Here are four (4) tips I found out to be useful before buying a land in the Philippines. I share this to you because these tips help me a lot.
1st TipThe law requires you to be more diligent in buying. When you're buying a registered lot or land, look at the TITLE. If it's clean or if the Title has no problems, you can rely on the four corners of the TITLE. You're considered already a buyer in good faith. So you're already protected if you buy it. If the seller shows you the TITLE, it has to be the OWNER'S DUPLICATE TITLE. And the SELLER is the OWNER. In this way, you can say that you're a good buyer in good faith. Three things you should remember when looking at the title.
- Is the land has an adverse claim? This is a problem when somebody claims the land owned by the seller.
- Is the land has encumbrance or mortgaged. Or if the land has been used as collateral by the owner during loan.
- Is the land has "lis pendence"?. Or the land has a pending litigation or under investigation.
If you found any of these problems, you should find a way to fix those problems or you can find another land to buy.
Check the authority of the Real Estate Agent who sells the property. Does the agent has SPA (Special Power of Attorney). Is the signature valid?
- It is more safe to deal with a licensed Real Estate Agent/Broker.
- If the land owner is outside the Philippines or has a serious problem that he cannot personally see the buyer, the Real Estate agent/broker or the dealer must have an SPA.
3rd TipOne of the things you should ask yourself when buying a land, "Is the land cheap or expensive?" If the price of the land is too low, beware of this property.
4th TipThe most important thing is to verify the land title in the Registry of Deeds. Request a Certified True Copy of the land title in the Registry of Deeds.
If it's not titled yet (no land title), you can go to the City or Municipality Assessors Office to get a copy of the Tax Declaration. Check the owner's name, lot address, tax declaration number, the lot area and other important info found in the Tax Declaration.
If you are still have any doubts to the land you're going to buy, it's best to consult a lawyer and ask questions. Protect yourself from fraud or hidden issues of the land you want to buy.
Share this post to your friends and family to help them avoid problems in the future when they buy property.