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1. Buyers Information guide
1.1 Useful Tips for Home Buyers
Purchasing a homes needs a well-thought plan. Every angle of such undertaking must be taken into consideration.
1. What is my purpose of buying? My first or second home? For investment? A gift?
2. What is my preferred location? Does it affect my lifestyle? My business? My family?
3. How much can I afford? What is the advantage if I pay cash? What about financing, the cost of availing a real estate loan?
Generally it’s the location that matters. When you transferred to your new home, it would affect almost everything. Most often than not, buyers have limited option if they are to match the affordability of the property versus the location. In the urban centers, prices are height and space are limited. A home seeker may want a single-detached house in the city but her budget is not enough, therefore he would end up buying a condo apartment instead.
You can find cheaper properties in the suburbs, but that you have to decide and take a look at your lifestyle, consider travel time and conveniences that city living has to offer rather than buying properties in far places.
1.2 Condo VS House and Lot
Condominiums are located in prime locations – in business districts, near shopping malls,
churches, marketplaces, restaurants, schools and in where there are major routes public transportation. This would surely offer convenience and cost effective.
It is evident that a house has bigger space, you can do more with your property. On the other hand, when you own a condo unit, you have to settle with maximizing your space and you share common areas with other unit owners.
Maintenance, repairs and renovation
Due it’s limited space, a condo has lesser expense on the maintenance, repairs and renovation. Most often you would need to get permission from the management before you proceed.
For house and lot, cost of maintenance is high, specially if have bigger area where you have to hire gardener and house help to do the chores. But the good thing is that you have full control of your property, it gives you the freedom of what to do with it to your hearts delight.
Houses are priced at higher range than condo, considering it’s land component. Lower-range condominiums are often within the budget of first-time buyers and start-up families.
Although you may also find houses similar to the price of a condo, but location is in the suburbs and not so desirable neighborhood.
1.3 Bank Housing Loan Requirements
General requirements of most banks, for complete list of requirements for bank financing, kindly check with the bank to which you will file the loan to.
If in the Philippines
Income Tax Return (latest) Certificate of employment with compensation;
Note: All original except marriage certificate, Business Permit, Community Tax Certificate
If Borrower is permanently abroad
Federal Income Tax Return (latest)
Bank Statement (for the last 6 months)
Special Power of Atty. (SPA) (consul authenticated)
Certificate of Employment with compensation (consul authenticated)
Proof of remittance
Business Permit (if self employed)
Marriage Certificate (if married)
Post Dated Checks.
2. Sellers Information
2.1 Useful Tips for Sellers
Deciding to sell your house is a major decision. It has to be weighed carefully. You need to fully understand your intentions as may affect your current financial position, your lifestyle and your family.
One can do the marketing by himself or he may hire an expert real estate agent.
Hiring a Real Estate agent makes it more easier and quick. As an expert he must be able to give you insights with regards to the pricing, the favorable time to sell, current market conditions. Some of them have a pool of investors or network of agents who is able to sell your property in short span of time.
A skilled real estate agent is knowledgeable on tax savings and estate planning strategies.
Most of all, you must be able to talk to your agent on his commitment and efforts and strategies that he will employ for a fast sell-out of your property.
3. Philippine Real Estate Law
The following is a summary regarding the Philippine Real Estate Law. For a comprehensive information source, please refer to the Philippine government page about the subject by clicking on this link.
3.1 BP 185 Property Ownership for Former Filipino
If a former Filipino who is now a naturalized citizen of a foreign country does not want to avail of the Dual Citizen Law, he or she can still acquire land based on BP (Batas Pambansa) 185 & RA (Republic Act) 8179 but limited to the following:
3.2 For Residential Use (BP 185 – enacted in March 1982)
Up to 1,000 square meters of residential land.Up to one (1) hectare of agricultural of farm land.For Business / Commercial Use (RA 8179 – amended the Foreign Investment act of 1991):Up to 5,000 square meters of urban land.Up to three (3) hectares of rural land.
3.3 REPUBLIC ACT NO. 4726 Condominium Act of the Philippines
A condominium is an interest in real property consisting of separate interest in a unit in a residential, industrial or commercial building and an undivided interest in common, directly or indirectly, in the land on which it is located and in other common areas of the building. A condominium may include, in addition, a separate interest in other portions of such real property. Title to the common areas, including the land, or the appurtenant interests in such areas, may be held by a corporation specially formed for the purpose (hereinafter known as the “condominium corporation”) in which the holders of separate interest shall automatically be members or shareholders, to the exclusion of others, in proportion to the appurtenant interest of their respective units in the common areas.
3.4 REPUBLIC ACT NO. 6552 MACEDA LAW
An Act to provide protection to buyer of real estate on installment payments
Where the buyer has paid at least two years of installments, the buyer is entitled to the following rights in case he defaults in the payment of succeeding installments:
(a) To pay, without additional interest, the unpaid installments due within the total grace period for every one year of installment payments made; provided, That this right shall be exercised by the Buyer only once in every five years of the life of the contract and its extensions, if any.
(b) If the contract is cancelled, the seller shall refund to the buyer the cash surrender value of the payments on the property equivalent to fifty percent of the total payments made and, after five years of installments, an additional five per cent every year but not to exceed ninety per cent of the total payments made; provided, that the actual cancellation or the demand for rescission of the contract by a notarial act and upon full payment of the cash surrender value to the buyer. Down payments, deposits or options on the contract shall be included in the computation of the total number of installment payments made. SECTION 4.
In case where less than two years of installments were paid the seller shall give the buyers a grace period of not less than sixty days from the date the installment become due. If the buyer fails to pay the installments due at the expiration of the grace period, the seller may cancel the contract after thirty days from receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act.