Due Diligence on Property Documents

DUE DILIGENCE :

A property being sold was exclusively listed through a Licensed Broker.  The Licensed Broker knew the Seller personally and was familiar with the property.  Take note that your relationship with the Seller shouldn’t change the way you handle “Due Diligence”  in marketing the property. 

In this case, the property was very sellable however the Licensed Broker took time in verifying the documents ( took two months before getting certified true copies of the title and tax declaration ).  Inquiries came in and actual viewing took place just to find out that some issues had to be resolved with the Tax Declaration and Title of the property. 

  1. The Title still had an encumbrance from a Bank Loan that should have been cancelled sometime ago.  This required the Cancellation of Mortgage ( COM ) which was issued 15 years ago so both the bank and the Seller took time in finding the COM and once found, it then took a few days to cancel the annotation and release of Title ;
  2. The Tax Declaration on the Improvement was still under the previous owner and in addition, an annex building was added to the property and wasn’t reported to the Assessor’s Office.  Therefore, this again took time to be transferred but the more irritable issue was paying the back taxes in order for a new tax declaration under the current owner could be issued.  Only then was a rightful Certified True Copy and Tax Clearance could be issued.  The whole process too almost two months ( appointment with examiner, computation of back taxes, issuance of new tax declaration and tax clearance ) and this was with facilitation already. 

The property was sold on the 9th month from listing date.

Visit www.robertgsarmiento.org  or  www.robertgsarmiento.com for blogs, news, case studies and property listings which you may find informative.

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Finally, should you have a property for SALE or LEASE, let me know if our office could be of assistance.

Thank you.

robert

Robert G. Sarmiento Properties

Professional Affiliation :

Philippine Association of Real Estate Boards

Member, City of Taguig Real Estate Board 2016 - 2018

Real Estate Broker’s Association of the Philippines 2000 - 2015

President, Greenhills Chapter 2008, 2009

Philippine Association of Real Estate Boards

San Juan Mandaluyong Chapter 1998 -1999

PRC # 6569

PRC Lecturer’s License # 0294

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robert
Robert G. Sarmiento Properties

Professional Affiliation :

Philippine Association of Real Estate Boards

Member, City of Taguig Real Estate Board 2016, 2017

Real Estate Broker’s Association of the Philippines

President, Greenhills Chapter 2008, 2009

Philippine Association of Real Estate Boards 2000-2015

San Juan Mandaluyong Chapter 1998, 1999

PRC # 6569

Lecturer’s License # 0294

02 5148481 ( direct line )

+ 632 5536051 ( trunkline )

+ 632 4781316 ( telefax )

+ 632 8561365 ( line 3 )

+ 632 8041701 ( line 4 )

+ 63 917 5364829 ( globe )

Email : roberts@surfshop.net.ph

Website : 
www.robertgsarmiento.com

Website: http://condosphil.wordpress.com

Website: www.philippinecommercialproperties.com

Website: http://philippinewarehouses.wordpress.com

Website: http://philippineoffices.wordpress.com

Website: http://philippinetownhouse.wordpress.com
 

Contact

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+ 632 4781316 ( telefax )
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