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Guide when Buying real Estate in the Philippines

litb · 356 · 154896

litb

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Guys i need your advise.

May nagoffer sa kin house and lot for 300k.. :)

I'm planning to check the property next week. What are the things needed to do to apply due diligence?

1. what\where\how to check yung status nung titulo?
2. anong documents ang kailangan iprovide/pirmahan?
3. ano yung mga dapat bayaran?

mas maganda yata kung step by step na gagawin from inspecting the house to pirmahan ng kontrata.

thanks! thanks!



due to my need of the above items I stumble to a site which answer my questions. I just like to share it to my fellow PMTers.
« Last Edit: Feb 09, 2009, 05:31 AM by litb »


litb

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oishidu

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lilywhite

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RealEstateInvestor

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 :hello:

1. yes, you can get a copy of the certified true copy of the title from the registry of deeds where the property is located. you can also ask the seller to provide you with it, but it defeats the purpose of doing due diligence yourself (besides, how will you know if it is authentic if you just asked for it?). this costs less than 100 per copy (30, 50, 60, 80) depending on the city.

2. haven't had any experience in buying a lot

3. zonal value - bir.gov.ph
fair market value - comparative analysis (values of other properties in the area), income-method (through rentals generated)

one tip!
attend real estate broker's review course even if you're not taking the exam. you'll learn a lot from it.

 :book:


learn2liv

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one tip!
attend real estate broker's review course even if you're not taking the exam. you'll learn a lot from it.

 :book:



san makakaattend nito? how much ang fee?


joat

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litb

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thanks realestateinvestor  :cool2:

post na lang po dito kung sa makakaattend and how much yung real estate broker's review course.
i'm sure maraming gustong matuto about the in and outs of real estate broking.




RealEstateInvestor

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will update you guys when i get wind of the schedules  ;)
or if someone knows of the new schedules, you can post it here.  :yoohoo:


sneaker23

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Got this on my email

Comprehensive Real Estate Seminar & Review for Real Estate Broker's Licensure Exam conducted by Urban Institute of Real Estate.

Review Center of Engr. Enrico Cruz which will start on march.

i'll forward it na lang sa email for those interested.


RealEstateInvestor

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learn2liv

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bellfox

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Very helpful this thread,thanks those informations. But the most important thing to buy property is the "title or titulo"!


learn2liv

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What if I want to take the exam? anong requirements and fees?


quickbang

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ellezert

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meron sana ako itatanong sa mga expert dito sa forum baka matulungan ninyo ako. We have a house and lot property na nakapangalan pa din sa name ng magulang namin though pareho na silang deceased. Ang problema namin is how to transfer the land title dun sa  name ng 1 naming kapatid kasi sya mostly ang takbuhan namin even nung nabubuhay pa mga magulang namin kaya we plan to transfer the title in his name. Also the reason kung bakit gusto namin ma-transfer ung title eh hindi tinatanggap sa banko as collateral pag di mismo sa applicant nakapangalan ung title. Plano kasi namin pagawan ng apartment ung property and we will use the property as collateral for the loan.

Would appreciate very much if some of the expert here would enumerate the procedures nang pagpapalipat ng title in such a situation like ours.

Thanks in advance.....


markus

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meron sana ako itatanong sa mga expert dito sa forum baka matulungan ninyo ako. We have a house and lot property na nakapangalan pa din sa name ng magulang namin though pareho na silang deceased. Ang problema namin is how to transfer the land title dun sa  name ng 1 naming kapatid kasi sya mostly ang takbuhan namin even nung nabubuhay pa mga magulang namin kaya we plan to transfer the title in his name. Also the reason kung bakit gusto namin ma-transfer ung title eh hindi tinatanggap sa banko as collateral pag di mismo sa applicant nakapangalan ung title. Plano kasi namin pagawan ng apartment ung property and we will use the property as collateral for the loan.

Would appreciate very much if some of the expert here would enumerate the procedures nang pagpapalipat ng title in such a situation like ours.

Thanks in advance.....


Hi ellezert,

i know somebody who is an expert in transferring titles, examples from your parents to your kapatid. i can refer him to you. PM me your cell no. or contract details and your name so that my friend will call you.


enchy05

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ellezert

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thanks sir markus... actually nasa saudi ako ngayon and nagbabakasakali ako dito sa forum kung meron makakatulong sa amin on this problem....Sir markus if its okay with and ok dun sa friend mo you can PM me his contact nos. and i will give his nos. to my brother na paglilipatan namin ng title. Bukas pa kami magkakausap ng brother ko and sa tingin ko mas mainam kung sila dalawa mag-uusap.


Anyway bukas kung naka-online borther ko sa YM I will try to get his mobile nos. and will give you his mobile # ASAP and tell him of the development regarding sa problema namin. I really appreciate your early response......maasahan tlga mga bossing dito sa forum...thanks uli



goodfather

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Hi to all,

I just discovered this forum and I've learned a lot since I started reading on the thread.. How could I not discovered this forum earlier? But anyway, thanks for all who share their knowledge.

I also missed the seminar.. Is there another seminar like this in the future?

Another question... what will I gain if I become a licensed broker?

I am starting to like Real estate business and planning to venture soon.. I hope I could gain enough knowledge through this forum. Thanks and have a nice day to everyone.


ritaku17

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You will gain a better percentage of Commission in selling properties, and will be able to participate in signing of documents as a Licensed Broker. Of course, everyone would want to deal with a Professional especially when we're talking about million-peso assets :-)


ph_investor

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You will gain a better percentage of Commission in selling properties, and will be able to participate in signing of documents as a Licensed Broker. Of course, everyone would want to deal with a Professional especially when we're talking about million-peso assets :-)


In addition, you get to join a brokers' network/association where you can network with other brokers, put your properties for sale in the association's multiple listing service(MLS), have other brokers sell your property for you, and you can also do the same for other brokers. You can also get accredited with certain banks so you can sell their foreclosed properties, or you may even buy them yourself. :watchuthink:


neo2008

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Hello Folks, I would recommend to all out there, who want to learn more about saving and investing the right way, to attend our free seminar at IMG. We teach them step be step about saving and investing, broker themselves, and we lead them to companies where they can engage directly as broker of your own. Increase your Financial IQ. Covers all financial institution and real state. Learn how to bypass middlemen.

We have special sked this May 1, 2009- whole day event and makati.
Send me message at 09294676512.


jomor

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I have this need for assistance from realtors in this forum -- a sample copy of a Sworn Statement to be signed by a former Filipino citizen who is buying a real estate property in the Philippines, as a requirement per BP 185... if you have been using this form in your real estate sales, can you possibly send a soft copy to cbredailynews@yahoo.com ? Really appreciate your help... if you would charge for it, please let me know.  :thankyou:



ritaku17

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Hello Moneyyoda! I've been reading your emails since I'm a subscriber of your newsletters.. thank you!

Btw, what does Infinity ROI mean and how do you compute for that? It's not there on your Think Rich Quick book...


cartman

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bluelobster

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Hello Moneyyoda! I've been reading your emails since I'm a subscriber of your newsletters.. thank you!

Btw, what does Infinity ROI mean and how do you compute for that? It's not there on your Think Rich Quick book...


If I remember correctly from the book, your ROI becomes infinity if you have no money down.


AlexB

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Very well written. Thank you. Salamat. I needed this badly.
« Last Edit: Apr 13, 2012, 11:32 AM by FutureGizmo »


docmav

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Quote

Taxes, Commission & Registration

This is the standard sharing of expenses between the buyer and the seller when transferring the real estate property title (TCT - Transfer Certificate of Title or CCT - Condominium Certificate of Title) to a new owner:

The SELLER pays for the:

    * Capital Gains Tax equivalent to 6% of the selling price of the property. (Withholding Tax if the seller is a corporation)
    * All unpaid taxes due (if any).
    * Agent / Broker's commission.

The BUYER pays for the:

    * Documentary Stamp Tax - 1.5% of the selling price or zonal value or fair market value, which ever is higher.
    * Transfer Tax - 0.5% of the selling price, or zonal value or fair market value, which ever is higher.
    * Registration Fee - 0.25% of the selling price, or zonal value or fair market value, which ever is higher.

Incidental and miscellaneous expenses incurred during the registration process.
The above sharing of expenses is the standard practice in the Philippines. However, buyers and sellers can mutually agree on other terms as long as it is done during the negotiation period (before the signing of the "Deed of Sale").


Mga Sir / Ma'am

Can you please help me on this.

I am buying a studio type condo at Makati CBD, unit price is 2,520,069.80

Sa ngayon po pinagbabayad nila ako ng:
Registration Fee & Expense      22,576.00 (6,300.17 lang registration fee, ano kaya yung iba?
Documetary stamp      37,801.05 (eto tama!)
Transfer Tax      15,120.42 (.5% is 12,600.349, tama po ba?)
Issuance of Title      60.00
Entry Fee      90.00
Anotation Fee      30.00
UPL center      225.76
Meter fees      30,000.00 ( Ganito po ba talaga kataas ito?)
Estimated property tax      18,900.52 (SABI sa taas all unpaid taxes, or ako ba talga pay nito?)
Other Charges      0.00
   TOTAL OTHER CHARGES   124,803.75


 I was trying to compute yung naka quote sa taas and parang magkaiba ata

And the Meter fee is really 30,000 po ba?

Thank you po at maraming salamat po sa lahat

Please help me on this


jomor

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To be satisfied of the developer's computation, you may ask the details or how they arrived at the amount per item like taxes, etc... kasi pag may sobra sa computation, baka may 'facilitation fee' na nakasama, guess ko lang, but nothing wrong to ask how they were able to arrive at any amount...also, example, yung meter fees baka both water and electric meters ito... hope this helps.


uranium698

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Mark ko lang tong topic na to ha, I just want to learn from you guys.  ok lang po ba?

[spectator mode]


docmav

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To be satisfied of the developer's computation, you may ask the details or how they arrived at the amount per item like taxes, etc... kasi pag may sobra sa computation, baka may 'facilitation fee' na nakasama, guess ko lang, but nothing wrong to ask how they were able to arrive at any amount...also, example, yung meter fees baka both water and electric meters ito... hope this helps.


Thank you sir, will do po.


5tar

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This is such a helpful guide to those new in condo investing.. like me.. thanks


Solfegia

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gundam

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diba pinagbawalan na ang meralco from collecting meter fees? (or did i remember wrong)
why is it still being collected?



quickbang

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Quote
diba pinagbawalan na ang meralco from collecting meter fees? (or did i remember wrong)
why is it still being collected?


baka raket ng developer in case uninformed yung buyers  :D


wendypollman

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   Thanks for sharing the information.... Very useful!!! Just remember to check the certificate of land title in the
 Register of Deeds. Be sure this is authentic.
« Last Edit: Jul 14, 2009, 11:53 PM by FutureGizmo »


tyronesolee

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Thanks for sharing the information.... Very useful!!! Just remember to check the certificate of land title in the
 Register of Deeds. Be sure this is authentic.


You can also take a look on the article I made about performing a detailed due diligence on the real estate property you're eyeing for before actually buying it.

http://www.millionaireacts.com/193/real-estate-property-investment-tips.html
« Last Edit: Apr 13, 2012, 11:32 AM by FutureGizmo »


mcd

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I just paid a reservation fee for a residential lot from a Sta. Lucia property in Cavite through it's accredited marketing arm. I am due to pay a downpayment by next week and start paying monthly installments 30 days after.

What documents should I ask or check from my real estate agent?

Thanks in advance for your replies.


tagailog

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OT (pero sana relevant :D):

http://newsinfo.inquirer.net/breakingnews/nation/view/20090715-215519/Real-estate-law-enacted-finally

ano po magiging impact nito sa real estate market kung sakaling i-implement? me major changes ba (lalo na s thread na to)?

thanks.


jomor

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I just paid a reservation fee for a residential lot from a Sta. Lucia property in Cavite through it's accredited marketing arm. I am due to pay a downpayment by next week and start paying monthly installments 30 days after.

What documents should I ask or check from my real estate agent?

Thanks in advance for your replies.



when you pay the reservation fee, make checks payable to the developer and crossed check (2 diagonal lines on upper left hand corner of the check)... if the agent will pay it for you, you prepare an acknowledgment receipt for the agent to sign; or better still, go direct to the office of the developer where you would give your payment/s... do not pay in cash to agent, as much as possible. After payment of reservation fee, expect an official receipt from developer stating therein the specifics of the property you bought... After reservation fee is paid, you would expect that a Contract to Sell document will be presented to you for review and signature before you are going to pay your initial downpayment (either full or monthly, depends on what you have agreed upon). Every payment of monthly downpayment, always ask for official receipts and when you pay, it should always be in check in favor of the developer, etc...
« Last Edit: Jul 15, 2009, 06:39 PM by jomor »



brick31

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Hi, i'm planning to buy a lot, and have requested at the broker to present me a TCT. I read in the TCT the lot was registered on a construction company instead on an individual.
May I ask, wil there be a conflict in the signing of the deed of sale? Any other document they need to provide aside from the TCT itself?

Thank you.


jomor

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Hi, i'm planning to buy a lot, and have requested at the broker to present me a TCT. I read in the TCT the lot was registered on a construction company instead on an individual.
May I ask, wil there be a conflict in the signing of the deed of sale? Any other document they need to provide aside from the TCT itself?

Thank you.


If the seller is a company, the company must provide a board resolution that said lot is being sold to you with all specific terms and conditions of sale... further, it is suggested that you also require through the broker a 'trace back' of the property up to two previous owners and that the trace back be certified to by the Register of Deeds...
as to conflict, I do not know of any conflict unless the company is not a legitimate Philippine corporation; if it is a legitimate company, then maybe you also have to seek documents to prove the identify of the seller company. Previous tax liabilities of the seller should also be paid to avoid problems with the BIR, assessor, etc. before transferring to you... hope this helps.


brick31

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thanks jomor! very helpful indeed

another question pa, does in the board resolution document states the authorized person who will sign in the deed of sale also? the lot was registered with them since 1959 pa, im to do the counter checking by myself at the registry of deeds.the company is a construction supplies provider and their business is still running today.

 :thankyou:


jomor

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thanks jomor! very helpful indeed

another question pa, does in the board resolution document states the authorized person who will sign in the deed of sale also? the lot was registered with them since 1959 pa, im to do the counter checking by myself at the registry of deeds.the company is a construction supplies provider and their business is still running today.

 :thankyou:


of course, the board resolution will state who will be the signatory to the Deed of Sale on the seller's side.


brick31

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 :applause: thanks again jomor, i hope to finish verifying everything next week so
i can finally proceed with the purchase.

 :thankyou:


Bp22estafa

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also request a copy of their sec registration & articles of incorporation. then verify it at SEC. ive have a friend who bought a property in the name of a corporation, even verified it at SEC. what happened is 1 of the sibling in connivance with the corporate secretary change the line-up of incorporators, forging all documents at sec to make it appear that he is the president of the corporation. so better make a trace back at SEC. you cant be too careful when buying a property.

money has been paid, then the real owners got a TRO after leaning of the sale to prevent the sale from being consumated. the case has been to the supreme court then back to the court of appeals now. very messy. it's been 4 years since then


 :applause: thanks again jomor, i hope to finish verifying everything next week so
i can finally proceed with the purchase.

 :thankyou:
« Last Edit: Jul 20, 2009, 04:55 PM by Bp22estafa »


jomor

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nightwatch

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Hi Guys, need some advise here.

I just got my TCT for the H&L mortgaged through a bank.  The TCT was named under 'my name and my wife's maiden name' (ex. nightwatch and wife's name).  This is because we bought the H&L before we got married.

Question is : Do I need to change the name in the TCT now that we're married?  What are the costs involve?


kabanyaman

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help din!  i have a problem with a property which i bought from a developer.  i just found out that the project had some restructuring (change lot size and lot location) due to some problem with the permit from the government.  now i do not agree the new location and new lot size.  so i have requested for cancellation and refund of my payments.  here are my questions:

1/ do i get full refund + interest on my payment?  my money should be earning interest since the developer used my money to develop the project.

2/ the developer have shown me computation with deductions on seller's commission and cancellation fee.  but i feel that this is not right since it's them who did not follow what was on the contract

looking forward to replies from the RE experts.  thank you.

   :thankyou: :thankyou:



lilywhite

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quick question din po: applicable po ba ang capital gains tax kahit tax declaration lang ang meron? di pa titled ung residential lot.

 :thankyou:


julz

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wow, daming tanong, walang sagot.
actually dami ko rin itatanong e, at di ko alam sagot sa mga last questions.

any more experienced Real Estate buyers/sellers, agents, brokers,
appraisers, lawyers and consultants who can help us out?
thanks in advance!


ritaku17

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Here's something interesting and unique to consider when buying a Philippine Property: the possibility of having GHOSTS inside it. Be very careful! You can read more about it here: http://www.realestatephilippinesblog.com/what-if-your-desired-philippine-property-is-a-ghost-house/


Langerhans

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miko

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friends please help me for some questions before investing:

i'am planning to buy a condo but i need some advice with the below queries;
1) some developers offer either 10% or 20% DP then amorization with pertaining interest for max of 10 years, when i was trying to compute the over all cash out at the end of payment for say 6 years, the total cash would eventually almost double with the actual price of the condominium. (in this case i understood since this is part of developers/outsourse financing business for long term payments but even at pre selling stage they are adding high interest already)

2) but why other developers offers zero interest (say 40% or higher of Total contract price to be zero interest) for some few years then the remaining balance thru financing.

--comparing 1 & 2, i would rather go for option 2 but some developers dont offer this (such as cityland),
can somebody please give me clarifications, i am not familiar with these schemes and iam new in investing a condo
thanks!
« Last Edit: Apr 13, 2012, 11:33 AM by FutureGizmo »


suzaku

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^ Mas usual arrangement ata talaga either 20% spot downpayment or 10% spot DP tapos yung remaining 10% spread out over a certain number of months, interest-free. Then the 80% balance thru financing. Meron din gaya ng nabanggit mo na 20-40-40 ang arrangement. 20% spot DP tapos 40% spread out over a certain period interest-free. Remaining 40% financing. Eton alam ko nag-ooffer ng ganito. Meron din naman mababa lang DP. Pero ang mga ganon daw malaki chance na madelay ang project, that is kung nasa pre-selling stage pa.

Mas mahal talaga yung interest rate ng in-house financing. Nasa 18% pa nga yung isang nakita ko before. Kaya even the agents of developers don't recommend it. Mas ok pa ang rate sa banks, naglalaro sa 10-11% depending on the loan term.


ritaku17

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That's right, Eton does offer 20/80 and 20/40/40 schemes that give zero interest over the construction period, even 10/50/40. You can PM me if you're interested to know more about it :-) That's really the advantage of pre-selling

Here's a more complete chart on how to compare PRESELLING, FORECLOSED, and SECONDARY PROPERTIES:
http://www.realestatephilippinesblog.com/pre-selling-vs-foreclosed-vs-secondary-properties/

@langerhans - thank you for enjoying my blog, tell your investor friends about it :-) im sure it will be helpful to all of you...
« Last Edit: Aug 15, 2009, 10:35 PM by ritaku17 »


Langerhans

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Yes. It is informative. Marami din featured condo with nice locations in pre- selling. Do you also invest in foreclosed?


ritaku17

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Yes. It is informative. Marami din featured condo with nice locations in pre- selling. Do you also invest in foreclosed?


not yet, but I plan to soon. how about you?


urcompany

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another way of buying a property is through RENT TO OWN.

The process is so simple:
1. choose from the available property
2. check the documents and the company
3. sign the contract
4. rent the property for several years
5. after the term, the property is yours.


dathel

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hi im a newbie, i just want to ask how to buy a property directly from the land owner?
whats the next step after having a meeting of the minds (price etc) with the land owner?

thanks


arkitek_FRIDAY

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^^^ Ask for the TCT, TDC and Lot Plan then verify mo sa municipio.


erikko

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I just observed that most student are preferring condos that are spacious and is accessible to their schools but most of these condos are also expensive.


jomor

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hi im a newbie, i just want to ask how to buy a property directly from the land owner?
whats the next step after having a meeting of the minds (price etc) with the land owner?

thanks


ask for all the ownership documents (original copies):  title to said property, tax declaration, vicinity map and lot plan of said property... if you also wanted to verify if said title is not encumbered, you may check with the Register of Deeds where the property is registered and seek a certified true copy of said title... just be sure to compare the certified true copy with the copy in the hands of the land owner that there are no annotations of claims or loans on said property on both documents... if there are no other questions, then I believe you are ready to prepare  the deed of sale, and the process goes on...we just presume here that the land owner or owners are still alive... if one is not, then there is a process that must be met first... hope this helps.


 


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