I want to sell our property. How do I go about it?

That’s a very common concern for many property owners, especially if it’s your first time selling. Here’s a simple guide to help you understand the steps and the costs involved:

1. Prepare the Property

Make sure your property is in good condition. A clean, well-maintained space makes it more attractive to buyers. Also, prepare all necessary documents like the title, tax declarations, updated real property tax receipts, and valid IDs.

2. Know the Market Value

You can do your own research or hire a licensed appraiser and licensed broker to help you determine a competitive selling price based on similar properties in your area.

3. Market the Property

You can list the property yourself through social media and real estate websites, or work with a licensed real estate professional who can help promote your property, screen interested buyers, and assist with negotiations.

4. Handle Offers and Negotiations

Once you receive offers, review them carefully. Negotiate not only on the price but also on payment terms, timeline, and who will shoulder certain fees.

5. Prepare the Sale Documents

When a buyer is ready, you’ll need to execute a Deed of Absolute Sale. It’s best to consult a lawyer or a real estate professional to make sure everything is properly documented and legally compliant.

6. Settle the Taxes and Fees

Yes, there are several taxes and fees involved in the sale of a property:

• Capital Gains Tax – This is typically paid by the seller.
• Documentary Stamp Tax – Usually paid by the buyer, unless agreed otherwise.
• Transfer Tax – Paid to the local government, usually by the buyer.
• Registration Fees – Paid by the buyer when the title is transferred.
• Notarial Fees – Can be paid by either party depending on your agreement.

These are standard practices, but some costs can be negotiated between buyer and seller.

7. Transfer the Title and Turn Over the Property

Once payment is complete and the necessary taxes are paid, the buyer will process the title transfer at the Registry of Deeds. After that, you hand over the property along with all related documents.

Tip: To make things smoother and avoid any costly mistakes, it’s highly recommended to work with a real estate professional and consult a lawyer when handling contracts and taxes.