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SELLING YOUR REAL ESTATE PROPERTY

In selling anything, one must first know everything that there is to know about the item that one is offering for sale. The same is true, in selling real estate. Secondly, one must market it actively and professionally.

In selling your property, you should first know the following information:

1. Exact Location
2. Neighborhood
3. Physical Attributes
4. Highest & Best Use
5. Pluses & Minuses
6. Valuation
7. Documentation

Knowing the exact location means knowing the exact address, its landmarks, its boundaries, and its main & alternative routes to & from the property. It means physically visiting, inspecting, walking, and surveying the property and getting a feel of it and knowing it like the back of your hand.


Knowing the neighborhood means surveying its immediate and surrounding vicinity and knowing the adjacent and surrounding properties and boundaries, its proximity to places of interest and establishments like the church, the school, the Barangay the municipal, city and/or provincial halls, the market, commercial areas, national and provincial and city roads, and other places of interest.


Knowing the physical attributes means determining its orientation as to North, South, East, or West, and knowing whether it is a corner, interior, or a regular lot; it means establishing the terrain and contour of the property, its size in terms of square meters or square feet its shape and dimensions and easements as to its frontage, its sides, and its back; and, defining its improvements and structures -- if any.


Knowing the highest and best use means establishing the zoning code of the property and the zoning regulations of its immediate neighborhood and vicinity, determining the use of the improvements and establishments of the properties immediately adjacent and proximate to the property, establishing the particular needs of the locality relative to type of property development identifying the market for the said development, and pinpointing the parameters and the scope and size of the said market and property development.


Knowing the pluses and the minuses of the property means comparing the property to other similar properties within the same vicinity and locality and evaluating it on the basis of all the considerations mentioned herein vis-a-vis the other neighboring properties and determining the appropriate selling price for the property


Determining the valuation of the properly means appraising its value using the appropriate appraisal method--the cost approach, the income approach, or the market data approach. This is intended to establish the highest price and value at which the property can be sold within a reasonable period of time.


Knowing the documentation means being knowledgeable and familiar with the required documentation, and the processing of the sale and transfer of the property including, but not limited to, the Option Agreement, the Deed of Absolute Sale, the Title, the Tax Declaration, the Affidavit of No-Improvement in case of a vacant lot, the Tax Clearance, the Bank Documents in case of a Mortgage, the Capital Gains' Tax and the Documentary Stamps Tax with the corresponding Capital Gains' Return and the Certification Authorizing Transfer issued by the BIR, the Transfer Tax, the Registration. Fees & Expenses, and the corresponding Transfer Documents from the Register of Deeds and the Assessor's Office relative to the Title and the Tax Declaration.


After knowing all of the above-mentioned information, one can now market the property actively and professionally.


However, a property owner can opt to have a reputable Realtor or Licensed Broker take care of all of this documentations and to handle the marketing and selling of your property.

-- from PAREB, Philippine Association of Real Estate Boards, Inc.