There are times when you think you are incompetent and do some things that are not your field or expertise. In this project, you came to prove something to yourself. The sale of the property is critical, but if proper documentation, legality, good faith and consent of both the buyer and seller parties, the transaction will be completed in a timely manner.
On my own business, it took about ten months or more to sell a house and a lot of transfer of ownership from parents to heirs of clean title. You can seek help from a broker, attorney, or real estate firm, among others, to help you process the paperwork. Each office takes two, three or a month to stamp approval or release.
In the notarization process, you need a set of copies of applications, receipts, affidavits, custom of claims and other certificates. Label them in secure folders and keep them in a bag so you have one available any time the office asks for a copy. If a file is lost, certified true copies can be requested from the appropriate government offices.
Here are three steps from attorney Glicerio Alarcón Jr. (San Beda College of Law), whom I asked for help with my papers.
1 Estate tax settlement where the deceased’s property is located in the Office of Internal Revenue.
2 Securing a new title deed under the heirs in the title deed registry or the real estate registration authority.
Before you can get a new title deed under the heirs in the Title Deed Registry, you have to pay transfer tax in City Hall.
3 After all these steps, the property is now ready for sale! “
So following a lawyer’s advice, here’s how to handle the paperwork selling a property. To save on brokers’ fees, I worked on my own selling a house and a lot.
Initially, before the first step, real property taxes must be paid each year, but if taxes accrue and interest charges are exorbitant, owners can claim a tax amnesty or pay in installments and wait. Keep your real estate tax receipts.
In the first step, once the estate tax is paid, the Office of Internal Revenue will issue a certificate allowing the registration. From here, you can move on to the second step.
Other documents you may need are the publishers’ affidavit, extrajudicial estate settlement, tax account numbers, government ID cards, valid ID cards, and a special power of attorney from the Consulate General of the country where the other heirs reside if the heirs live outside the country. For example, we have the extra-judicial of the Consulate General of the Philippines in San Francisco, California, USA. Also, parents’ death certificates, and sometimes birth certificates for heirs, must be prepared from the National Statistics Office. Save some money for notary fees and transportation, among other things.
The last step is the deed of sale. With this, the seller must pay capital gains tax. The value of the property can be paid in cash or by check. However, bank verification is necessary, if payment is by check. You will need a lawyer to assist you during this transaction. Also, you will need the help of the bank for safety. If the money is from a physical amount, ask for help from a police officer. Really, with the help of good workers!
Remember that a good sale happens with an honest deal! I accomplished my mission! Thank God!