Deed of Sale, Registration Process

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Seller sells and Buyer buys according to the terms and conditions they agreed upon‼️ This is the whole process NOTES: Buyer and Seller should provide government IDs A SPECIAL POWER OF ATTORNEY is needed if one or the parties to the transaction are not available to sign the documents personally. *********************************************       THE PROCESS and... Private/Government agencies to work to: 1. Notary Public-  Preparation and notarization of the Deed of Sale, after both parties have signed. 2. Registry of Deeds-  Get certified copy of the title of the property subject of sale. 3. Assessors Office-   Get certified copy of tax declaration for the lot and the improvement, if any. Get certificate of no improvement if there's no building or any improvement on the lot. 4. Treasurer's Office- in the municipality or city where the land is located-  Get tax clearance for the land and improvement, if any. 5. Bureau of Internal Revenue (BIR)-  All the documents you gathered fr
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The Sale Transaction

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 Magandang araw!


There is a time in our life when we are ready to purchase real estate property where our home sweet home will soon hopefully rise.

We may already have enough financial resources or stability to purchase it in cash, installment or through financing. There are perks when we do the purchase on cash basis. However, as long as we have a stable job or a stable business it would be easy to apply for a lot loan or a housing loan.


Purchase through cash basis

Paying for the property one time, or within a span of few months, say three or six months, is still considered a purchase through cash basis. There are sellers or developers who are offering those options. It really depends on the agreement between both parties, the seller and the buyer.  There are perks when doing the sale transaction on cash basis, usually certain percentage of the sale is given as discount, making the over all price of the property lower.


Purchase through installment or financing

However, when we don't have enough cash to pay for the property in full, we can choose to go for installment basis through the in-house financing scheme of the developer. Remember to check the background of the developer company, their capacity to develop and complete the subdivision project in an efficient manner, within the timeline discussed with you, complete with whatever amenities they promised.

That's quite long, 😁. In short,  select a competent developer base on their previous completed projects. Development, time frame and their capability to process and complete the titles for each lot. Those things are very crucial to consider.


Pag-ibig or Bank financing

Aside from the in-house financing offered by developers, we can also opt to go for the Pag-ibig or bank loan. There are banks that offer lower interest, you just need to have the patience to scout for the one that offers the lowest.

Per discussion we had in my recent CPD seminar, Pag-ibig may have a little higher interest. However, they are more lenient when it comes to giving grace periods for those who are delinquent in paying their real estate loan. Also, Pag-ibig is computing the loan on a diminishing balance method, which for me is better than the straight line method offered by banks. This is just my personal opinion.


Conclusion


Whatever method you will be using to purchase a property, don't forget to exercise due diligence to avoid failed sale transaction.


Thank you! God bless!!🙏

Pamanafromancestors❤️


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