Buying Real Estate Property in the Philippines: 3 Steps

http://www.article-database.com
16.09.2009 | Author: manilahouses

You can never be too sure when buying a Philippine Real Estate Property. Whether it’s a house or lot, condominium unit, apartment – there are thousands of sob stories to tell (including ours, unfortunately), of broken dreams, piled up cases in court and millions of pesos lost. This is your hard-earned money we’re talking about – and it doesn’t hurt to be extra careful, or at least know what to check before you buy a property, especially here in the Philippines.

On the first part of this series, we’ll be tackling what you – as a buyer – need to know when making your first purchase of a Philippine Real Estate Property.

1. License to Sell – does the real estate property have a license to sell? Ask your broker if the project is registered and has license to sell issued by HLURB. You can verify this information thru the List of Projects with Approved Certificate of Registration and License to Sell on the HLURB site. You can also visit your nearest HLURB Regional office.

2. Inspect, Inspect, Inspect. Always conduct a personal visit to the subdivision/condo unit. Don’t ask someone to inspect it for you and then be left disappointed when the unit is turned over. Inspect every nook and cranny – from the foundation, wiring, the lot, especially the neighborhood. You don’t want to be raising your kid in a dangerous area, nor do you want to lose sleep if you’ve bought a property in the noisy part of the village.

3. Contract to Sell. So let’s say you’ve made the decision to buy and the project has a license to sell. You are about to enter into a Contract to Sell with the owner/developer. BUT just a few things you should check just to be certain:

a. Date of completion of the project as indicated in the license to sell

b. Clearance to Mortgage from HLURB if the property is mortgaged

c. If the amenities and facilities presented in the ads/flyers/brochures are in accordance with the approved subdivision and condominium plan on file with the HLURB.

Buying a real estate property shouldn’t be too difficult, especially if you’ve acquired the services of a professional and honest real estate broker/agent. Know AND understand the facts, and you’ll soon be one of the more than satisfied owners of a beautiful house and lot – growing your family – or a sophisticated condominium unit here in the Philippines(and having it all!).

It helps if you consult with a licensed real estate broker – the Philippines has recently increased the penalty for scrupulous real estate agents and there had been so many bad stories about them that acquiring the services of a real estate broker is a must – especially if you’re unsure of the authenticity of a Philippine Real Estate Property. They can help you from start to finish – and even after sales.

If you’ve satisfied the requirements above, then it’s time to take it to Part 2. It doesn’t end here!

Vir Santos is a licensed real estate broker dealing with Houses for Sale in the Philippines, as well as other Philippine Real Estate Properties.