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.
