Understanding the Legal Process of Selling Your Property

 

Introduction: Selling real estate involves legal procedures that ensure a smooth and secure transaction. This guide explains the essential steps.

Key Legal Steps in Selling a Property:

1. Verify Property Ownership & Title – Ensure your title is clear of liens or disputes.
2. Secure Updated Tax Documents – Provide a tax declaration, real property tax clearance, and updated tax receipts.
3. Draft & Notarize the Deed of Sale – A legal document transferring ownership to the buyer.
4. Pay Capital Gains Tax & Documentary Stamp Tax – Sellers are responsible for capital gains tax, which is typically 6% of the selling price.
5. Process Transfer of Ownership – After full payment, the buyer registers the property with the Registry of Deeds.
6. Hand Over Property Documents & Keys – Finalize the sale with a formal turnover.