The process usually involves finding the right property, enlisting a real estate agent, negotiating the terms and price, signing the Deed of Absolute Sale, and registering the property with the Land Registration Authority.
A real estate agent assists in property search, price negotiation, and guides through the legal procedures of property acquisition.
This is a legal document that represents the transfer of property ownership from the seller to the buyer. It requires notarization for validation.
This is a tax imposed on the profit derived from selling a property. In the Philippines, it is typically 6% of the selling price or zonal value, whichever is higher.
Other charges include the Documentary Stamp Tax, Transfer Tax, and Registration Fee. It’s crucial to consider these when budgeting for a property purchase.
This is a title issued for condominium units, signifying ownership. It is registered with the Land Registration Authority.
This term refers to the entire property development, which includes the land, building, units, facilities, and amenities.
You can check the legitimacy of a title with the Registry of Deeds or the Land Registration Authority. It’s advisable to hire a legal or real estate professional for assistance.
A freehold property grants the owner absolute ownership, while a leasehold property is owned for a specific period, after which it reverts back to the original owner.
The zonal value is the value assigned to different zones or areas by the Bureau of Internal Revenue (BIR) in the Philippines. This value is used for tax purposes.
A Real Estate Broker is a person who acts as an intermediary between sellers and buyers of real estate/real property and attempts to find sellers who wish to sell and buyers who wish to buy.
A Real Estate Salesperson is an individual who is employed by an agent/broker to perform any of a number of services associated with the real estate business, including selling, buying or listing any real estate for sale, leasing or renting any property, or participating in the negotiations to sell, lease, rent or build on any property.
Payment terms vary widely depending on the property and the agreement between buyer and seller. Some properties can be bought outright, while others may be available through financing or installment payments.
A Reservation Fee is a payment made to reserve a property. This is usually part of the total selling price and is non-refundable.
If you can’t continue paying your mortgage, the bank may foreclose on the property. It’s best to speak with your bank or lender as soon as possible if you’re having trouble making payments.
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
This depends on the subdivision; it differs from one subdivision to another. Your use is generally restricted to the well-being of all homeowners. An example is the limitation of the height of the house to avoid blocking the view of the neighboring house. Another is the restriction on raising livestock and poultry and building a factory. The Deed of Restriction is available to you upon request before signing any contract.
An appraisal is a professional assessment of a property’s value. Appraisals are often required when buying or selling a home, or when refinancing a mortgage.
Property management services handle the day-to-day operations of a property for the owner, including dealing with tenants, maintaining the property, and more.
A Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-generating real estate. REITs provide a way for individual investors to earn a share of the income produced through commercial real estate ownership.
Due diligence in real estate refers to the process of investigating a property before finalizing the deal. This includes checking the property’s condition, verifying legal titles, and ensuring there are no unpaid taxes or liens on the property.
The 1987 Philippine Constitution stipulates that only Filipino citizens can own land. However, foreigners can legally own condominium units or townhouses, provided 60% of the building is owned by Filipinos
Foreigners can legally own condominium units, townhouses (under certain conditions), and buildings (but not the land on which they stand). They can also inherit land as a legal or natural heir.
Foreigners can lease private land for an initial period of up to 50 years, and this can be renewed for another 25 years.
Some Philippine banks offer mortgages to foreigners, although the terms and interest rates may differ from those offered to Filipino citizens. Consulting with a bank or financial advisor is recommended for more information
Yes, a foreigner can inherit land in the Philippines if they are a legal or natural heir. This is provided under the Philippine law which allows succession to a private property.
No, foreign corporations are not allowed to own land in the Philippines. However, they can own houses or buildings, condominiums, and townhouses as long as Filipino citizens own 60% of the condominium or townhouse corporation.
No, a foreigner cannot acquire land through marriage to a Filipino citizen. The land will remain in the name of the Filipino spouse. The foreign spouse can only acquire land through inheritance.
Yes, under the Dual Citizenship Law of 2003, natural-born Filipinos who have become naturalized citizens of another country can reacquire their Philippine citizenship and can buy land in the Philippines.
The Condominium Act of the Philippines, or Republic Act No. 4726, allows foreigners to acquire condominium units as long as 60% of the units in the building are owned by Filipinos.
Registration of the condominium under the foreign buyer’s name is handled by the seller or the developer. The buyer’s name will be indicated in the Condominium Certificate of Title (CCT) which will be issued by the Register of Deeds.
There are no restrictions on the size of a condominium unit a foreigner can buy. However, foreign ownership in a single condominium project should not exceed 40%.
The process is similar to that of a local buyer: find a suitable property, negotiate the terms, sign the Deed of Sale, and register the property. However, foreigners are only allowed to buy condominium units, townhouses, and inherit land as a legal or natural heir.
The SRRV allows the holder to live, work, study, and invest in the Philippines. They also get multiple-entry privileges and are exempted from the Bureau of Immigration’s Annual Reporting Requirement.
The SRRV is a visa issued by the Philippine government which allows foreigners to reside in the Philippines indefinitely with multiple-entry privileges. This visa is primarily offered to incentivize foreign nationals to invest in the country.
Yes, a foreigner can own the house or building but not the land on which it stands. The common practice is to lease the land where the house is built.
Property management services handle the day-to-day operations of a property for the owner, including dealing with tenants, maintaining the property, and more.
Property management services handle the day-to-day operations of a property for the owner, including dealing with tenants, maintaining the property, and more.
Yes, a foreigner can own the house or building but not the land on which it stands. The common practice is to lease the land where the house is built.