Tips on How To Buy a Property in the Philippines
Check if the Project has a Certificate of Registration and License to Sell.
You should ask the broker/agent of the owner/developer if the project is registered and has a License to Sell issued by HLURB:
* This can be verified at the On-line Queries/HLURB website (www.hlurb.gov.ph) for the list of projects covered with Certificate of Registration and License to Sell as well as any encumbrance thereon, e.g. Cease and Desist Order, Suspension of License, etc.;
* Or you may visit or call the nearest HLURB Regional Office for this information.
Visit the subdivision/condominium, where the house and lot or condo unit to be purchased is located to know its natural topography, viz: susceptibility to landslide, flooding, erosion, etc.;
If the project is covered with a License to Sell, you may already enter into a Contract with the owner/developer. However, there are things which must be checked:
The date of completion of the project as indicated in the License to Sell;
If the property is mortgaged, it should have a Clearance to Mortgage from the HLURB;
The facilities and amenities represented in the advertisement flyers/ brochures are in accordance with the approved subdivision and condominium plan on file with HLURB.
Check if the broker/agent is registered with HLURB/DTI;
Verify if the property has not been sold to other buyers with the Register of Deeds;
Check into your source of income whether you can afford to pay the equity and the monthly installments;
Check if the materials of the house or condo unit conform with the development standards and approved construction specifications submitted to HLURB;
Check whether the developer would payfor the water and electric meters, the subdivision perimeter fence, etc;.
Check who would eventually operate the subdivision/condominium water system.
BEFORE SIGNING THE CONTRACT TO SELL
Don’t sign any blank form of the Contract;
Read thoroughly all the contents of the Contract more especially the terms and conditions in fine print;
Secure a copy of the Contract and all other documents that you have signed;
Make sure that the Contract would be registered by the owner/developer to the Register of Deeds;
Pay directly to the owner/developer or the marketing agent authorized by said owner/developer only; and
Ask an official receipt on all payments for your file.