You might be interested to buy a property (land, house and lot, or condominium) but are afraid on what may come up after the buying process. You might ask the following questions:
- Are there things I need to do first before I finally buy the property?
- Where should I go or what government agency should I go to verify the title of the property?
- Is it ok to buy a property thru verbal agreement?
- Is it ok to buy a property without a notarized contract of sale?
5 Critical Steps To Do Before Buying a Real Estate Property (Land, House and Lot or Condominium) in the Philippines
1. You have to verify first the property by going to the House and Land Use Regulatory Board (HLURB). The purpose is to determine what kind of project or condominium that you're going to buy. The documents are already in the possession of the HLURB. You have to know whether the real estate developer have the authority to sell, whether the project has been registered. The developer submitted those documents to the HLURB which includes the title, the name of the corporation, the persons responsible. You can see that and everything in the HLURB. You can also check in the HLURB the previous projects of the real estate developers and whether it's the first project of the developer.
2. In terms of land title, if that's a subdivision land, you need to ask for a copy of Transfer Certificate of Title (TCT).
3. Do your due diligence. Do your research. When you check the title, make sure it's not annotated by a previous owner. Check if the title has already been mortgaged by the condominium corporation. If the property has been mortgaged, you can ask the developer to discharged or removed the mortgage in order to get a clean title.
4. And do not buy a property thru verbal agreement.
5. Ask the seller of the property or the real estate developer a written contract of sale and have it notarized. This is to protect yourself if the seller sells the property you bought to another buyer.
I hope you have now the courage to buy your first property. Do not be afraid to ask questions. Know the initial things to do before you actually buy the property.
Do you have any questions? You can ask in the comment below.