Stunning sunset overlooking properties in the Philippines
The robust economic growth of the Philippines has been a great help for the country’s real estate market. With economic opportunities, this developing country eyes to have more locals and foreigners buying property in the Philippines to serve as their overseas property investment as years go by.
Some of the most sought after developments in the Philippines are Makati properties and Manila properties. They are typically near business centres and entertainment hubs, a factor most investors look for when buying property overseas.
With this, we have come up with a checklist of things to remember for investors who are planning to buy a property in the Philippines especially if buying from an individual.
Verify that the “Transfer Certificate of Title” is authentic
You can verify the title of the property by getting the “Certified True Copy” from the Register of Deeds which is normally located in the city hall where you are buying property in the Philippines. Ask for a photocopy of the property title from the seller as you will need the title number and property owner’s name before you get a Certified True Copy from the Register of Deeds.
Confirm if the title is clean
You need to verify if the title is clean before you buy a property in the Philippines. Verifying a title is clean means making sure the property is not mortgaged, has no obstructions and no liens. You can check this by looking at the back page of the property title, under the heading “Encumbrances.” This page must be empty to know that the title is “clean.” Although in some cases, the description of the property exceeds the given space on the front page and is continued at the back, which is legal.
Validate that the land description on the title is really the land of the property you are purchasing
Since Land titles don’t have street names and numbers, you can check the Register of Deeds or hire a geodetic engineer or a private land surveyor. They can validate if the description of the land on the Transfer Certificate Title matches the one you are purchasing.
Check if the sellers are the real owners before you buy a property in the Philippines
Stay away from scammers and future complications by checking if the property seller is the real owner of the property you are buying. Ask for identification papers such as driver’s license or passport. It is also ideal to ask around the neighbour about the seller of the property.
Confirm that the annual real estate taxes are paid
You can do this by asking for original Tax Receipts and certified true copies of Tax Declarations and see if the property tax payments are up to date.
Check out Yazhou Property blog for more guidelines if you are buying a condo in Makati. You may also follow us on Facebook for more information if you want to buy overseas property.