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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.

Home Buying Alert: The Non-Negotiable Home Features You Must Consider

lawyers.com

If you are a kind of person who dreams of having your own home, then having your own preference when it comes to what kind of house you want to live in is just a normal thing to do. Of course, who doesn’t? Especially when it comes to investing and/or buying a property in a real estate Makati, then you have the right to choose what kind of house you want to stay.

Each homebuyer has their own preferences. There are even some homebuyers who insists in following their own preference when it comes to the features of their home, while others got to enjoy living in their respective home without minding what kind of features their home have.

However, if you are still planning to buy and/or invest in a particular property, it is your duty to know that there are certain things that are no-negotiable. Well, aside from the technical aspects of the home buying process, the features of your home is one of the things you cannot choose – and here are those.

1.  Property type preference

cieloazulestate.com

If you are one of those homebuyers, you only got to choose what kind of property type that you want to live in. Since the properties are already built in, you cannot anymore decide what kind of structure you want to have for your house. Unless if you are going to buy a lot and build your own home, then choosing the style of your home is an easy task to have.

There are actually a lot of property type preferences that you can choose from; it is just up to you to decide. Well, if you really want to consider the property type of the house that you want to live, then there is the need for you to carefully select what kind of real estate property.

2. Neighborhood

boomerhighway.org

Choosing the right home is also choosing the right neighborhood. We cannot deny that there are certain neighborhoods that we want to avoid. Of course, as much as possible, we don’t want to mingle with people who do nothing but gossip other people’s lives, or living in a neighborhood without being secured over your safety.

If you are really concern when it comes to what kind of neighborhood you are going to live with, it is your duty as a homebuyer to ask the home seller, or your broken on to what kind of environment in that particular place before deciding to purchase that particular property.

3.  Layout space

greenfield-apts.com

Like the property type preference, the layout space on your home is also a non-negotiable one. Before building the property, there was already a floor plan that is intended for that particular property. There are even some properties with furnitures in it. However, even if you feel like you should be in control when choosing the specific aspects of their purchase, you cannot deny that changing the layout space in your home is impossible.

Of course, if you really are particular of the layout spaces, then choosing the right property is the best thing that you can do, for as not to regret investing in a particular property someday.

4.  Location

unitedliberty.org

Of course this, the location of the place is definitely not a negotiable. Even if you like and love to live in a specific property, it is just impossible for you to transfer that particular house to another place just for you to have it. Of course, if you don’t want the specific location due to some reasons; be it traffic, not accessible, and/or not an environment friendly, then it is you who will find another place to stay.

There are actually a lot of real estate properties that you can choose from without compromising the quality of the location. Well, it is still your duty to choose wisely on what kind of property that you want to live in.

5 SMS Mistakes Real Estate Professionals Should Stop Doing

blog.mobile-marketing-chicago.com

With these advanced technologies, communication is made better, especially with the long distance one. One way to communicate with the other people is through sending some SMS on them. Of course, with just a click away, they will definitely receive what you want to tell to them. Well, credits to these advanced gadgets.

Although most, if not all, homebuyers use the social media as primary means of communication, negotiation and deals are often done via personal messages, or in poor internet hotspots, via text messaging. However, due to the casual nature of doing and sending text messages, some real estate professionals forget to be aware of the communication etiquette when sending a text message to their clients.

Before you send your message, you also have to consider some things. You have to think before you hit the button send for as not to disappoint your clients. Well, here are some of the things that you should never do through sending some SMS to your clients.

1. Forget to introduce one’s self

There are some real estate professionals that they usually forgot to have some introductions of who they are. Even if you have introduced yourself through social media, there is still the need for you to introduce yourself again since you are communicating with your client via SMS already. Moreover, clients would definitely want to know who are they replying to. Of course, they are also careful when it comes to that matter.

2. Assuming your client understands your day

All of us have our own personal reasons whenever there are unexpected circumstances that might happen in the middle of the transaction. However, you also have to consider and know that clients don’t care on the things that you have done all throughout the entire day, for as long as you can still attend to their needs, then they will definitely be fine with that.

3. Using of abbreviations, acronyms and other text slang

Ok let’s face it. Not all of us knows and understand some of the abbreviations, acronyms and other text slang terms that are usually used today. Some of them don’t understand whether an abbreviation or an acronym is a word is simple a typo error. Also, you are doing some real estate transaction with your client, it is your duty to be and act professional towards them. And using an appropriate words for you message is one of the things a real estate professional must do.

4. Not proofreading responses

Sometimes, even if we are in a hurry in replying and/or sending our text messages to our clients, it doesn’t hurt to check your text for misspellings, incorrect word usage, or improper language. The message you will be sending will also reflect on you, of who and what kind of real estate professional are you. Also, if you are not sure whether the usage of your words are correct or not, why not try asking someone who can double check your message. With that, you will most likely not commit any offense to your clients.

5. Not being considerate when saying bad news

As a real estate professional, it is your duty to make your client feel that they need your products. That is why, it is also important for you to inform them that whenever a property that you have advertised has already been bought or reserved, you should be proactive in offering an alternative. After informing to the client that the property is already not available, as much as possible, try to be polite and tell them that you will look around for another property instead.
Even if you and your client communicate via SMS, you also have to be professional in everything you want to say to them. Don’t be too harsh. After all, if there is one thing clients remember, that is you have a great customer service.