Archive | January 2017

Four Common Questions About Philippine Real Estate

 

 

Owning a home is a keystone of wealth… both financial affluence and emotional security. ~Suze Orman

One of the most crucial aspects when it comes to buying real estate in any part of the world is to know your legal rights. This applies true for house and lot buyers Philippines. It makes potential homebuyers more vigilant about their real estate purchases and aware whether the contract they are signing has legal color. Additionally, it would help prospective buyers weed out unscrupulous people such as scammers and unlicensed agents.

However, most Filipinos are lefty unaware of what their rights as a buyer which would render them vulnerable to bad deals and underhanded transactions which is why it would very much benefit them to have a general knowledge of our local laws.

The Philippines has an excellent set of legislation that would protect buyers from bad real estate agreements. Instead of the usual jargon found in real estate law books, this article aims to make it clearer to its readers as regards their legal rights as a homebuyer and a homeowner by elaborating on the most common questions about the Philippine real estate.

1.) Do foreign spouses or family members have the legal capacity to acquire property in the Philippines?

Unless they are renting a place such as in one of the condominium units for rent, the law is explicit when it comes to foreigners owning land and property in the Philippines. It has been stated that only Filipino citizens are allowed to buy real estate property in the Philippines regardless of whether such property is a condo or a home.

The rationale for this law is to keep Philippine lands from transferring ownership to foreigners lest we get overrun by properties owned by foreign nationals. However, foreign nationals can own property through co-ownership with his or her Filipino spouse or if the foreigner owns a corporation or an ownership where sixty percent of it is Filipino owned.

2.) What is a deed of sale and what are my duties as regards this document?

This crucial piece of document is essentially your legal proof of purchase. In essence, it indicates the transfer of property between the seller and buyer and shows that it has legally transpired. As a homebuyer, you should authenticate the document and have it notarized and recorded in the registry of deeds. After which, a homebuyer ould need to pay for transfer tax, registration fees, documentary stamp tax and other fees.

3.) What are my options when dealing with an unlicensed agent?

Before buying any property and dealing with an agent, it is best to check if the agent is registered with the Professional Regulatory Board of Real Estate Service. Unfortunately, there is not much recourse in dealing with an unlicensed agent apart from filing a fraud charge in the same manner as you would when you file a crime report.

4.) What are my rights as a buyer?

When it comes to property sales agreement, the rights of a homebuyer are essentially two things which are:

1.) The right to demand the developer to deliver the title of the unit or property upon full payment; and

2.) The right to be reimbursed with the amount you have paid which would include the amortization payments.

In essence, this would mean that it would be illegal for the developer to forfeit any installment payments in favor of the owner or the developer himself. Both laws are reflected in Presidential Decree No. 957- Subdivision and Condominium Buyers Protective Decree.

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Condo Living 101: Four Reasons Why Condos are Ideal For Newlyweds

Happy Couple Placing Sofa In Living Room

“Living together is an art, it is a patient art, it is a beautiful art, it is fascinating” -Pope Francis

After saying your designated, “I do’s”, the next possible milestone and adventure would be choosing where you and your spouse would live. From the myriad of choices you and your partner have, it would be a challenge to zero-in on one. However, if you and your spouse are just starting out, your best tack is to start your familial life in a condominium unit. Expansion and some renovation constraints may be a problem, but if you considered the advantages of living in a condo, you would realize that it takes out so many of the complications and headaches that a single home ownership might bring to your relationship.

Additionally, condo living has been a growing trend among newlyweds, young professionals, and small families—and needless to say, with the proliferation of condominium real estate properties all over the city, you have a wide range of properties to choose from. From lush real estate properties such as Solstice and High park to affordable properties with flexible payment schemes, you do not have a shortage of options. Apart from those stated above, here are more reasons why living in a condo is ideal for newlyweds:

1.) More bonding time

Most condominiums are located near business districts and entertainment hubs which would mean that your regular commute from work to home is significantly shortened. If the convenience alone of living alone is not enough to convince you, consider how much this effectively cuts your commute and as a result, give you more quality time with your partner. Additionally, if you and your spouse are looking for premier amenities, you are granted unlimited access to the condo’s swimming pools, entertainment rooms, and the sprawling lawns. You and your spouse need not go out of town just to bond when you can do it right in your condominium.

2.) Sleep peacefully at night

One of the most integral characteristics a neighborhood and a home must have is excellent security. Knowing that you are safe and secure in your beds at night without fear of anyone trying to enter your property would make you sleep more soundly. In condominiums, they take their tenants security seriously and home safety is non-negotiable. Condominiums usually have security guards stationed everywhere from the gates to the common areas. Additionally, almost every nook and cranny except the units themselves are equipped with security cameras.

3.) Stay fit easily

If you and your spouse are fitness buffs, you will find that it is easy to maintain a healthy lifestyle in your condominium community. You are free to use the gym amenities that come with the condo and are free to sprint in any of the open spaces. The possibilities of designating time for a good workout are endless such as a quick jaunt before heading off to work, or even a yoga session at the rooftop garden on the weekends. No need to worry about any mishaps occurring as these amenities are always well-maintained by the staff.

4.) You can build mutual friendships easily

Starting and building your life together as husband and wife is an exhilarating and exciting chapter in your married life. Part of this is building and fostering mutual friendships together with your spouse which you can easily do in your own condominium. Living in a condominium community opens a lot of prospects for cultivating these kinds of relationships—most especially since most condominium units are populated with unique, zany and interesting individuals and newlyweds just like you. This would enable you to form lasting friendships and relationships with your neighbors who can potentially be your lifetime friends. Introduce yourselves to your neighbors and invite them over for an afternoon tea or dinner. You might not know it, but that could be the start of a lasting friendship.

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