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Selling a House and Lot Property in a commercial area

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Arresto Menor
Good day lawyers!

I'm Lana Castillo from Dumaguete City, Negros Oriental. We have a house and lot property measuring 155 sg. meters situated along the highway. It has been idle for quite some time now and we are planning to sell it. The neighboring area where it is located has become a commercial district with commercial buildings and businesses near it.

I would like to know what the prevailing market value for such property is. Can we just sell it at our asking price or do we need to go to the assessor's office? We are planning to sell it for 20 million pesos exclusive of the applicable taxes which we want the buyer to shoulder. Is that a fair thing to do? If not, then we would probably sell it for 25 million since we will still be paying for the taxes. I also would like to know how much the attorney's fees be?

If you can enumerate the steps and the needed requirements for us to make the sale, it would be greatly appreciated.

Thank you so much and God bless! Smile

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