With its booming economic and real estate landscape, now is the best time to purchase a property in the Philippines. But before taking the plunge, foreign investors should review again these overseas buying guidelines and restrictions when eyeing to buy a property in the Philippines:
Foreigners cannot directly own and acquire land in the Philippines
Foreigners can be shareholders in 60% Filipino-owned corporations
Foreigners can buy residential condo for sale in Philippines
Property purchase by natural-born Filipinos who have acquired foreign citizenship shall be subject to prescribed law limitations
Filipinos married to foreign nationals and retain their citizenship can buy land in the Philippines
Foreigners investing in the Philippines can lease land on a long term basis
The current property market of the Philippines attracts more overseas property investors
If you’re an overseas property buyer looking to purchase your first residential real estate in Philippines, it may seem overwhelming to handle the paperwork. But it doesn’t have to be. With the assistance of reliable real estate companies and different financing options, purchasing your dream property in the Philippines could be easy and efficient.
Step 1: Analyze and understand your needs
Start your foreign property investment by preparing. Decide on which type of property you are willing to spend your hard-earned money on. You should also consider a strategic location for your overseas property. Location will be crucial to the potential growth of your investment.
Moreover, overseas buyers should also set a budget for the investment for appropriate financing options. Do further research on overseas buying of property in the Philippines to avoid missing out on essential information and requirements. You can also take advantage of these facts so you can fully utilize your property investment.
Step 2: Choose a property developer
One of the integral parts of purchasing property in the Philippines is finding a developer that has a competitive track record. Research the best Philippine property developers that can provide you quality and timely output.
Once you’ve chosen a property developer, you can usually find a complete archive of developments in their respective website. Additionally, you need to contact a real estate agent who will provide you options that fit your terms and conditions. These certified sales agents will also assist with most of your legal and financial considerations.
Choose a property developer with a proven track record
Step 3: Review the paperwork
Purchasing a property often requires heavy paperwork. After determining what property to purchase as well as inspecting the premises and documents, the buyer usually signs a binding notarized Deed of Sale. Hence, employing the services of a trusted real estate agent is also convenient. They may not only provide essential information regarding the transaction and property, but also assist you in getting mortgage loans.
Additionally, keep a list of your required documents so you can keep track of the process of your investment. The list of requirements usually vary depending on your preferred developer.
Step 4: Purchase your dream property in the Philippines!
When you’ve already settled all the required paperwork, it’s time to make the purchase! When buying a condo for sale in Philippines, a down payment of 10% to 30% is usually required depending on your developer’s terms. Remember that foreigners can only own up to 40% of a condominium project, but can purchase a condominium unit alone.
Additionally, ownership of condominium units is supported by the Condominium Certificate of Title (CCT) but the transfer of title is usually not executed unless the property is fully paid. You might also want to consider in your budget the transaction costs when buying a property in the Philippines.
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