Investing in real estate is one of the greatest and least risky options. The cost of practically everything is rising these days, so purchasing land will be profitable if you decide to sell it later. However, to avoid loss or difficulty in the future, be sure that the transaction is legitimate and that the person you are speaking with is the owner before you pay.
Another type of investment is purchasing land; this is a large investment. Real estate entry can be challenging, especially for a beginner. But look on the bright side; by owning a piece of land, you can create your ideal house, apartment, business, or site for raising livestock that will be profitable in the long run. You can make your own decisions if you own land.
How do legit check your soon-to-be property?
The first question you should ask when purchasing real estate, especially land, is about the title. You shouldn’t purchase real estate without a clear and genuine title. I’ll outline a few easy procedures in this article that you can take to verify the legitimacy of the title.
Step 1. Requesting a copy of the TCT (Transfer Certificate of Title), or the title to the property you intend to purchase, from the seller is the first step.
Step 2. Go to the Registry of Deeds where the land is recorded and request a “Certified True Copy” of the title once you have one. They will give you a form to fill out, though occasionally they will do it for you. All they need is the Title number, the name of the property owner, and the reason you want a copy. You can also indicate your desire to purchase the property on the form by writing it in or telling them about it.
Step 3. Wait for them to evaluate your request, look over the transaction specifics they have prepared, and pay the appropriate processing fees (around 300 pesos) (PHP 300).
Step 4. Once you’ve made your payment, send your request paper, the assessment form, and the payment orders and receipt to the window that prints the certified true copy of the title.
Step 5. Comparing the TCT document you receive from the seller and the one you receive from the Registry of Deeds after obtaining a copy will ensure that all the details are in agreement.
Step 6. You can move forward with the transactions if you want the property because the title is genuine if everything is checked and found to be identical.
If you don’t verify everything in person, double-checking everything will save you a lot of money and hassle in the long run. As a result, before entering into any agreements or transactions, make sure everything is transparent and clear.
How to buy a lot in the Philippines and what do you need to ensure legitimacy in a lot?
If you’re buying land, be sure that a lawyer notarizes the deal and that you have copies of the purchase agreement. Don’t cut corners with the documentation—after all, it’s your money on the line. To purchase land and protect your hard-earned money, you need to be aware of a few legal documents.
Listed below are some tips on how to buy a lot in the Philippines.
Absolute Sale Document
A Deed of Absolute Sale will be created after receiving the full payment, registered with the Registry of Deeds, and then handed to you. This document, which has been notarized, certifies that you have now become the legal owner of the property after buying it from the seller.
Document of Title
The seller of the lot will give you a certificate of title that identifies and attests to your status as the new owner of the purchased lot. The Registry of Deeds, a government organization, will provide and issue this as evidence of the new owner’s existence. And if you intend to buy a lot in the Philippines, this is one of the documents you require.
Does a lot buy in the Philippines?
You must make sure the seller is paying property taxes on time. You must ask for a Tax Declaration from your municipality’s Assessor’s office after changing the title to your name. Send a picture and the new title to the property. Once finished, you won’t have to worry about taxes.
Agreement for Sale and Adjudication
The Deed of Adjudication with Sale safeguards this contract from pending sales dispute by stating that all living heirs have consented to sell the land.
What should one consider last while considering buying a lot in the Philippines? A reserve agreement will be created by the seller’s promise, made by the provisions of the Contract to Sell, to remove the property from the market. But up until the loan is settled, the seller retains ownership of the property. If the buyer must make a down payment before paying the balance over time, a contract to sell is signed (depending on what they agreed on).
The land buyer and the property owner have a formal contract in place.
When buying a lot in the Philippines, what do you need to do?
Here is a checklist you may use to make an informed choice when purchasing your first investment lot.
When purchasing from an individual:
*Examine the Transfer of the Certificate of Title for legitimacy.
*You shouldn’t mortgage the property.
*Check to make sure the land you are buying is the one described on the title.
*Investigate the owner’s history. Obtain identifying papers, such as a passport or driver’s license, if you are buying from a private landowner. It’s a good idea to get in touch with the sellers’ neighbors to confirm their identity.
*The Tax Declaration and Tax Receipts should be requested to confirm that real estate tax payments are up to date.
When purchasing from a developer:
*Verify the availability of the mother title.
*Count on a dependable developer with a successful track record.
*Examine all of the contract’s clauses, including the annexes, before you agree to them. Ideally, hire a lawyer.
*As much as you can, negotiate.
The following documents will help you determine whether a property being offered for sale is legitimate.
Ensure that you search for title documents.
Check the title documents because they form the basis of any real estate transaction before purchasing or investing in real estate. By carefully reading the documentation, you need to ensure the legitimacy of a lot being offered for sale, but it is most important to ascertain whether or not your title is clear. The best way to check the legitimacy of a property is to see a property lawyer because having a clear title protects you from any potential issues.
Always keep an eye out for an encumbrance certificate.
When purchasing a property, the encumbrance paperwork is crucial since it provides information on the previous owner and attests to the property’s freedom from liens and mortgages. Before focusing on the question of how to obtain this one, you should have a basic understanding of what an encumbrance is, how it operates, and how it differs from the Title document. This document aids in determining whether or not the property is covered by a legal document. And this is why you need to ensure the legitimacy of a lot.
Make sure to check to see if a registered society owns the property.
Who would want a home constructed in an unregistered community? If your prospective property has a registered society, there is a good possibility that the papers will be in order legally and that society will be aware of the property’s existence and pertinent facts. You may also determine whether a property for sale has legitimate papers by looking into the legal and extensive registration process for societies.
Make sure to check for details about property taxes.
To avoid any issues, be careful to examine all property tax data to see if they are clear and paid with no outstanding tax obligations and to ask the former owner for any property tax receipts for your reference. The owner needs to have a clean name since paying taxes on time proves that the owner has valid identification and demonstrates responsibility on his part. The property tax is an annual obligation. It is also important you need to ensure the legitimacy of a lot.
Look for the Bank’s Approval.
Asking for a bank’s clearance is one way to tell if a property is legitimate or not because only properties with sufficient paperwork and legal certifications will be accepted by banks. In such a scenario, if you have bank permission, that is a good indication that the Property has legal backing. And this is to ensure the legitimacy of a lot.
Search for Approved Plan with Actual Site.
If you have made up your mind to buy and invest in real estate, make sure to acquire a copy of the local authority-approved map from the engineers and architects. You must visit the actual site to become more familiar with the surroundings, confirm that the approved plan is implemented there, and check for any illegal activity. And this is the last thing you need to do to ensure the legitimacy of a lot.
If you’re thinking about purchasing a home for your family, BRIA Homes are the ideal place to put your plans. Many of the young and aspirational property buyers in the millennial generation have chosen to live at BRIA , a reputable builder of affordable housing.
Your go-to house and lot are Elena from Bria Homes, which is reasonably priced at 22 sq.m and a lot area of 36 sq.m. You need a home like this rowhouse because it is both simple and attractive.
Visit www.bria.com.ph for more information, and follow “Bria Homes, Inc.” on Facebook, Twitter, Instagram, YouTube, Pinterest, and LinkedIn to remain informed.
Written by Janine Nato