If you are planning to buy a real estate property in the Philippines, you can use this article as a guide. Tips when buying a single property from an individual.
- First, check the Transfer Certificate of Title is genuine. Secure a photocopy of the title form the seller or the owner and get a Certified True Copy of the title from the Register of Deeds. Go to your nearest Municipality Hall where to exactly get it.
- Check if the title of the property is clean. The title must be mortgaged free, meaning no liens and encumbrances on the property.
- 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.
- 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).
- 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.