The decision between a house and lot and a condominium can be a daunting one. Both offer unique advantages and drawbacks, catering to different lifestyles and preferences. Here's a breakdown to help you choose the right fit for your needs: Photo from Canva House and Lot Pros: Space: More square footage , larger yards, and the potential for customization. Privacy: Greater sense of privacy and control over your surroundings. Outdoor Living: Enjoy the benefits of a garden, patio, or backyard for outdoor activities and entertaining. Appreciation: Generally, house and lot values tend to appreciate at a higher rate than condos . Cons: Upfront Costs: Significantly higher upfront investment , including the purchase price, land costs, and construction or renovation expenses. Maintenance: Requires ongoing maintenance and repairs , which can be time-consuming and costly. Location: May be situated further from urban conveniences and amenities. SMDC Lush Residenc...
So, you found a listing where the lot is priced cheaply. You thought, “This is a great deal.” But have you looked deeper? Did your agents or real estate brokers perform the necessary due diligence?
Many have fallen victim to land conflicts. The asset they thought was a great deal turns into an expense or liability due to a lack of due diligence. They believed they were getting a bargain by paying less than the prevailing market price in the area. Then reality hits: the land has multiple owners.
Who then has the rightful claim?
This is a common problem in many areas of the Philippines. Just because a piece of land is sold cheaply doesn’t mean it’s a great deal. There are many factors to consider before owning real property.
Here are some due diligence steps a property buyer must perform to ensure a good and legal transaction according to Philippine laws:
Verify the Title
Ensure the title is genuine and clean. Check for any encumbrances, liens, or annotations that might affect ownership.
Check the Seller’s Identity
Confirm that the seller is the rightful owner of the property. Request valid identification and proof of ownership.
If the seller is married, verify the marriage certificate to ensure the spouse's consent.
If the seller is a minor, incapacitated, or under guardianship, check for relevant court orders.
Conduct a Physical Inspection
Visit the property to verify its condition and ensure it matches the description in the listing.
Survey the Property
Hire a licensed geodetic engineer to conduct a survey and confirm the property’s boundaries.
Review Zoning Laws
Ensure the property complies with local zoning laws and regulations.
Check for Tax Declarations
Verify that all real property taxes have been paid and there are no outstanding tax liabilities.
Consult with a Lawyer
Seek legal advice to review all documents and contracts before signing anything.
Investigate the Property’s History
Look into the property’s history to ensure there are no disputes or legal issues associated with it.
Secure a Notarized Deed of Sale
Ensure the Deed of Sale is notarized to make the transaction legally binding.
Register the Property
After the sale, register the property with the Registry of Deeds to transfer ownership officially.
Those are some of the tasks of responsible and professional real estate practitioners. That’s what we do at GoRA. By following these steps, you can protect yourself from potential issues and ensure a smooth and legal property transaction.
The Real Estate Service Act (RESA) Law or R.A. 9646 was born out of the need to professionalize the real estate industry in the Philippines. It aims to protect the rights of real estate professionals and ensure that only qualified individuals practice in the field. The law also sets standards for ethical conduct and provides penalties for violations.
Comments
Post a Comment