ASK A PRO. ASK A BROKER: I BOUGHT A PRE-SELLING CONDOMINIUM WHICH I WANT TO SELL FOR PROFIT. SHOULD I SELL IT WHILE AT PRESELLING STAGE OR WHEN IT HAS ALREADY BEEN TURNED OVER?
If you want to sell your unit, it is highly recommended that you sell it during the pre-selling stage. Assuming that you bought this at the early stages, let’s say, 4 years to turnover, preferably open your unit to the market for sale at least 6 months prior to its scheduled turnover date, if you already have a potential buyer. Or at least 1 year prior to its scheduled turnover date if you are still going to look for a buyer of the property. This is to give time for the transfer of ownership process and for the buyer to have enough time to process his bank loan should he needs to finance the remaining balance.
Another thing to note are the taxes and fees involved. If you sell during the preselling stage, you will only need to pay the admin fee of the transfer. Unlike if you sell when it’s already RFO and the developer has already processed the title transfer to your name or if the title has already been transferred to you, you would need to pay the Capital Gains Tax of 6% (seller) and usually to the buyer - DST, Transfer Tax, Registration Fees and other fees necessary for the transfer.
So basically, selling during the preselling stage is much more ideal because of less documentation and less taxes and fees. You may get the services of a licensed broker to guide and help you in your real estate transactions. All the best to you!
11/16/2022 12:21:32 pm
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Michelle Madarang is a graduate at De La Salle University-Manila, an Entrepreneur and licensed Real Estate Broker, whose been in the real estate industry since 2012. Integrity, honesty and genuine care for clients are the core of her work ethics.