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REAL ESTATE BROKERS
ASSN. OF THE PHILS.
(REBAP)
DOCUMENTATION &
REGISTRATION
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I. SECURING A LISTING
1. Inspect the property2.
Get the necessary initial documents from
the seller:
Title
Tax declaration
Lot plan, vicinity map, subdivision plan,
floor plan
Latest OR of property tax
Valid ID of seller
TIN & cedula
SPA
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Securing a Listing……
If seller is a corporation:
SEC registration & articles of
incorporation
Board resolution (secretary’s
certificate)
authorizing the sale of theproperty
TIN of corporation
Cedula
of corporation
3. Evaluate the documents submitted
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Securing a Listing……
4.
Obtain the following:
DOCUMENT SOURCE
CTC of title RD or LRA
Tax declaration Assessor’s Office
Certificate of No
Improvement
for
vacant lot
Assessor’s Office
Property tax
clearanceTreasurer’s Office
Approved lot plan Land Mgt Bureau
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Securing a Listing……
5. Verify if seller is subject to:
VAT
Business TaxCapital gains tax
Creditable withholding tax
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Securing a Listing……
6. Get a Letter of
Authority to Sell (with hold
-
overclause)
from the owner/seller:
Date of authority
Name, address & license number of broker
Exclusive or non
-
exclusive?
Description of the property
Selling price & terms
Broker’s commission
Expenses to be shouldered by seller & buyer
Duration of authority
Hold
-
over clause
Name, address & signature of seller
Acceptance by broker
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Securing a Listing……
7. Submit written computation ofexpenses to be shouldered by theseller:
Arrears in property tax (if any)
Tax (capital gains or creditablewithholding)
Doc stamps
VAT (if applicable)Business tax (if applicable)
Broker’s commission
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II. MARKETING THE PROPERTY
1. Prepare the marketing materials(highlight its competitiveadvantage)
2. Promote the property3. Create a Buyer’s Info Sheet
4. Prepare a list of properties that you
intend to show the client5. Give copy of the signed document
to the seller; prepare a letter ofregistration
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III. NEGOTIATING
The Offer to Buy:
Price being offered & terms
Deposit or reservation money
Mode of payment (cash orinstallment)
Dates of payment
Expenses to be shouldered by buyer
Other conditions
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IV. CLOSING THE SALE
The sale is consummated whenthere is a meeting of the minds
between the seller & the buyer onthe price, terms and conditions of
the sale of the property.
The broker is thus the procuringcause.
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V. DOCUMENTING THE SALE
1. Determine the appropriate contract forthe sale:
Deed of Absolute Sale (Contract of Sale)
Deed of Conditional Sale (Contract to Sell)
2. Draft the contract
3. Present the draft to buyer & seller
4. Finalize the contract5. Schedule contract signing; make sure all
the necessary documents are availablefor turn-over
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FINAL STAGES
VI. Notarize the Deed of Absolute sale.Pay the capital gains or creditablewithholding tax & doc stamps; get
Certificate Authorizing Registrationor CAR (BIR)
VII. Pay transfer tax (Treasurer’s
office)
VIII. Transfer the title to buyer’s name(Register of Deeds)
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Final Stages…..
IX. Transfer the tax dec
X. Submit the final documents to
your client
XI. Get your commission; enjoy it!!
