Are you ready to sign papers on a piece of property? Maybe the first time you stepped into a particular house, you just knew, this was the home for you. Hold your horses. Before you close any deals, here’s a checklist of things you should look at before buying real estate in the Philippines.
1. Background Check – ID’s, Passports, etc.
Make sure that the sellers are indeed the owners of the property you are buying. Ask for ID’s, passports, birth certificates and other documents and photocopy copies of them for yourself. It would also be good to ask for references that you could call for a background check.
2. Authenticity Check – Titles
To ensure that the Title you are getting is indeed the real thing, get a Certified True Copy from the Register of Deeds at the nearest municipal or city hall.
3. Property Check
Since land titles don’t have specific addresses for properties, validate that you’re getting the correct piece of property transferred by going to the Register of Deeds. You can also hire a private land surveyor.
4. Real Estate Tax
Finally, make sure that all previous taxes have been paid. Ask the sellers for Tax Declarations and original Tax receipts. You wouldn’t want to have to pay for other people’s debts.
When you’ve got these four things covered, you’re set to make a deal. If you’re new to procedures like this, it would be good to ask for the help of a licensed broker or a lawyer. Good luck!
For listings on properties in the Philippines, check out this site on Philippines Real Estates.
