If Acting for the Vendor
Meet with the client
Discuss the details and objectives of the sale.
Obtain particulars for the property and the client
Gather relevant proof of ownership and other necessary documents.
Ascertain the selling price from the Vendor
Recommend a Valuation Report to guide the market value expectation.
List the property
Advertise the property on the open market for prospective purchasers.
Potential purchaser submission
The potential purchaser submits relevant documents for the vendor’s signature.
Offer acceptance
If the Vendor accepts the offer, the Vendor’s Attorney prepares the Agreement for Sale.
Agreement for Sale
Sent to the Purchaser’s Attorney for review and signature in triplicate.
Signing
The Purchaser signs and returns the Agreement for the vendor’s signature.
Post-Signing Steps
Document exchange
Vendor’s Attorney returns a copy of the Agreement for Sale (AFS), a Provisional Statement of Account, and receipt for the deposit to the Purchaser for loan processing.
Mortgage processing
Lending Institution/Mortgagee prepares the Letter of Commitment and Letter of Undertaking to be issued to the Vendor’s Attorney.
Final steps
The Vendor’s Attorney exchanges the executed stamped agreement and registrable instrument of Transfer for mortgage registration at the National Land Agency.
Completion Timeline
Duration: 4 to 8 weeks for completion.
Finalization: Vendor’s Attorney, upon receiving funds, prepares the Letters of Possession and hands over the keys to the purchaser, involving the Realtor if necessary.
Payment: Vendor’s Attorney pays the Realtor’s commission.
Sale completion: Generally takes 60-120 days from signing.
Documents Needed for a Sale
Vendor:
Duplicate Certificate of Title
Property Tax Certificate
Up-to-date Water Bill and Receipt
Supporting document (if acting under a Power of Attorney/Probate, etc.)
Completed KYC form
Executed Multi Listing Form
Proof of Address
Valid ID and TRN
POCA
Purchaser:
Completed KYC form
Offer to Purchase form
Valuation Report
Surveyor’s Report
Proof of Income
Proof of Employment
Pre-qualification Letter
Proof of Address
Valid ID and TRN
Deposit (important requirement)
½ cost for Sale Agreement
Easy-to-Understand Guide
Initial Meeting:
Meet with your client to understand their selling needs.
Collect Documents:
Obtain all necessary documents proving ownership and other required details.
Determine Price:
Set a selling price with a recommended Valuation Report for market value guidance.
Market the Property:
List the property publicly to attract buyers.
Review Offers:
When a potential buyer shows interest, they will provide documents for the vendor to sign.
Prepare Agreement:
Vendor’s Attorney drafts the Agreement for Sale upon offer acceptance.
Legal Review:
Agreement is reviewed and signed by the Purchaser’s Attorney in triplicate.
Final Signatures:
Purchaser signs the agreement and returns it to the Vendor for final signing.
Mortgage Processing:
Vendor’s Attorney sends the signed Agreement and deposit receipt for loan processing by the Purchaser’s Mortgage Institution.
Completion:
Mortgage Institution issues necessary letters; Vendor’s Attorney finalizes documents and handles the transfer.
Handover:
Keys and possession letters are handed to the purchaser, Realtor receives commission, and the sale is completed in 60-120 days depending on payment method (cash or mortgage).
Disclaimer
The information provided in this guide is intended for general informational purposes only and does not constitute professional legal advice. While every effort has been made to ensure the accuracy and completeness of the information, laws and regulations regarding real estate transactions can change and may vary by jurisdiction. We recommend consulting with a qualified real estate attorney or professional for specific advice tailored to your situation. We do not accept any liability for any loss or damage incurred as a result of reliance on the information contained in this guide.