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SALE OF PROPERTY

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1 SALE OF PROPERTY on Wed Feb 20, 2013 7:08 am

cwv4489


Arresto Menor
My sister is selling her property in the Philippines. We want to get some answers to the following questions:
(1) Is Deed of Sale the proper document for this transaction?
(2) Do we need to have 2 witnesses, as well as have the document notarized; OR is it one or the other?
(3) Aside from the names of the buyers and sellers, the description of the property, the sale price, mode of payment, who will pay the fees/charges, what are other important terms should be in the contract?

We would appreciate your prompt response. Thank you

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2 Re: SALE OF PROPERTY on Wed Feb 20, 2013 7:43 am

jd888


moderator
(1) If the transaction is in Full Cash you need to execute an Absolute Deed of Sale, but if the buyer only gave partial payment you have to draft a Contract of Sale

(2) Yes Two (2) Witnesses is better than One (1), and the buyer have to Notarize the Absolute Deed of Sale if the buyer is ready to transfer the Old Title to his/her name

(3) It is usually the Seller who will shoulder the Property Tax and the Capital Gains Tax, only the buyer will shoulder the Transfer Fees

Above will depend on your agreement prior to the Sale-Proper; requiring a service of Real Estate Broker may be really helpful.


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