MUSTS Before Buying Real Estate in the Philippines. Here are advices a buyer must evoke before buying any property in the Philippines, especially if you are buying a single property from an individual: 1. Negotiate with the help of a PRC Licensed Broker ONLY in the attempt of meeting of minds with the Seller/Owner and with the Representative (representative must be with Special Power of Attorney and Authority to Sell) 2. Make sure the Transfer Certificate of Title (TCT) of “Original Certificate of Title” (OCT) is authentic. The easiest way to check if the title to the property you are buying is authentic is by securing Certified True Copy of the title from the Registry of Deeds. This office is usually located at the city or municipal hall where the property is located. Ask the seller of the property for a photocopy of the title -you will need the title number and the name of the owner to get a certified true copy of the title from the Registry of Deeds . 3. 3. Verify that Title is clean - meaning the property is not mortgaged (no liens & encumbrances). You can see that at the back of the title with the heading Encumbrances. This page must be empty if you are told that the title is clean. But sometimes the space for the technical description of the property on the front page of the title is not enough and the description of the property is continued on the Encumbrances page, this is of course all right. 4. Make sure that the land described on the title is really the land that you are buying. You can validate this at the Registry of Deeds or by hiring a private land surveyor or a geodetic engineer. Land titles dont have any street name and number to pin point a property, it is a must to confirm that the actual property you are buying matches the technical description on the Transfer Certificate of Title. 5. Make sure that the sellers are the real owners. If you are buying from an individual property owner, ask for identification papers like passport or drivers license, it is also a good idea to talk to the neighbors or the Barangay Captain to confirm the identity of the sellers (you might as well ask some history of the property). 6. Confirm that the yearly property taxes are paid and cleared. Ask for certified true copies of the Tax Declaration and original Tax Receipts to confirm that property tax payments are up to date. Tax Clearance Certificates will be issued to attest non delinquencies. If upon critical evaluation to the Check List is in order, it is generally safe to proceed with the purchase of real estate in the Philippines.
Posted on: Sat, 18 Oct 2014 06:33:02 +0000