Buying Real Estate Property In The Philippines - The Basics

You can by no means be too sure when buying a Philippine Real Estate Property

. Whether it's a house or lot, condominium unit, apartment - there are tons of sad reports to tell (including ours, unfortunately), of ruined 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 Dealing with what you - as a buyer - need to know when making your first investment 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 certified and has license to sell issued by HLURB. You can validate this information thru the List of Projects with Approved Certificate of Registration and License to Sell on the HLURB site. You can also head to your nearest HLURB Regional office.

2. Inspect, Inspect, Inspect. at all times conduct a private visit to the subdivision/condo unit. Don't ask another person to inspect it for you and then be left disappointed when the unit is switched over. go over every nook and cranny - from the foundation, wiring, the lot, Particularly the neighborhood. You don't want to be bringing up your kid in a perilious area, nor do you want to lose sleep if you've invested in a property in the boisterous part of the village.

3. Contract to Sell. So let's say you've made the commitment to buy and the project has a license to sell. You are about to get into a Contract to Sell with the owner/developer. BUT just a few things you Ought To 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 features and facilities presented in the ads/flyers/brochures are in accordance with the approved subdivision and condominium plan on file with the HLURB.

purchasing a real estate property shouldn't be too difficult, especially if you've attained the services of a professional and honest real estate broker/agent. Know AND comprehend the facts, and you'll soon be one of the more than completely satisfied owners of a wonderful house and lot - growing your family - or a innovative condominium unit here in the Philippines(and having it all!).

It helps if you talk to with a licensed real estate broker - the Philippines has recently grown the penalty for dishonest real estate agents and there had been so many bad stories about them that Attaining the services of a real estate broker is a must - especially if you're a bit doubtful of the credibility of a Philippine Real Estate Property. They can help you from start to finish - and even after sales.

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

by: Zulieka Martirez

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