Author Topic: Tips on Buying Titled Real Estate In The Philippines  (Read 1108 times)

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GreenMoney

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Tips on Buying Titled Real Estate In The Philippines
« on: May 13, 2012, 10:28:33 PM »
Tips on Buying Titled Real Estate In The Philippines

Certificate of Titles 101
In real estate, the term “Title” generally refers to the evidence of ownership a person has over a property. Title comes in many forms including the Tax Declaration and Deed of Sale, to mention just two. What we normally mean when we say Title is the Certificate of Title likewise known as Torrens Title. The Torrens System is an old, long-surviving system of land registration method developed by Sir Robert Richard Torrens and was originally used in Australia. It is highly reliable and has been adopted by many countries in the world, including the Philippines.

A Certificate Of Title is the best evidence of ownership of a piece of real estate, such as land or a condominium unit. It is also considered indefeasible, meaning it cannot be annulled, defeated, or made void by any past event, or error or omission in the title.

In other words, the owner of a piece of real estate is the one whose name is indicated in the Certificate of Title. It follows that this is a very important legal document.

Below are some tips you should remember if you are to buy real estate in the Philippines.

Tip #1: Buy Only Titled Properties
There are still vast amounts of land in the Philippines that have no Land Title under the Torrens System. Usually, the only proof of ownership that the seller has is a Tax Declaration. Buying this type property is a perfect recipe for a real estate disaster. As a buyer, you don’t want to get involved with this kind of real estate deal.

Ask the seller to hand you a photocopy of the Title. Take note of the Title Number and the indicated name of the owner. To verify the Title at the Registry of Deeds, you will need at least the Title Number and the Name of the owner of the property. The next tip, should be of great help to you.

Tip #2: The Title Must Be Authentic and Accurate
This part is very important. Take this step very seriously.

Always request a Certified True Copy of the Title from the Registry of Deeds that has jurisdiction of the property. You simply can’t trust the seller’s broker or agent to handle this part. You have to personally do it, or have someone you can trust do it on your behalf.

Once you got hold of the title’s Certified True Copy, compare this with the photocopied Title handed to you by the seller or his broker. There should not be any inconsistencies or discrepancies.

Tip #3: The Title Must Be Clean, Free From Liens and Encumbrances
A clean title simply means one that has no encumbrances or liens. Liens, Encumbrances, and other annotations are printed at the back portion of the title.

Take a look again at the Certified True Copy of the Title. Is the back page clean? It should not have any unnecessary words or sentences other than those related to the property’s technical descriptions.

Special Note: Some Titles have very long descriptions that span more than just the front page. If you are not sure about the things written at the back portion of the Title, please consult it with your lawyer or someone who is an expert in handling such cases.

Tip #4: Double Check If The Property Being Sold Is What Has Been Stated In The Title
This sounds crazy, but some unscrupulous sellers will show you a property and show you a completely different land title, which doesn’t correspond to it.

The Title will always indicate a technical description of the property, its exact location and its boundaries. It would help if you can tap the services of a Geodetic Engineer or a Licensed Surveyor. You can request that such professional verify the accuracy of the land being described and, if possible, make conduct a re-survey of the land.

~~~

“Tips on Buying Titled Real Estate In The Philippines” is written by Carlos Velasco.

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Tips on Buying Titled Real Estate In The Philippines
« on: May 13, 2012, 10:28:33 PM »

Mountain View

RichPoorDad

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Re: Tips on Buying Titled Real Estate In The Philippines
« Reply #1 on: May 20, 2012, 12:04:57 PM »
Here's another set of tips from real-estate-guide.philsite.net


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 right.

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.

source:http://real-estate-guide.philsite.net
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CodeRepublic

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Re: Tips on Buying Titled Real Estate In The Philippines
« Reply #2 on: May 20, 2012, 12:07:22 PM »
Thanks for sharing this tip.. marami akong natututunan tungkol sa property... may ilan lang po sana akong question pero this is about inheritance... Yung lupa ng auntie ko sa Pasig ibibigay nya sakin... ang siste, nasa US na siya nakatira, permanent resident na sya dun. Paano po ang gagawin dun? Ano-ano rin ang schedule of fees? Thanks!


Msanti

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Re: Tips on Buying Titled Real Estate In The Philippines
« Reply #3 on: February 07, 2017, 04:53:45 PM »
This is a good read to anyone looking for a condo.

BusinessManPH

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Re: Tips on Buying Titled Real Estate In The Philippines
« Reply #4 on: March 17, 2017, 11:51:50 AM »
I agree sa mga nakapost sa taas. mahirap pag bibili ng lupa at bahay tapos iba pala ang may ari.. meron kasing gumagawa nun e. so kelangan iverify mo muna yung unit/lote bago bilhin... may nagkakaso sa ganyan ..

jenicasoriano

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Re: Tips on Buying Titled Real Estate In The Philippines
« Reply #5 on: March 29, 2017, 06:09:16 PM »
thank you for sharing these tips, gives me a peace of mind in deciding about renting a condo

ZuvelCompany

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Re: Tips on Buying Titled Real Estate In The Philippines
« Reply #6 on: April 03, 2017, 04:35:47 PM »
According to my friend. maganda kung katie daw ng banko yung real estate na pagbibilhan nyo like yung mga foreclosures na publsihed ng banks at pati na rin ng munisipyo marami daw doon.

Valerie_Cruz

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Re: Tips on Buying Titled Real Estate In The Philippines
« Reply #7 on: April 25, 2017, 05:58:14 PM »
thank you for sharing these tips, very helpful :)

Valerie_Cruz

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Re: Tips on Buying Titled Real Estate In The Philippines
« Reply #8 on: May 02, 2017, 06:10:20 PM »
Thank you for sharing the tips! Any suggestion kung anong developer ang pinaka the best and affordable for a condo in Makati Area?

jenicasoriano

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Re: Tips on Buying Titled Real Estate In The Philippines
« Reply #9 on: May 02, 2017, 07:05:41 PM »
velerie_cruz madaming okay na condo sa makati pero ako i trust my developer which is DMCI kasi kahit na medyo pricey sila okay yung security and amenities na inooffer nila.

ZuvelCompany

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Re: Tips on Buying Titled Real Estate In The Philippines
« Reply #10 on: May 09, 2017, 11:04:53 AM »
Ano ba latest projects ng DMCI sa makati?

MoneySensePH

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Re: Tips on Buying Titled Real Estate In The Philippines
« Reply #11 on: May 23, 2017, 12:29:19 PM »
Sa mga interested kumuha ng bahay..

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Lily

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Re: Tips on Buying Titled Real Estate In The Philippines
« Reply #12 on: May 23, 2017, 03:48:48 PM »
jenicasoriano I agree with you. I've been to La Verti one of their high-rise condos. And I must say na isa siyang masterpiece.

Lily

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Re: Tips on Buying Titled Real Estate In The Philippines
« Reply #13 on: June 01, 2017, 01:37:46 PM »
Thanks to this thread. Very helpful info lalo na sa mga soon to be owners like me.

CodeRepublic

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Re: Tips on Buying Titled Real Estate In The Philippines
« Reply #14 on: June 04, 2017, 04:39:28 PM »
im learning a lot too... more to posts pls :)

PesoRepublic.com | Your smart guide to money matters and entrepreneurship.

Re: Tips on Buying Titled Real Estate In The Philippines
« Reply #14 on: June 04, 2017, 04:39:28 PM »

 

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