everyone deserves a bluebird I like that
he know actually about Realty welcome
back to the channel welcome back to
another ask Alex activity so today I'll
be talking about how to sell a real a
property that is market justice meaning
you got a loan from the bat and you
still haven't fully paid on the property
so the first step that we usually do
when telling apart maybe that's
mortgaged is for example there's where
the a buyer and you've already agreed on
the price let's say the selling price is
five million pesos now the property is
still mortgaged in either a bath or foot
TV let's say the balance is 2.5
so the selling price is 5 million and
then the balance of the mortgage is 2.5
so if the property is still mortgage
then the title will be held by the band
or what you think depending on where it
is mortgaged so in order for the buyer
or the seller to sell the property he
has to pull out the title first from the
financing institution where he mortgaged
his property if the property some
mortgage either two things can happen
first is the seller can be the one to
fully pay the mortgage so we can pull up
the title so we can sell this property
but most of the time sometimes the
seller doesn't have cash on hand or he's
using his cash reserve for other
purposes so the buyer can also be the
one to will it be for the existing
mortgage so the title can be pulled out
so the document that must be signed can
either be a contract to sell
or conditional deed of sale so how we do
it is usually we we draw up a contract
to sell between the buyer and the seller
so it has everything that they agreed on
like the selling price of these four
which sexes the breakdown and the down
payment so it's really noted there why
the turn over will be so everything that
will be agreed on between the buyer and
seller must be in must be stated in the
contract to sell so so we meet at the
attorney's office and then buyer and
seller a science the contract to sell
and then the buyer will be the both pay
for visible to my five so we'll give it
a check to the seller 2.5 the salary
then usually the at the con in the
contract to sell we specify a certain
timeframe for the seller to turn over
the original file and for the deed of
sale to be signed so it's usually around
30 days 30 between 30 to 45 days that
would be a safe period also so the
seller won't need to pressure it because
it's it usually depends on the back how
long the title will be released after
it's been put a fee so most balance and
also event by evening
usually when you fully paid for a
property the title will be will be
released within 15 backe days some backs
though take longer especially if the
documents have to figure out that in
Derman in the office so the seller goes
to the bank and then fully pays for the
property then he has to wait around 15
days before their original title speed
for the original title to be released if
it's a house and lot usually it really
depends on the buyer and the seller but
most of the time
sellers already turned over the property
up and down payment but they can also
they also have the choice to turn over
the property upon home payment is it
bets so what to tell is already released
then they meet again you meet again at
the attorney's office and then the
document is to be signed will then meet
the deed of sale and the seller will
also be bringing the original title
along with the other documents like
certify - a copy of the title of a tax
declaration tax clearance home owner's
clearance so there are clear and tests
that needs to be obtained before they
need of seal is signed
so once everything is in order then the
seller a bill the I mean the buyer will
give the remaining balance and they will
both sign the deed of absolute sale and
after that that's there is no normal no
more turning back because it's a deed of
absolute scale it's already absolute
so once the document the deed of sale
has been signed then the text says the
next step is the taxes that need to be
paid but it's a different body so that's
it that's how you sell a mortgaged
property so whether you're a buyer are
you are a seller if your property's
mortgage that's no problem you can buy
or sell a mortgage property there is
just a process that you have to follow
and I already explained the process a
while back so if you have any questions
or additional concerns about this matter
then just comment down below or give me
a call so I can help
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