You can find out by asking yourself the following questions:
- Do I have a steady source of income (usually a job)? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable?
- Do I have a good record of paying my bills?
- Do I have money saved for a down payment?
- Do I have few outstanding debts, like car payments?
- Do I have the ability to pay a mortgage every month, plus additional costs?
If you can answer “yes” to these questions, you are probably ready to buy your own home.
The answer to the question is YES! There are tons of reasons why you should talk with a bank and get pre-approved before looking at homes. First and foremost, talking with a bank before looking at homes can help you understand exactly how much you can afford. You can also refer to your TRUSTED Realtor to help you get the bank pre-approval.
RESA Law lists five types of professionals who are considered to be in the practice of real estate services. They are real estate consultants, appraisers, assessors, brokers, and salespersons. … Real estate brokers are those who act as agents of a party in a real estate transaction.
Year of the Pig 2019 : a year of fortune and luck! The Pig occupies the last (12th) position in the Chinese Zodiac. You are a “Pig Chinese Zodiac native” if you are born in one of these years: 1935, 1947, 1959, 1971, 1983, 1995, 2007, 2019 . 2019 is a great year to make money, and a good year to invest!
Disclaimer: Above statement is patnubay lamang
If you’re planning to rent out your condo, the sum of the monthly mortgage, cost to maintain the property, and condo association fees are really going to impact whether or not a condo is a good investment for you. However, if you can get the condo at a very low price or in pre-selling stage the investment could be worth it.
In real estate, a pre-selling Condo or Subdivision is a project development being sold before its completion, during its construction, or while still in the planning stages. These mean that the property still does not exist and the developer is yet to break ground for the project.
Previously, a tax based on the value of the net estate of the decedent, whether resident or nonresident of the Philippines, was computed based on a tax schedule where an estate worth P200,000 and over was taxed from 5 percent to 20 percent. Under the TRAIN law, it will now be subject to a flat rate of 6 percent.
A condotel is a lodging that is a hybrid of a condominium and hotel, by being operated as a commercial hotel even though the units are individually owned. A condotel has rental and reservation desks, short-term occupancy, food and telephone services, and daily cleaning services.
A condominium is a form of property ownership involving multiple unit dwellings where a person owns his or her individual unit, but the common areas are owned in common. All members share in the costs and maintenance of the common areas.
A property developer is required to get different permits and documents before they can offer any of their real estate project to the public. One important permit that needs to be secured is a HLURB License to Sell.
RESA Law lists five types of professionals who are considered to be in the practice of real estate services. They are Real Estate PRC Lic. Consultants, Appraisers, Assessors, Brokers, and Salespersons. … Real estate brokers are those who act as agents of a party in a real estate transaction.
Republic Act No. 6552, or more commonly known as the Maceda Law or the Realty Installment Buyer Protection Act, deals primarily with one’s rights as a real estate investor or a real estate buyer paying in installments. It also describes the rights of a buyer defaulting in payments for such purchases
PD 957. Subdivision and Condominium buyer’s Protective Decree. (as amended by P.D.1216) REGULATING THE SALE OF SUBDIVISION LOTS AND CONDOMINIUMS, PROVIDING PENALTIES FOR VIOLATIONS THEREOF.
The Housing and Land Use Regulatory Board (HLURB) is a national government agency tasked as the planning, regulatory and quasi-judicial body for land use development and real estate and housing regulation. These roles are done via a triad of strategies namely, policy development, planning and regulation
As a rule, ownership of lands in the Philippines is reserved to Filipinos only (Section 2, Article XII, 1987 Constitution). As an exception, foreigners shall be allowed to acquire private lands in cases of hereditary succession (Section 7, Article XII, 1987 Constitution). A different rule, however, shall be observed in case of a former natural born Filipino who became a citizen of other countries. Section 8, Article XII of the 1987 Constitution allows such citizens to be a transferee of private lands, subject to limitations provided by law.
Such limitation is provided in Section 5 of Republic Act (R.A.) No. 8179, to wit:
Section 5. The Foreign Investments Act is further amended by inserting a new section designated as Section 10 to read as follows:
“Section 10. Other Rights of Natural Born Citizen Pursuant to the provisions of Article XII, Section 8 of the Constitution. – Any natural born citizen who has the legal capacity to enter into a contract under the Philippine laws may be a transferee of a private land up to a maximum area of five thousand (5,000) square meters in the case of urban land or three (3) hectares in the case of rural land to be used by him for business or other purposes. In the case of married couples, one of them may avail of the privilege herein granted: provided, that if both shall avail of the same, the total area acquired shall not exceed the maximum herein fixed.
“In case the transferee already owns urban or rural land for business or other purposes, he shall still be entitled to be a transferee of additional urban or rural land for business or other purposes which when added to those already owned by him shall not exceed the maximum areas herein authorized.
“A transferee under this Act may acquire not more than two (2) lots which should be situated in different municipalities or cities anywhere in the Philippines: provided that the total land area thereof shall not exceed five thousand (5,000) square meters in the case of urban land or three (3) hectares in the case of rural land for use by him for business or other purposes. A transferee who has already acquired urban land shall be disqualified from acquiring rural land and vice versa”.
Hence, you may still be able to buy lands in the Philippines subject to the aforementioned limitations even if you are already a German citizen, provided that you are considered a natural born Filipino citizen. For this purpose, a natural born citizen refers to a person who is a citizen of the Philippines from birth without having to perform any act to acquire or perfect his/her Philippine citizenship. A person who was born before January 17, 1973 of a Filipino mother and who elected Philippine citizenship upon reaching the age of majority shall also be considered a natural born citizen (Section 2, Article IV, 1987 Constitution).
This is one of the most common concerns raised by condominium buyers. And it is a very relevant question to ask especially since we are talking about millions of money here.
In the Philippines, there is a law that protects the interest of the unit owners in a condominium project. This is the Republic Act 4726 or The Condominium Act of the Philippines which was mandated on June 18, 1966.
To answer the concern of the condominium owners and the would-be owners, here is an excerpt of the act.
SECTION 8. Where several persons own condominiums in a condominium project, an action may be brought by one or more such persons for partition thereof by sale of the entire project, as if the owners of all of the condominiums in such project were co-owners of the entire project in the same proportion as their interests in the common areas: Provided, however, That a partition shall be made only upon a showing:
That three years after damage or destruction to the project which renders material part thereof unit for its use prior thereto, the project has not been rebuilt or repaired substantially to its state prior to its damage or destruction, or That damage or destruction to the project has rendered one-half or more of the units therein untenantable and that condominium owners holding in aggregate more than thirty percent interest in the common areas are opposed to repair or restoration of the project; or That the project has been in existence in excess of fifty years, that it is obsolete and uneconomic, and that condominium owners holding in aggregate more than fifty percent interest in the common areas are opposed to repair or restoration or remodeling or modernizing of the project. That the project or a material part thereof has been condemned or expropriated and that the project is no longer viable, or that the condominium owners holding in aggregate more than seventy percent interest in the common areas are opposed to continuation of the condominium regime after expropriation or condemnation of a material portion thereof; or That the conditions for such partition by sale set forth in the declaration of restrictions, duly registered in accordance with the terms of this Act, have been met.
It’s not like you will buy a condominium property and then after 50 years, your investment will be gone, just like that. When a condominium project is fully turned over to the unit owners, it becomes just like a corporation, and you are one of the owners of that corporation if you have a unit there.
So it follows that you will have a “say” in the decision making as to what to do with the whole building, and if it has been decided that the property is going to be sold or demolished so that a new property will be developed on the area, you will get your appropriate share of the proceeds of the sale.
Just like any investment, your condominium property can last, can be profitable and can be passed on to your heir
To qualify for a PagIBIG housing loan, a member shall satisfy the following requirements:
On Pag-IBIG Membership
Must be a member under the Pag-IBIG I, Pag-IBIG II or Pag-IBIG Overseas Program (POP) for at least twenty-four (24) months, as evidenced by the remittance of at least 24 monthly contributions at the time of loan application.
A member with less than the required number of contributions applying for a Pag-IBIG housing loan shall be allowed to make lump sum payment based on the mandatory monthly membership contribution rates (both EE and ER share) to meet the said requirement at point of loan application provided he has been a contributing member of the Fund for at least twelve (12) months. Lump sum payment of membership contributions shall be considered a single contribution for the applicable month as of the payment date.
A member whose loan exceeds P500,000.00 shall be required to pay the upgraded membership contribution rates upon housing loan approval and onwards.
A member who has contributed for at least two (2) years and whose loans exceed P500,000.00 shall be required to pay the upgraded contribution rates upon housing loan approval and onwards.
For purposes of satisfying the required two (2) years membership contributions, the member may opt to pay in lump sum any amount short of the said requirement. In addition, the period corresponding to the TAV applied earlier to an outstanding loan shall also be considered when counting the total number of monthly contributions, provided the remaining TAV after offsetting does not fall below the equivalent amount of two (2) years membership contributions.
Not more than sixty-five (65) years old at the date of loan application and must be insurable; provided further that he is not more than seventy (70) years old at loan maturity;
Has the legal capacity to acquire and encumber real property;
Has passed satisfactory background/credit and employment/business checks of the Pag-IBIG Fund;
Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower;
However, should a co-borrower in a tacked loan signify an intention to avail of a Pag-IBIG housing loan for himself, he shall be allowed to do so provided the tacked loan is updated and the amount proportionate to his loan entitlement has been fully paid. Hence, the co-borrower shall be released from the original obligation and shall be allowed to avail of his own Pag-IBIG housing loan, subject to standard evaluation procedures.
Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago, which shall include cases where the borrower is no longer interested to pursue the loan and surrenders the property;
Has no outstanding Pag-IBIG multi-purpose loan in arrears at the time of loan application. A member whose multi-purpose loan is in arrears shall be required to pay his arrearages over the counter to update his account.
General requirements of most banks and PagIBIG 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;
- Business Permit (if self-employed) Community;
- Tax Certificate T.I.N. (Tax identification Number);
- Bank Statement (for the last 6 months);
- Marriage Certificate (if married) (Photo copy);
- Proof of Billing Post Dated Checks.
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.
Most states require real estate sales professionals to be licensed by the state, so that they can control education and experience requirements and have a central authority to resolve consumer problems.
The terminology used to identify real estate professionals varies a little from state to state. Brokers are generally required to have more education and experience than real estate salespersons or agents.
The person you normally deal with is a real estate agent or salesperson. The salesperson is licensed by the state, but must work for a broker. All listings are placed in the broker’s name, not the salesperson’s.
A broker can deal directly with home buyers and sellers, or can have a staff of salespersons or agents working for him or her.
A Real Estate Sales Person is more than just a “sales person.” They act on your behalf as your agent, providing you with advice and guidance and doing a job – helping you buy or sell a home. While it is true they get paid for what they do, so do other professions that provide advice, guidance, and have a service to sell –such as Certified Public Accountants and Attorneys
The Internet has opened up a world of information that wasn’t previously available to homebuyers and seller. The data on listings available for sale is almost current – but not quite. There are times when you need the most current information about what has sold or is for sale, and the only way to get that is with an agent.
If you’re selling a home, you gain access to the most buyers by being listed in the Multiple Listing Service. Only a licensed real estate agent who is a member of your local MLS can get you listed there – which then gets you automatically listed on some of the major real estate web sites. If you’re buying or selling a home, the MLS is your agent’s best tool.
However, the role of an agent has changed in the last couple of years. In the past, agents were the only way home buyers and sellers could access information. Now agents are evolving. Because today’s home buyers and sellers are so much better informed than in the past, expertise and ability are becoming more important.
The real estate agent is becoming more of a “guide” than a “salesperson” — your personal representative in buying or selling a home.