philippines natural resources
Posted in Philippines General Information on 05/05/2010 09:37 am by admin
Tips before buying properties in the Philippines
Tips before buying properties in the Philippines
- If buy a property from individual owners
- Ensure that the Certificate of Title is real. You can check this by securing a certified true copy of title from the Register of deeds. Request a copy of title from the seller and submit it to the Register of deeds in your application for processing of real certified copy.
- Investigate the title if it is clean. A clean title is free from any encumbrances such as mortgage from a bank or company of lending. Regardless of the transaction or legal matters that occur on earth, as a rule, they should be annotated in the title. Check for annotations. If the page is empty, it is clean.
- Ensure that your land purchase is what actually described in the title. It can be validated to Register the work. It is advisable to hire a professional surveyor to ensure that the real estate you are buying matches the technical description of the title. Typically, It does not cost much and as the saying goes, an ounce of prevention is worth a pound of cure.
- Sure that the yearly real estate taxes is paid and updated. The government will impose at least once every three months and payment of tax when a property is sold, the government requires payment of the year, so the negotiation as to what consumers pay period and what time Sellers pay their dues to the tax should come into play in the transaction sales. It is essential that real estate taxes are paid for stiff penalties imposed by government on delayed payment and ultimately the government can impose a lien on the property that can kill the owner of rights to property taxes paid with penalties.
- Make sure that the Sellers are actually owners of the property. Valid ID must match the name in the title. Always inspect the original title, not a copy. Learn some authority figures within area as barangay captain as they also have important information about properties and can reveal their true owners.
- If property you are buying is not a residential subdivision such as raw land, or beach lot, check with DENR (Department of Energy and Natural Resources) regarding the regulated use of ground. Lands with classifications such as farm land, industrial, commercial, residential and therefore, they should be used according to their classification, although diversion time can be applied but requires government approval and usually undergoes a tedious process.
B If you buy from a developer:
1. Check for availability of titles of the mother. Usually developers offer pre-selling of properties. This means The houses or condominiums must be constructed based on the contract over a period of time. Individual titles may not be available as it takes time as three years of individualized title.
2. Trust a reputable developer has a track record of completed developments. It is ideal if you to personally evaluate the completed developments that have an idea what it is to look at their pre-selling projects that you might be interested to invest.
3. Examine each provision of the Contract to Sell that you are going to sign with the annexes. A licensed real estate broker should be able to explain to you common language of all legal terms stated on all documents that you are going to sign. You can rent your option of a lawyer for this purpose but it is not uncommon major project developments as the documents are standardized. All the signed document is notarized and you should have a copy of an original document notarized.
4. Choose or negotiate for at least cash out, at least monthly installments, and if you no interest for properties that have built or on-going construction. Maintenance can be negotiated to be paid on delivery of the unit.
5. If you plan to make some changes within the unit if a house and lot or a gift, make sure that it has allowed developers and up to what extent permitted. There are developers that do not allow any changes their plans but there are the entertainers changes and can be negotiated or discussed before the construction begins.
6. If you buy from individual owner or from a developer, it is best to choose a Licensed Real Estate Broker or Agent you can trust with proven records of good and loyal service and has extensive knowledge of the local area. Loyalty check for previous job experience. Only select professionals licensed or unlicensed now as colorum are strictly monitored by government authorities and forbidden to practice real estate profession in the Philippines. Although licensed, the preference over independed brokers / agent compared to in-house agents. The in-house agent developers are strictly not allowed to sell the project of their competitors and thus can be expected to be biased in their own projects.
Author: Engr. Arengo Manuel Jr.
Real Estate Broker License No. 1185 (N)
Website: http://www.cebubesthomes.com
About Engr. Arengo Manuel Jr.
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