CEBU CITY HOUSE AND LOT
North Belleza Talamban
CEBU NORTH HOUSE & LOT
Vista Verde Residential Estates
CEBU SOUTH HOUSE & LOT
CONDOMINIUMS
RAW LAND FOR SALE
HOUSES & APARTMENT
2BR apartment for rent in Mandaue
1BR condo for rent in Mandaue 15K
Metropolis 4BR house for rent 35K
Dona Rita Cebu City house rent 7BR
- Manuel Jr Arengo
- Real Estate Broker
- License No. 0007808
-
- Use this link to verify if your
- agent or broker is Listed in
- PRC as Real Estate Broker
- REAL ESTATE DOCS
- Earnest Money Agreement
- Contract to Sell
- Deed of Absolute Sale
- Special Power of Attorney
- Authority of Sell
- Lease Contract
- Extension of Authority to Sell
- Acknowledgment Receipt
- Sworn Statement
- Affidavit of Loss
- Right of Way Agreement
Want to earn extra income?
what are the requirements and procedures if I want to sell a pre-selling unit to a third party when the property is not yet fully paid.
If I purchase a pre-selling condo or house and lot by monthly installment, what are the requirements and procedures if I want to sell it to a third party when the property is not yet fully paid.
For pre-selling projects, the transaction always starts with a reservation fee and the document to be signed for this is the Reservation agreement. This document stipulates the provision of the coming contract to sell to be prepared and the agreed terms and conditions on the reservation money which are usually non-refundable, non-transferable and within 30 days period. If the equity or down payment required is agreed to be on installment basis like for instance 12 months to pay for the 20% down payment, the buyer is expected to start paying the monthly amortization immediately 30 days after the date of reservation and every month thereafter until such equity or down payment is fully paid. | ![]() |
There are developers who require at least 15% of total contract price before a contract to sell will be provided while there are those who require that equity or down payment must be paid up before a contract to sell can be signed. Once the Contract to sell is signed and in your possession, you will now have right over such property. You can then sell it to a third party by signing a Deed of Assignment. Of course you will only sign a deed of assignment when you are paid back by the new buyer at the amount you require. If the price of the property has gone up, you can choose either to keep the profit (difference between new price or old price) or you can sell it to break even, or sell it at a little loss if you are in a hurry to close the sale and move on to a venture you want to use the money for.
|
Discover the online way of money making career in Real Estate |
By: Engr. and Real Estate Broker Manuel Jr Arengo
PRC Broker’s License No. 0007808