Tips Before Buying Real Estate in the Philippines|
Here are tips a buyer
must remember before buying any property in the Philippines, specially if you
are buying a single property from an individual:
1. Make sure the "Transfer Certificate of Title" is authentic. The easiest
way to check if the title to the property you are buying is authentic is by
getting "Certified True Copy" of the title from the Register of Deeds. This
office is usually located at the city or municipal hall where the property is
located. Ask the seller of the property for a photocopy of the title -you will
need the title number and the name of the owner to get a certified true copy of
the title from the Register of Deeds.
2. Verify that title is clean - meaning the property is not mortgaged (no
liens & encumbrances on the property). You can see that at the back of the title
with the heading "Encumbrances". This page must be empty if you are told that
the title is "clean". But sometimes the space for the technical description of
the property on the front page of the title is not enough and the description of
the property is continued on the "Encumbrances" page, this is of course all
3. Make sure that the land described on the title is really the land that you
are buying. You can validate this at the Register of Deeds or by hiring a
private land surveyor or a geodetic engineer. Land titles don't have any street
name and number to pin point a property, it is a must to confirm that the actual
property you are buying matches the technical description on the Transfer
Certificate of Title.
4. Make sure that the sellers are the real owners. If you are buying from an
individual property owner, ask for identification papers like passport or
driver's license, it is also a good idea to talk to the neighbors or the
Barangay Captain to confirm the
identity of the sellers (you might as well ask some history of the property).
5. Confirm that the yearly real estate taxes are paid. Ask for certified true
copies of the Tax Declaration and original Tax Receipts to confirm that real estate
tax payments are up to date.
If the above check list is in order, it is generally safe to proceed with the
purchase of real estate in the Philippines.
Check out our properties for sale in Metro Manila at
our real estate website, click here.