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Requirements for sale a property   Featured

1. Revise - check for any debts (charges) associated with the property.

• Having the last payslip of property and water serve as a proof that there are not debts , but for the titling process the notary requires a certificate of encumbrance granted by the Public Registry of Property.

2. Prepare the contract.

• The purchase agreement is a voluntary agreement between buyer and seller, which are set in writing the conditions of the operation and its features, in addition to accurately define the elements that are considered important. The Develop of a good purchase agreement will prevent that, when you go to the notary have to change the conditions and hinder the process of being titled. The purchase agreement, provides protection to force fulfill what has been agreed in principle and avoid future disputes between the parties.

• The purchase agreement signed by both parties and witnesses will be given to the notary and this will be the basis for the elaboration of the Deed of sale, as well as provide the necessary documents for the deed.

3. Go to Notary.

• It must be a Public Notary (from the state where you will purchase the property) so this may  review and  carry out  the necessary procedures  to prepare the Deed in which consist operation.

• The notary is responsible for gathering the information necessary for the conclusion of the operation. With the encumbrance certificate, will send a first notice to the Public Property Registry, to perform the annotation about the desire to buy the property. Will Require an appraisal to know the actual price of the property to sell / buy to determine, which will be taxes.

• Once you meet the requirements, the Deed is drawn up and the taxes are paid ; Buyer and seller will  sign the document of mutual agreement, and this way, the ownership has been transferred to the  buyer.

About taxes and other expenses:

The notary fees and expenses have to be taken over by the buyer as well as the corresponding tax to the Acquisition of a property. Borne by the seller pay the Income Tax (ISR ) in the event that this is generated , which occurs when the property in question is for commercial purposes, but if it was for residential use and the seller certifies that have lived there for at least two years (through phone bills, light , statements, credit card , etc. .) shall be exempt from this payment.

Final recommendations:

This is a brief guide to the process of sale, but if all this seems overwhelming you  can always opt to hire the services of an estate agent. In this case you should contact the real state agency, make an appointment for an agent to visit your property, provide the required documents copy of ID, water contract, and copy of the deed), to sign the service contract (in which the granted commission has to be agreed, if done the successful sale of the property by the estate agency) and ready.

The real estate agency is responsible for using the means (advertising and promotion) to promote their property and to contact with potential buyers, once the sale has been done, the realtor will guide you and accompany in the process of titling and transfer of ownership . It is highly recommended to hire the services of an estate agent, as it will save time and trouble, in addition to provide legal advice and protect your rights as a seller or buyer.

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