IMPORTANT TIPS IN BUYING REAL ESTATE PROPERTY IN THE PHILIPPINES
Do you already own a property or are you thinking of buying one? Buying and maintaining a property is no laughing matter. With real estate ownership comes big responsibilities.
Almost everyone wants to own a property. Admittedly, it’s not as easy as it seems.
Before buying a property, you have to consider its location, your budget, lifestyle and purpose of buying. There are also some emotional aspects such us your attachment to a certain place or its proximity to your loved ones.
Here are some things you should keep in mind if you are thinking of investing your hard- earned money on a real estate property or if you already own a property:
Before you buy, do an investigation.
It is important for you to conduct due diligence or verification of the property’s documents before you make the initial payment. Once you make your payment, most of the time, there’s no turning back. You’re lucky if you think that you will get a refund. Some, after paying a hefty amount, realize that they just paid for a problematic property with big amount of unpaid real property taxes and pending ownership and other legal issues. By then, they already need to go through court just to get their money back.
A lot of problems may arise in buying a property without the proper due diligence and documentation. There have been reported cases wherein an innocent buyer discovers that the property he is buying is not the one being described in the title. Others could not use their property because of the presence of other claimants. Cases of lot encroachment, overlapping boundaries and land disputes are also some of the most common problems. One should also be aware of the proliferation of fake and fraudulent titles.
Proper due diligence and documentation could save a potential buyer from investing millions of pesos on a problematic property. However, these processes are not easy tasks. They require time, effort and expertise.
Once you have decided on which property to buy, you should already think about transferring ownership to your name.
One step that is often overlooked is the Title Transfer. But how do you transfer a land title in the Philippines? It could be done, but sometimes its tedious nature prevents some buyers from going through the process. It is important that a property buyer goes through this process after fully paying for a property. Many individuals who are excited to have their dream property go straight to buying the house, signing and executing a Deed of Sale and paying for the property without realizing that once the Deed of Sale has been notarized, the buyer and seller will already have deadlines for the payment of taxes. If these taxes are not paid on time, these will incur penalties and surcharges. If you don’t have time to do the transfer of title yourself or don’t have someone whom you trust to do the title transfer for you, then this might result to delays, hence, the risk of incurring additional penalties.
When you already own a property, you should pay the Real Property Tax every year.
Another obligation that you have to do annually is paying the Real Property Tax. Just like
other taxes, if you are delinquent in payment, be ready for additional penalties and surcharge.
These things take time and require expertise. Good thing there is a professional and reputable company who specializes on these types of services. You could be free of all the hassles and frustrations that usually come with these transactions.
Conveyance Realty Services Inc. is here to help you. With a proven track record and expertise in the field of land titling services, you can rely on this company to do the job.
CONVEYANCE REALTY SERVICES INC.assists in solving a wide range of land and property issues including defective titles, lost titles, transfer of ownership, unlocated properties and unpaid property taxes.
Our expertise covers the full range of real estate services of from Title Verification and Due diligence, to Title Transfer, to Assistance in Re-issuance of Lost Titles, Assistance in Verification of Property Location and Payment of Unpaid Real Property Taxes, among others.
So, before you buy that property, do your homework, or better yet ask us for help.
You will not only save your precious time but your hard-earned money as well… and that dream property of yours will truly be worth the wait!
You may call reach us at 0917-1-266839 (CONVEY) or visit us at Unit 414-B VGP Center, 6772 Ayala Avenue, Makati City. You can also inquire thru our website at www.conveyance.com.ph
