COVID-19 Process for Real Estate Transactions

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We are now operating. This page has daily updates on our process, how we keep our buyers and sellers safe, and the updated laws for ECQ/GCQ in the Philippines.

Welcome to RE/MAX Gold. We hope you and your family are remaining cautious and healthy during this global pandemic. Long story short, the show must go on. Families and investors need to buy and sell real estate right now, and we’ve outlined exactly how to proceed during these times.

This post will be updated weekly as news and government quarantine status updates.

LAWS & AREAS UNDER ECQ & GCQ:

Here is the official PH gov’t site for COVID: https://www.covid19.gov.ph/ 

Here’s the page with details on what businesses and transportation is possible with GCQ: https://www.covid19.gov.ph/security/gcq 

The following article has a good overview of transportation and which industries are allowed to operate. Manila is currently in a state of General Community Quarantine (GCQ), and both private and public transportation vehicles have been allowed to operate.

Current guidelines from the Department of Transportation allow the operation of both private and public vehicles, provided that all passengers and drivers wear the mandated PPE. Public vehicle operators are also mandated to keep up proper sanitation and cleanliness for their vehicles and observe social distancing amongst passengers. 

GUIDANCE CONCERNING REAL ESTATE TRANSACTIONS IS AS FOLLOWS:

HERE’S HOW WE KEEP YOU AND OUR TEAM SAFE THROUGH THE BUYING AND SELLING PROCESS:

BUYERS (Buying your property with RE/MAX Gold PH):

  • Client Registration Form

A buyer registration form is used to document a client’s personal information for their property purchase while ensuring that the attending agent receives a full commission for brokering the sale. Typically, these forms will have a set period of time wherein the sale of the property will be credited to the agent named on the document.

  • Agent Assignment

Assignments occur when a seller gives an agent the right to sell a previously agreed contract of sale from the original buyer to a new buyer. From there, the end buyer acquires the right to purchase the property in accordance with the terms on the original contract of sale.

  • Letter of Intent to Purchase

A Letter of Intent to Purchase is a document that details the terms of the potential sale before the buyer makes the purchase. This covers the legal bounds of the property, additional components to the sale (such as geographical maps of the location), any rights to other effects within the property (like pre-existing furnishings and installations), and any transferable legal permits. Once this letter is accepted by the seller, a Formal Purchase Agreement is drafted to help finalize the sale.

  • Inventory Match-up

Inventory represents the number of active properties in the market. With a wide library of documented inventory, RE/MAX agents are able to match up buyers with properties that best suit their needs.

SELLERS (Selling your property with RE/MAX Gold PH):

  • Client Registration Form

Client registration forms serve to document prospective clients while protecting the agent’s right to receiving commissions from the sale. This document collects the prospect’s personal information and sets a period of time where the sale of the property will be credited to the agent listed.

  • Authority to Sell/Lease (Exclusive and Non-Exclusive)

An Authority to Sell is an agreement between a real estate agent and a seller, authorizing the agent to represent, market, and negotiate on the seller’s behalf. This agreement is made to protect both parties from misrepresentation and unauthorized transactions. Exclusive Authority allows only one agent to represent the seller, while the Non-Exclusive Authority allows for multiple brokers to list and market the property.

  • Agent Assignment

Assignments take place when a seller gives an agent the right to sell off a contract of sale from the original buyer to a new buyer. The resulting agreement has the end buyer acquiring the right to purchase the property in accordance with the terms on the original contract of sale and the agent earning an assignment fee for the finalized deal.

  • Property Inspection and Checklist

Providing the buyer with the necessary information on the property can make or break a sale. Cooperating with a professional inspector can ensure that crucial parts of the property and its structures are thoroughly examined, giving buyers a better understanding to make an informed decision.

  • Database and Website Maintenance

The quality of online marketing assets can define a prospective client’s expectations, making it important to properly curate and maintain a real estate website. It is also equally essential to ensure that information on the website’s database remains accurate and up-to-date.

  • Lead Generation

In the digital age, real estate agents rely on digital tools and strategies to better generate leads. With the right approach, the process is meant to get leads to move towards becoming prospective clients, and finally closing property sales with the agents.

Stay Safe Out There!

We understand that it can be a difficult time for most people to address day-to-day transactions of all kinds, including buying/selling real estate. But rest assured, RE/MAX is here to help make the process as smooth and convenient as possible for you.

If you require assistance facilitating property transactions, then look no further than the property experts at RE/MAX.
Contact us today for a free home evaluation!

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