House/Lot Buying Guide

[Tea97]

I'm currently renting a studio. Nanghihinayang na ko sa rent money so i'm considering finding a "rent-to-own" scheme for a 1-bedroom naman.

First time ko to deal with real estate stuff so medyo kinakabahan ako. I need to get a buyer's broker to help me process all the docs. Problem is, i don't even know where to get one, how to start...

Meimei - try going through the OLX website and do a keyword search for rent to own or no downpayment. I assume gusto mo na parang nagrerent ka lang and normally walang malaking cash out.  If you are going to buy one - the agent should bring you to the developer's office and thats where you can get more details (eg. turnover date, payment table, other charges, etc). If you are buying a new condo/devt, i wouldn't suggest getting a broker to do the property checks that you would normally do with a 're-sale' or pre-owned property. Useful lang yun checks kapag pre-owned - we used a lawyer to do the checks for us when we last purchased a condo. We capped the fee at P15k for the whole purchase (this was in 2013). 

The checks done normally are 1) up to date realty tax with the local municipality; 2) up to date fees with the HOA (if in a subd) or condo association (if condo); 3) no encumbrances on the title (ie nakamortgage ba yun property) with the Register of Deeds (RD); 4) no backbills on utilities, etc (madali lang to kapag condo, kasi yun assoc na magbibigay sayo). hmm, thats all I remember for now. you can do all the above yourself too if you dont mind going to the local municipyo and RD 

[phexchanger]

I'm currently renting a studio. Nanghihinayang na ko sa rent money so i'm considering finding a "rent-to-own" scheme for a 1-bedroom naman.

First time ko to deal with real estate stuff so medyo kinakabahan ako. I need to get a buyer's broker to help me process all the docs. Problem is, i don't even know where to get one, how to start...

Iniisip ko, just go directly to the admin office of the condo developer and transact directly with the brokers there.

Kapag RFO na ang unit sis, malaki ang magiging DP mo whether brand new or resale yan.
Kapang non RFO naman, parang rent-to-own lang ang payments pero hindi ka kaagad makakalipat.
Saan ba area mo sis, baka may mairecommend ako.

Hi sisses:)
Kelangan ba na matapos muna ang title/malipat sa name ko, as a buyer, before I pay the remaining balance of the purchase price? Please share your thoughts on this. Usapan kasi namin na matapos muna yung new title, then saka yung full payment by end of February. Kayalang until now, madami pang kulang sa transfer so I believe na by end of Feb, hindi pa ok yung title ko (sya kasi nagprocess ng title and I gave amounts for the transfer). Nasa contract kasi namin na end of Feb ang full payment. November ako nagbigay ng pambayad for the transfer because I expect na 2 months lang ang transfer so supposedly, January pa lang tapos na yun. But yun nga, since wala pa ang title, ok lang ba na hindi ko muna bayaran at hintayin na matapos ang title kahit lagpas na sa due date? Thank you.

Hi mga sis. This is my first time to buy lot. And I'm planning to buy from an individual, then loan from bank. Since wala akong collateral, yung bibilhin ko ang magiging collateral. Kelan ko pwdeng ipatransfer yung title sa name ko? Kapag ba 20% nabayaran ko na si seller, pwde na ba yun usually? Since marerelease lang ang loan kapag na sakin na ang new title. Please enlighten me.

Usually sis kapag sa developer, dapat fully paid na bago i transfer ang title sa name mo. In the case of the balance being paid through bank loan, nakaname sa iyo ang titulo pero may annotation sa likod ng titulo at saka lang ito ililipat sa pangalan mo after mareceive ni developer ang letter of guarantee from the bank na sila ang magbabayad ng balance . Kapag sa individual seller ka bumili, pwede mong pakiusapan na ilipat muna pero kadalasan, hindi pumapayag lalo na kapag hindi kilala.

we bought a house on a lot na isusubdivide pa lang. now we are waiting for the subdivided title para mastart na ang loan processing. any idea how long that should take? november pa nung sinumulan yung process.

Depende sis. Minsan kasi, bago iprocess ni owner/developer ang subdivision dapat nabenta na lahat iyong parcels para minsan lang ang processing nila.

[hanshellite]

Hello again:))

Question po re tax declaration.
1. Pag narelease na yung new title in my name, required din po ba na iprocess din agad yung change ng name sa tax declaration? Pwede ba itong i-defer and how long?
2. Para saan po ba ang tax declaration, para lang po ba sa pagbayad ng real estate taxes?
3. Ano po ang impact sa akin kapag hindi ko pinachange ang name sa tax declaration?
4. How much ang estimate cost ng pagpapachange ng tax dec (bacoor area po)?

Thank you so much mga sis:))

[gypske]

Scenario:

Namatay yung may ari ng lupa.

Di pa nalilipat sa name ng beneficiary pero may gustong bumili.

Pwede ba na ilipat sa name ng buyer ang title instead na sa beneficiary?

[bluish_mommy]

^i think possible naman... but you have to pay the necessary taxes. like in this case, kunwari wala namang buyer, so in order to transfer the property to the beneficiary, kailangan nya magbayad ng Estate Tax, tsaka pwedeng i-transfer ang title sa name nya. But in this case may buyer, instead na sa beneficiary ilipat ang name, I think pwede ilipat sa buyer's name agad, provided babayaran lang talaga ang taxes.

[gypske]

Thanks sis bluish_mommy!

Another thing, bale and need iprepare is Deed of Sale and a contract stating that the buyer will be the one to process and pay for everything and the owner will just sign the necessary transfer documents?

Di kaya magkakaproblema if ganito?

[Castell]

Bibile kame ng house, ano ano ba mga bagay na dapat isipin at unawain namen mag asawa para hinde kame maloko?

bank loan ang plano namen, meron ako mga nagugustuhan na bahay na hinde ko kilala masiado ang developer paano ba mag ingat ?? sa manloloko bago bumili.

[binggay]

Scenario:

Namatay yung may ari ng lupa.

Di pa nalilipat sa name ng beneficiary pero may gustong bumili.

Pwede ba na ilipat sa name ng buyer ang title instead na sa beneficiary?

Parang hindi yata pwede ito. The property's estate taxes must be paid muna alam ko, then extrajudicial settlement among the heirs. Then I think there is a 2-year wait period before the property can be sold. Ganyan ang nangyari sa lupa ng lola na recently lang naibenta ng mom ko at mga tita ko.

[chatbuddy21]

kakabili lang namin ng lupa, nasa amin na yung title at deed of sale. yung seller ang naghandle ng cap gains at doc stamps and ibibigay niya na rin sa amin yung resibo pero yung certificate daw usually 2weeks pa.

after this ano ba yung usual steps to have the title transfered sa name namin?

[bluish_mommy]

^yung certificate na yun ang isa-submit sa RD (registry of deeds), then dun na kayo magbabayad ng mga transfer fees, then ulit for the new title to be released, under your name.

[chatbuddy21]

thanks! another inquiry kanino ba kami dapat magtanong para malaman yung exact location ng lupa sa registry of deeds or sa developer? puro vacant lot pa kasi yung mga katabi ng nabili naming lot so yung previous owner hindi rin alam exactly.

[bluish_mommy]

^you can check the map with the developer. then in terms of authenticity of the title, sa RD mo ichecheck baka naka-sanla or baka nabenta na sa iba tapos binebenta pa sa iyo, something like that.

[mutya818]

nice thread!!!

May tanong din ako kasi I feel hopeless din sa situation ko about sa DAR. i bought a property na part agricultural and part residential. Ang raming hinhinging docs for me to transfer the lot under my name. ok na kmi sa BIR. my dilemma is in DAR.

Pano kaya maprocess [textspeak!] mga docs sa DAR? kasi [textspeak!] iba mapapanganga ka kung san hahagilapin. my seller din kasi di na ganung ka cooperative pra mgprocess like [textspeak!] affidavit of nontenancy.

[dyosabel]

mga sis, meron na ba nakapag-house construction loan dito sa inyo thru bpi or any other banks? Pano ba process nun? Pag 0% stage, magkano ba ang ibibigay ni bank? Let's say ang appraised value ng lot ay 1.1M? Then sa mga next stage, pano kung magawa na agad ang house, ibibigay na ba nila agad ang full loan amount? TIA

[bluish_mommy]

^sis, you have to present a complete, signed and sealed BOMs (bill of materials), signed and sealed meaning, complete design yan, with signatures ng mga engineers. yan ang magiging basehan ng amount na ipapa-loan ng bank sa iyo, at syempre considering other factors as well like, value ng collateral, capacity to pay, credit standing, etc.

pag na-approve, hindi yang full amount na ibibigay sa inyo. before mag-release ang bank ng money, may certain percentage na dapat tapos na ang bahay

example:
1. from 0% to 20% -- tsaka magfi-first release ang bank ng portion ng approved loan amount
2. using that given amount, dapat ma-meet mo ulit certain percetage of completion, say 40%, tsaka magre-release ulit ng pera ang bank

etcetera, gang maging 100% completion.

so initially, dapat may sarili kang pera para maipagawa mo yung 1st completion stage para makapag-release ang bank ng pera sa iyo.

hindi magbibigay ng 100% pera ang bank, syempre nga naman papaano kung magamit sa iba di ba? 

hmmm parang sa natatandaan ko ang unang binigay ng bank sa amin na money was the 80% appraised amount of the collateral, which is the residential Lot. the bank will do their own appraisal, so kung 900k lang ang na-appraised nila sa property mo, maximum na pwedeng 1st release is P720k. so dapat mapagkasya mo yan para ma-achieve yung percentage of completion (ex. 20% or 30%), para mai-release ulit ang next na money.

[dyosabel]

sis @bluish_mommy, thank you sa reply! super appreciated. So kung 1M pala ang assessed value ng lupa, 800K ang ibibigay samin panimula ng bahay. Ok na din.
What if yung biniling lupa is nakaloan din sa kanila? Pano pag ganun?

[bluish_mommy]

^ah you mean naka-mortgage pa sa bank yung collateral mo? I think, i-o-offset lang nila yung balance mo versus dun mga ma-a-approve na amount sa housing loan mo. When I started kasi my housing loan, I made sure the Lot has a clean title.

[dyosabel]

aahhhhh. Clean naman ang title, pero un na nga, ni-loan din namin ang lote. Akala ko pa nga, pwede magpa-refinance. Parang magiging house and lot loan na sya instead na lot purchase only.

Thanks a lot sis!

[mija0126]

hi mga sis.. active pa ba ang thread na ito? just want toask pwede ba pagsabayin ang housing loan at house construction.. hindi ko kase maintindihan nung nag back read ako... dapat ba may cash din akong hawak?

[tailgate]

alam ko sis pwede. please check it with your bank. kailangan din cash at least 30% for total house and lot.