House/Lot Buying Guide

[miksha]

when you buy a house and you pay in cash, do you give the total contract price in cash then wait for the house to be in your name or should it be in your name first before you pay in cash? Also, what are the rules of earnest money? like how much ba ang percentage of the earnest money to the price nang lupa? The seller is asking for earnest money na 250k (the price of the house is approx 4M) and gagamitin nila the earnest para maglakad the papers for the house (clear the title, amilyar, taxes, etc...) and then iaawas na ito doon sa price of the house. Pero if we back out of buying the house i-forfeit na the earnest money. ganoon ba talaga? feeling ko kase ang laki halaga if maforfeit siya.

[sleepy_grfld]

Just to be sure, the title/house should be in your name first before you pay in full. Of course, there should be a contract between the two of you wherein all your agreements must be stipulated like the terms of payment. You may ask the seller na babaan pa ang earnest money pero baka hindi pumayag dahil sabi mo nga, gagamitin niya yung pera para sa papers ng property. You should also ask/know what are the "things" they need to "settle." Baka naman masyado mabigat ang kailangan nilang ayusin e mamroblema ka. I mean, baka ubos na yung ibinigay mong pera e hindi pa nila ayos yung papers ng house.

[Zasha]

Hi mga sis. May binili akong lot sa province namin. Eto mga questions ko:

1. Yun right of way namin iba ang owner. So, yun seller sila ang middleman. Anong document iproprovide sa amin na proof sa amin na talaga yun right of way. Is it possible paisahin ang title ng lot at right of way kahit magkaiba yun owneri?

2. My atty charges me 1% value ng lot (1.9M) kung magpapagawa ako ng conditional sale. Reasonable ba yun? Disappointed lang ako sa atty namin hindi kami ginuguide.

3. Yun binili ko partial ng lot. Anong process sa pagtransfer ng title sa name ko. May minemention yun seller namin "tatak lang daw then itratransfer na sa name ko".

4. Balak ko icollateral sa bank yun lot na bibilhin ko para mabayaran na ang seller.  Ano mas ok (security at cost) yun bank magaasikaso ng paggawa ng title or seller.

Help, medyo confused na ako Thanks

[ceejhei]

hi mga sis,

question lang po, may nakapag acquire na ba dito ng mga pre-owned properties tapos through pag-ibig ang naging mode of payment? pano po ang process nun? pareho din ba nung mga nakalagay dito as per back reading.

hwo did you go about it? what are the steps? TIA

[younis]

^yes pwede. sabihin mo lang kay Pagibig kung anong property ang gusto mo bilhin then iaappraise nila yung property. then of course you need to attend the Pagibig seminar and fill-up necessary documents in filing the loan. after 2-3weeks, expect a call from Pagibig kung how much ang loanable amount mo.

[AVIDGOLFER]

Just to be sure, the title/house should be in your name first before you pay in full. Of course, there should be a contract between the two of you wherein all your agreements must be stipulated like the terms of payment. You may ask the seller na babaan pa ang earnest money pero baka hindi pumayag dahil sabi mo nga, gagamitin niya yung pera para sa papers ng property. You should also ask/know what are the "things" they need to "settle." Baka naman masyado mabigat ang kailangan nilang ayusin e mamroblema ka. I mean, baka ubos na yung ibinigay mong pera e hindi pa nila ayos yung papers ng house.

Sorry Sleepy I beg to disagree with your suggestion...You can't get the title under your name until you're fully paid in accordance with as stipulated in the contract of sale.. You may probably mean Title is the Deed of Conditional Ownership  but not the Title under your name itself.  That's just my two cents.

[Len0523]

We want to buy house and lot in an exclusive subdivision and it needs renovation, we actually in doubt with the price so we wanted sana to have the bank appraise the house first para alam namin ano talaga yung price nung h&l. The price is negotiable but we don't know how much yung itatawad namin gusto kase namin malaman muna yung bank appraisal. How possible is that? If I'm not mistaken you we have to apply bank loan muna para they could appraise? Pls enlighten me. Thank you!!

If we are to negotiate the seller and buyer's obligation to pay ano po yung normally sa part ni seller and ano yung sa part ni Buyer?

[PrincessC]

^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

hi sis! anong requirements ang dapat dalhin to have the title annotated after the mortage has been paid off? do you also have a ballpark figure kung magkano aabutin and kung gaano katagal ang process na ito? thanks!

[alpha_ni_08]

question po, may nagaalok kasi samen ng farm lot, interested kami bilin yun pero rights pa lang kasi wala pang title. ano yun mga dapat ko icheck na documents?

thanks sa mga sasagot!

[raflarkitek]

Hi Alpha ni 08! be very careful when buying lots that don't have a title. i knew from experience kung gano kalaking SCAM yung mga ganon.  or if you're buying from someone you know, make sure pa rin

question po, may nagaalok kasi samen ng farm lot, interested kami bilin yun pero rights pa lang kasi wala pang title. ano yun mga dapat ko icheck na documents?

thanks sa mga sasagot!

[Len0523]

Hi, We are planning to buy h&l the problem it still has an outstanding balance from the bank pa. So the title is not with the seller yet. Paano po ba ang ganitong set up kung saluhin namin yung outstanding balance dun sa bank? Parang ang hassle kase sa part namin. 1.6M [textspeak!] price then may balance pa sila na 700k. Please help me. Thanks

[younis]

^Assumption of Mortgage, I think similar lang din ang procedure like sa Pagibig. What I did before, nag-file ako ng housing loan sa Pag-ibig, then I assumed the balance of the seller sa Pag-ibig. Inilipat ni Pagibig ang existing loan nung seller sa akin... then yung difference ng selling price and balance ang binayaran ko ng cash sa seller.

double check mo rin sa bank kung ano pang steps to proceed.

[stameygirl]

^^ My case naman is the title is with seller but mortgaged with a bank. Eh 6 months na daw di nababayaran. Do banks usually waive interests/penalties when a buyer assumes the loan?

[ann08]

Hi sis, planning to buy a property and pay it through PAG IBIG.

Property is worth 2.5M

But I'm hesitant if I'll be granted considering:

I'm a regular office employee above minimum but not more than 20k a month.

Working and continuously contributing in Pag ibig for 5 years.

Can I fully loan whole amount or should I need to pay a downpayment?

[bluish_mommy]

^hello sis, i sent you a pm before I read this post...

to answer your question below, usually Pagibig or Bank will grant you a loan not more than 80% of the APPRAISED amount. i-a-assess muna nila yung property na gusto mo, then 80% non ang maipapa-loan nila sa iyo granted naconsider lahat ang factors like contribution, capacity to pay etc. so yung 20% ang equity or downpayment mo.

I never heard of any institution na nagpa-loan ng 100%... talagang magca-cashout ka.

[crzysxycl]

Hello sisses. Ask ko lang sana aside from below, ano pa ang dapat ko iconsider when buying a house? I prefer kasi yung pre-owned at pwede ng tirhan. Hindi naman masyado maselan family ko, basta safe at maayos naman din ok lang. Paparenovate nalang namin pag may extra pera na.

- Location, hindi bumabaha
- 2 storey
- Lot area, preferred ko 70sq m or more
- With parking/gate
- Updated tax
- Clean title

Ano pa ba dapat mga sis? Salamat.

[airwaterfire]

Anong process if bibili ng lot pero ang ipambayad thru pagibig loan?
Mag site visit pa kami kasama ang mayari.

Di ko pa rin maintindihan kahit backread nako. More research pa pero sana may makapag sagot.

Thank you

[bluish_mommy]

^ganun pa rin sis. if you're sure na sa property na gusto mo bilhin, you will have to go to Pagibig, then tell them the property you want to buy. doon mag-uumpisa ang process, Pagibig will assess the property etc etc.

[airwaterfire]

^ Thank you sis..

[roxybrat]

Hi, tanong ko lang po, may nabili kc kme lot sa subdivision at fully paid na kme last december. Yun developer na un nag ayos ng pag transfer then babayaran na lang namen kung magkano un nagastos.. Medyo natatagalan lang ako kc 7months na.. sa ngaun ang sabi nasa RD na daw.. Ano ibig sabihen malapit na namen makuha un title? Ano ba next kapag masa RD na? Thanks sa magrereply.