House/Lot Buying Guide

[pinkberries]

thanks for sharing your informative post, sis. 

ala pa ako real property so i hope i could acquire one before this year ends.  so ill keep this post in mind.   

[aquacharly]

MIKSHA, Sis...

DO NOT TRUST ever the Owner's TCT, even if you are shown the Original. 
Always get a Certified True Copy from the Land Registry.    Easy.  They have you fill out a form, you pay a  small fee for the CTC. 
You will see on the CTC if the property is clean or has encumbrances.  Paniwalaan mo yung CTC, hindi kung anong assurances dadah ng broker/seller-owner.

Get your own  surveyor.   Walang kinalaman ang Registry of Deeds.

The seller-owner gives you copies (of the Real Estate Taxes paid)  of say the last 2 years' real estate taxes paid.  Require an original Tax Clearance Certificate.
Go to City Hall: City Treaurer's Office... Show  copies of the tax receipts & request for a Tax Clearance.  Just say you are considering  buying the property.  You will get an original Tax Clearance (which hopefully is exactly as what the owner gave you).  Sa galing kasi ng mga tao & Computers & printers nowadays -- Baka fake the receipts & Tax Clearance certificate.   

Also -- check with the  association if all dues paid to-date.
Do not forget to inquire about the village association or barangay building restrictions (it does not follow that como may nakita kang 4-storey  eh puede ka din sa ganon.  There may be new restrictions or rules. )

MIKSHA, if buying from a corporation -- in addition, get a Board Resolution & Authority of the person to negotiate & sign the Deed of Absolute Sale.  Check authorized persons & signatories vs latest SEC GIS filed.  Eto ha:  be sure it is indicated in the Board Reso who is the person authorized to accept all payments.   Be sure you get all your receipts.

Now, mga Sisses --  take note:  any agreement in relation to real property MUST BE in writing. 
Whatever or whenever... At the start with your  reservation/earnest money/downpayment  -- whatever the parties agree to must be in writing.  Signed by both parties $ !Notarized ha.

There are unscrupulous sellers who will take your reservation/down payment/earnest money -- tapos later on ayaw ibenta sa yo kasi found  ibang buyer willing to pay more than what the  2 of you already agreed upon.  If you have your agreement in writing - ah may habol ka  sa demanda.

[prettypepz]

Hi sisses!

Im newbie in terms of real property/ house and lot or condos. I just want to know the basic knowledge to consider especially in buying house and lot. My bf and I were planning to look na for house and lot preferably in subdivisions.

Marami kasi ako nakita sa sulit mga sis, just want to know ano-ano ba yung kailangan kong malaman or mga documents na dapat kong tandaan para hindi kami maloko.
 
Thanks in advance!

[Heatherette]

Check mo to sis:
http://www.femalenetwork.com/food-home/real-estate-smarts/

[aprilcruise]

mga sis pa help namin. my hubby is applying for a house loan thru pagibig but he has an oustanding car loan in psbank. do you think this will affect the approval of his HL? im thinking na hindi na sya ideclare sa application form pero baka mas hindi sya maapprove kapag di nya sinama. what do you think mga sis?

[cynique]

^ even if you don't declare it, they might find out about it, & if they do, baka mas lalong di ma-approve or worst, baka mapa-blacklist kayo for intentional omission...

[aprilcruise]

ganun ba..iniisip kasi namin baka di maapprove kapag may existing loan sa iba.

[Halfpint]

Hi,

Paano naman if young property na bibilhin namin has no tax declaration? Sabi kase ng owner, they bought the lot, then they built a house, pero hindi sila nagbayad ng tax. Although he said may building permit when they built the house (am not sure it this is relevant). The house we're planning to buy is in Brookside Cainta, matindi ba ang baha dun?

[aquacharly]

mga sis pa help namin. my hubby is applying for a house loan thru pagibig but he has an oustanding car loan in psbank. do you think this will affect the approval of his HL? im thinking na hindi na sya ideclare sa application form pero baka mas hindi sya maapprove kapag di nya sinama. what do you think mga sis?

Declare the car loan. Lalabas yan sa credit background check. 

Approva/disapproval will depend mainly on your disposable income & equity contribution/down payment.   The credit approving people have some formula that factors in your loan/fixed obligations, estimate of living expenses vs your salaries & years of employment, and of course! - equity contribution.  They will look at your car loan, sure, but the yes or no will not be based on just that alone.

[aquacharly]

The house we're planning to buy is in Brookside Cainta, matindi ba ang baha dun?

You ask if "matindi" ba baha dun.  So, ok sa yo kahit binabaha  basta not matindi? How do you define that?  Anyway, even if the house is built raised --  the baha outside the property may prevent you from going in & out.  IMO, magbabaha occasionally, it is part of living in certain parts of MManila - like in  Cainta, yes. 

Hi,

Paano naman if young property na bibilhin namin has no tax declaration? Sabi kase ng owner, they bought the lot, then they built a house, pero hindi sila nagbayad ng tax. Although he said may building permit when they built the house

Hindi nag bayad ng tax does not mean you as the new owner will not be liable for that deficiency. 
Ikaw hahabulin ng City Hall Treaurer's Office.  Penalty on penalty pa yan: ouch.
Mag demanda ka man  for collection from  previous owner, remember: in the Philippines, Justice grinds exceedingly slow.

An "improvement" (house/building/warehouse/whatever) is not taxed (and has no Tax Delaration) if it is not yet finished/completed per the Building Permit.  However, even if not yet completed, basta occupied - may tax dec & tax due na yan. 

A lot with a house/improvement always has TWO (2)  Tax Declarations & 2 tax payments every year. 1 for the lot & 1 for the house/improvement.  How can that owner say no tax dec? Nakalusot man sya sa house tax dec (Hindi makita como mataas pader? ) eh for sure meron for the lot. 
Mabubulaga ka - you will not be able to transfer the title kasi you cannot provide 1 of the many docs required (Tax Clearance) Until you have paid all tax deficiencies. 

[aquacharly]

Hi sisses!

Im newbie in terms of real property/ house and lot or condos. I just want to know the basic knowledge to consider especially in buying house and lot. My bf and I were planning to look na for house and lot preferably in subdivisions.

Marami kasi ako nakita sa sulit mga sis, just want to know ano-ano ba yung kailangan kong malaman or mga documents na dapat kong tandaan para hindi kami maloko.
 
Thanks in advance!

Please back read too.

REMINDER: Per the Statute of Frauds (am not a lawyer, but I buy & sell properties for our family & my own financial independence) -- ALL real estate/property transactions/angreements/deals must be IN WRITING & NOTARIZED.   Que magkamag-anak/strangers;que cash/loan/installment/swap/whatever; que with/without a licensed/unlicensed broker.   

I prefer to do transactions through brokers. Sila work out all doc requirements for the transfer of TCT to your name; that involves (at least) the Tax Assessor's Office, City Treasurer's Office, BIR & Land Registry.     
Como maraming g--o/inefficient brokers -- I have my own broker even when I am the buyer  (split comm with seller's broker, or I pay a pre-agreed upon flat fee).
(There is, however, a pending bill daw that requires all brokers must be licensed).

[eleynba]

Question lang mga Sis...We took out bank loans for our 2 properties and thanks GOD fully paid na. We already have the TCT and Cancellation of Real Estate Mortgage but meron pa encumbances in the TCT. Do we need to secure another copy of the TCT na walang encumbrances? If yes, what are the procedures in securing such? Salamat ng marami in advance...

[aquacharly]

^ what do you mean by "but meron pa encumbrances"?

Ganito yon di ba, as it appears on your original OWNER'S DUPLICATE of the TCT:
     At the start, pre-mortgage, had only RESTRICTIONS (if any)  at the end
     Then, the BANK MORTGAGE ANNOTATION was added
     Then, the CANCELLATION OF MORTGAGE ANNOTATION was added kasi fully paid ka na
     So you leave it at that
What encumbrances are you referring to here?
The above annotations will never be erased/taken off the TCT - it is part of the property's history.
Actually, some buyers like me -- find it easier to authenticate ownership if the property has a mortgage history with  a bank.

If the above is not the scenario -- pls clarify.

[aquacharly]

im a novice 'broker'
thanks aquacharly for all the insights..

Good luck!
A knowledgeable broker is a real gem to both buyer & seller.
Learn as much as you can.  Keep out of trouble.
I have come across instances na when the sale hit complications after -- pati broker sinama sa demanda - estafa ang case.   Ouch.   
So being conscientious for both buyer & seller, even if it is just  the seller paying your commission, may mean saving your own neck.

Some brokers have told me there is a pending case requiring ALL brokers be licensed.
So, it may be worth your while to study now for that license
Good luck, QUENNA! 

[eleynba]

^ what do you mean by "but meron pa encumbrances"?

Ganito yon di ba, as it appears on your original OWNER'S DUPLICATE of the TCT:
     At the start, pre-mortgage, had only RESTRICTIONS (if any)  at the end
     Then, the BANK MORTGAGE ANNOTATION was added
     Then, the CANCELLATION OF MORTGAGE ANNOTATION was added kasi fully paid ka na
     So you leave it at that
What encumbrances are you referring to here?
The above annotations will never be erased/taken off the TCT - it is part of the property's history.
Actually, some buyers like me -- find it easier to authenticate ownership if the property has a mortgage history with  a bank.

If the above is not the scenario -- pls clarify.

Yup sis, the encumbrances I am referring to is the bank mortgage anotation. After we fully pay the properties, the cancellation of mortgage annotation was not reflected in the TCT. What we have is the bank letter showing the cancellation of our real estate mortgage. Do we need to go to RD to have it annotated for the cancellation?

[aquacharly]

^Yes, you must go to the RD to have  your Owner's Duplicate & the original filed with them annotated. 
Para makita on the TCT paid off na mortgage & the bank has released its claim on your property.
Yes, the bank will not do that for you

[eleynba]

^Yes, you must go to the RD to have  your Owner's Duplicate & the original filed with them annotated. 
Para makita on the TCT paid off na mortgage & the bank has released its claim on your property.
Yes, the bank will not do that for you

Thanks Sis! Buti na [textspeak!] napadaan ako dito sa GT and met a lot of people online who are willing to share invaluable informations just like you...:-)

Another question, may townhouse kmi nabili and di pa na-transfer sa name nmin though fully paid na. We already have the title under the developer's name and the Deed of Absolute Sale. We are planning to sell it now and meron interested bumili though they will finance it through Pagibig. The prospective buyer is asking for the photocopy of the TCT and DOAS. May I know what documents can I provide to them so they can start asking Pagibig on the requirements?

[aquacharly]

The townhouse is newly constructed  & just recently turned over to you?
Kelan pa yan fully paid?  How come wala pa sa name mo TCT?

Do not just give copies of docs. Have them inquire fom PagIbig first and get back to you with a list of requirements from your end.
You can give them a copy of the TCT, but do not give a copy of the Deed of Sale muna.

[eleynba]

The townhouse is not new, quite old na and tenanted. We fully paid it late 2011 and manage to get the title early 2012 under the developer's name. Our agreement with the developer kasi is we will pay and perform the necessary transaction to transfer the CTC under our name. Since there are changes in our priorities, we decided to sell na lang uli.  I ask them to complete an offer to purchase before I provide the TCT copy...

[artificialstar]

i'm planning to buy a lot. i'm thinking around 70-80 sq m yung floor area. how many square meters usually ma.ooccupy for the carport(1 car lang)? want to know sana para ma.eestimate ko how big yung lot na dapat kong bilhin tia!