OVERVIEW OF THE BROKERAGE PROCESS FOR PRODUCERS REALTY, INC.
(GROUP 3)
GENERAL STEPSDocuments Needed
1.
Securing of listing
*For our presentation, ours is an open listing (non-exclusive)
Authority to sell Board resolution (if seller is corporation)
2. Prospecting real estate buyer
The broker will post the listing in various social media (FB,
Twitter, multiple listing sites, etc); advertise thru newspapers,
magazines, etc; distribution of flyers or brochures.
Brochures/flyers/ads
3.Presentation to the buyer
-Interview the buyer a. Actual need of buyer (reasons why he/she
is buying a real estate property. b. Terms of payment of the buyer
(cash or thru bank or Pag-IBIG loan). c. BUDGET! d. Work of the
buyer/financial capacity of the buyer. e. Other considerations.
-Describe the property to the buyer
a. Description of the property b. Location c. Neighborhood d.
Other features of the property for sale
Lot plan Vicinity map Copies of CCT, tax declaration,
certificate of non-deliquency, etc. Other documents
BROKER SHOULD BE READY TO ANSWER THE FOLLOWING:1. Financing such
as bank or HDMF.2. Downpayment.3. Monthly amortization.4. Loan
values in accordance with income or collateral.5. Expenses of sale
and which one will be on the account of the buyer and seller.6.
Documents (CCTS, tax decs, etc).7. Income stream opportunity for
those looking at its as an investment.8. Personal insight on
location and accessibility such as public transportation, proximity
to public road, utilities and amenities.9. Neighborhood.10.
Security.
4Property showing/tripping
5Negotiation process
***The buyer will then go to Pag-IBIG for advice. Maam Lydia
will orient the buyer on how Pag-IBIG loan works. Offer to purchase
Counter offer
6Sealing the deal/closing
Earnest money agreement (for our group, the earnest money is
P50,000.00 valid for 30 days and non-refundable). Contract to sell
(after the lapse of the 30 days period, the buyer will pay a
downpayment of P2M. The balance of P5,500,000.00 is payable thru
Pag-IBIG loan) Deed of sale (this will be executed after the Letter
of Guaranty from Pag-IBIG is released)
After receipt of the LOG, the BROKER will help the buyer
transfer the title and the tax declaration to the name of the
buyer.
After the transfer of title to the name of the buyer as well as
the annotation of mortgage in the title, Pag-IBIG will get the
newly-issued title and will then release the loan proceeds to the
seller by issuing a Land Bank of the Philippines check.
The seller will then release the 5% commission to the broker,
net of withholding taxes.
*The manner of release of title depends on the agreement of
seller and broker.
