Simple Guide in Buying Real Estate in the Philippines
Buying a Real Estate in the Philippines is somewhat complex or complicated as there are many factors to considered in order to attest ownership of the seller or veracity of documents.
Here are some simple guide to consider in buying;
- Determine the relationship of the seller with regards to the property
is the seller the owner, relative of the owner, a real estate service professionals (sales agent, broker)
- look for valid or genuine government issued ID to determine correctness of names indicated on the title
For Relative of the Owners
- ask for legal documents (Special Power of Attorney) if the owner is out of the country or other reasons why the seller is not available
For Real Estate Service Professionals ( i.e. sales agent, broker, etc.)
- ask for his/her Authority to Sell and his/her current and valid Professional ID as salesman or broker
- Request copy of title together with other documents of ownership
Transfer Certificate of Title (TCT) - for lot or house & lot
Condominium Certificate of Title (CCT) - for condominium
Tax Receipt (updated or current)
Lot Plan and Vicinity Map
These are some basic and simple tips for you to be guided in buying a real estate property. It would still be best for you to hire the services of a Real Estate Service Professional or a Lawyer if needed to assist you in purchase of your property either for investment or for personal use.