents, you can scan them into a .jpeg picture files and upload them into a digital photo album over the internet. I will show you how to create internet photo albums later on in this article.

We will also need a written detailed description of the property. What can you tell us about the property you are selling? You can input that on the email form below.

The next very important information in selling the property is “HOW MUCH ARE YOU SELLING THE PROPERTY?

People need to realize that everything follow the Law of Supply and Demand. Simply put, if the price for the property is too high above the current fair market value, it will be perceived as “over-priced” or “expensive”, hence the property will not likely to sell. If the price for the property go below the prevailing fair market value, it will be perceived as “good deal” or “bargain sale” hence will increase in the likelihood of being sold.

Want to know the Fair market Value for your property? You can shoot us an email and inquire for our Professional Real Estate Appraisal Services for a minimal fee.

1. Hire one of our professional licensed real estate appraisers to appraise your property for a very minimal fee. By doing so, you can have a complete, detailed and comprehensive, written appraisal report on your property done by an officially licensed real estate appraiser.

2.  Click here to read about–> BASIC FAIR MARKET VALUES FOR REAL ESTATE MORONS

 

After coming up with the selling price, next question a seller needs to answer would be:

 

ARE TAXES AND CLOSING COSTS INCLUDED WITH THE PRICE?

 

WHAT ARE THE TAXES AND FEES INVOLVED IN THE USUAL REAL ESTATE SALE?

Taxes and Fees that are normally the SELLERS’ obligations:

ANNUAL REAL PROPERTY TAX UP TO THE TIME OF SALE  – Depends upon the property

CAPITAL GAINS TAX – 6%

DOCUMENTARY STAMP TAX – 1.5%

Seller usually pays for the Brokers’ Professional Fees. – Usually 5%

 

Taxes and Fees that are normally the BUYERS’ obligations:

TRANSFER TAX AND REGISTRATION FEE – about 1% more or less

NOTARIZATION FEE – depends upon the lawyer

Documentary Processing Fees – depends upon what documents needed to be processed

 

I shall be writing another article about the usual documentary processes and procedures of a real estate sale transaction. Please stay tuned…

 

This is very important! Detailed pictures of the property will tremendously help in marketing. This is true especially if the property have improvements such as house for sale, or building, etc. Buyers would like to have an initial idea on how the property offered for sale looks like. It is best to take pictures in all angles of the property. The more pictures showing each and every point of view of the property, the better!

– Take pictures of the outside of the property to see how it looks from the outside.
– Take photos of the road fronting the property.
– Take photos of the surrounding neighborhood.
– Take photos of the inside of the property, 1 shot from every corner and every side of the property, at least 5 to 6 photos per area. 6 pictures from the living room, 5 pictures from the kitchen, 5 pictures from the bedroom, etc.

 

Note: Make sure your photos are not too small, because the prospective buyers might not be able to clearly see or read the details in them. Also make sure that the photos are not too big or else it would take a very long time for these photos to upload onto the internet. This is also true for scanned documents.
– Maximum picture and/or document size per file: 8″ x 11″ and minimum size of 1″ by 1″  with 70 to 150 dpi resolution would do.
– With a file size between 100KB to 500KB for more convenient photos upload.

 

Once you got all the necessary documents scanned into .jpg picture files and property photos ready, it’s time for you to create a digital photo album account! Please watch the youtube videos below:

Then you can arrange your uploaded pictures into organized photo album or “sets”:

 

 

Once you created the set of pictures into a photo album, which should contain pictures and documents of the property you are selling of course, just click on that photo album or “set” to open it, copy the url web address on the address tab of your browser, and you can already share this photo album by giving the URL link! That’s how easy it is!

 

Now you can start creating a digital photo album account right here:
Flikr

 

Once you got everything ready, submit the coordinates of the property, the photo album link, description of the property and the description of it’s location, price, commission rates, details about taxes, transfers, terms and conditions and the scanned documents of your property for review using the email address below:

SEND THE EMAIL TO: kingdavidrealtyco@gmail.com

Hope to do good business with you.

 

Cheers!

 

Gary Louis David

Real Estate Broker License 0003469

Vice President for Marketing

KingDavid Realty Co.

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REMINDER!!!

ALWAYS TRANSACT BUSINESS WITH LICENSED REAL ESTATE SERVICE PROVIDERS!!!

DEALINGS BY UNLICENSED REAL ESTATE AGENTS ARE PUNISHABLE BY LAW. Republic Act 9646

CHECK IF YOU'RE DEALING WITH LICENSED REAL ESTATE BROKERS HERE

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Cheers,

Gary Louis David

Real Estate Broker License No. 0003469

VP for Marketing KingDavid Realty Co.


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