Whether you’re purchasing a dream home for your own use or are looking for a solid real estate investment, buying homes for sale in the Philippines will involve a lot of steps. It’s best to work with an experienced broker to get professional guidance that can save you from headaches in the long run.
Do you already have your eye on a particular house? Here are your next steps:
- In general, most properties can be acquired by a simple agreement. As the buyer, you need to sign a notarized Deed of Sale to make the transaction official. Having a sales agent represent you is a good idea especially if you need a mortgage loan.
- Depending on the agreed conditions, you as the buyer should pay the initial down payment as all the other legal processes are being undertaken. This is true if the contract is between an individual and a developer that constructs luxury homes for sale in the Philippines.
- For transfer of land, you need a lawyer to draft and notarize a Deed of Absolute Sale. The Land Tax Declaration is secured from the Bureau of Internal Revenue. The Tax Declaration is submitted to the Assessor’s Office.
- Pay the real estate tax.
- The Assessor’s Office will evaluate the value of the property.
- You then need to secure the Capital Gains Tax and Documentary stamp tax from the Bureau of Internal Revenue.
- The Registry of Deeds will cancel the previous title and create a new one for you.
- You can now get a photocopy of the title and request a tax declaration.
- Ownership of house and lot is given proof by the Transfer Certificate of Title or TCT.
Registering your property can take one month or more. If you want to acquire homes for sale in the Philippines then it’s prudent to leave room in your budget. Prepare to pay legal fees and other expenses if the home is inside a gated subdivision.
About the Author:
This article is written by Aakanksha Sangtani, working as an International Business Analyst at Housal Inc., is an online platform for real estate, addresses the unfulfilled needs by harnessing technology and bringing all-related solutions under one roof. For buyers, tenants, sellers, brokers, agencies or developers, it encompasses all their answers from property matching, listings, management, analytics and much more. Housal Inc. is the evolution of the real estate process – empowering the real estate industry for the future.