What is my broker doing?

Tired of not knowing what your real estate broker is doing? Below is a general guideline of a proper sales procedure with a licensed practitioner. Procedure vary depending on the Sellers financial status, needs and wants. Bare in mind that not all Sellers are Owners.Your broker might ask for a Notarized Special Power of Attorney and a photocopy of two government issued ID of the Registered Owner.


1) Seller and Selling Broker discuss the details of the property, professional fees etc...
It’s at this point where transparency on status of property is known. (clean title, existing loan, liens and encumbrances, etc.)

2) Selling Broker conducts his due diligence.

3) Selling Broker views the property and prepares a summary of expense.
A real estate appraiser is needed to determine the proper market value

4) Selling Broker puts the property on the market.
Marketing costs must be mutually agreed. In the Philippines, the Selling Broker usually covers the expense.

5) Property viewing by the Selling Broker with the Buyer/Network Brokers.

6) Selling Broker registers the prospective buyer to the Seller.

6) Buyer prepares a Letter of Intent/Offer to Purchase if interested on property.

7) Seller accepts the Letter of Intent/Offer to Purchase.
If does not accept, counteroffers are made through the Selling Broker.

8) An earnest money agreement may be given at this time to hold the property subject to due diligence of the buyer.
Earnest money may either be forfeitable or refunded depending on the status of the documents.

9) Preparation of Contract to Sell/Deed of Absolute Sale.

10) Broker/Seller/Buyer finalizes Deed of Absolute Sale/Contract to Sell, a transaction date is agreed.

11) Full payment and signing of the Deed of Absolute Sale by the Buyer and Seller.
Usually done in a bank for security purposes

12) Deed of Absolute Sale Notarization
Buyer, Seller and witnesses must go to the Notary Public TOGETHER. While the deed of sale can be prepared by anyone, it must be executed before and notarized by a notary public. In many instances, the notary public drafts the deed of sale and conducts the whole process on behalf of the parties.

13) Buyer/Buyer's Broker obtains certified true copy of the Latest Tax Declaration and Certificate of "with/no improvement".

14) Seller and Buyer pays applicable taxes to the government.

15) Buyer/Buyer's Broker obtains the Certificate Authorizing Registration.

15) Buyer/Buyer’s Broker then submits all required documents to Register of Deeds for the transfer of ownership.

16) Release of new Title named after the Buyer.

17) Issuance of New Tax Declaration.

Please be informed that the government agencies involved changes procedure from time to time