When buying a property, it is very important to make sure that all documents are clean and has signed to ensure the legitimacy of a Property for sale. Having a property is the greatest achievements in life because it is one of the things that you can be proud of and this is the start of your new chapter or journey in your life and all your hard work will be paid off. And also having a property is a great investment for your solid future and buying a property have an overwhelming process, If you are the first timer homeowners and investor, you should need to be careful and don’t be so impulsive for buying a property for sale without reviewing the documents or the proof of legitimacy of a documents because it can cause you a big problems in the future.
What is Legitimacy meaning in the Documents of Property for sale?
Legitimacy is something that conviction that a law, institution, or it is acceptable according to the law. To check the Legitimacy of a Property for sale is doesn’t just end in conversational contract or hearsay statement, the person need to present a proof of legitimacy of a Property with clear and valid documents to be acceptable by the law, specially when it comes to buying and Investing to Real estate industry. In the Philippines, there are many report about real estate investor getting fooled by the fake documents because now a days, most of the people using fake documents for their bad intentions. Therefore, it is important to check very carefully about the legitimacy of a Property with valid or verified documents and if not, that is suspicious. The best case scenario is when the person that stated in the document is still around, so you have a chance to ensure the legitimacy of a Property for sale. If not, you can at least prove that this individual exists. The authority confirming the document’s signature must be readable in order for you to recognize that person. The relevant party has a signs in the document and notarized as the first step in the authentication process. Despite the fact that land is a tangible asset, it cannot be determined who the owner is just by making a claim to ownership that is why we need a proof of legitimacy of a Property with clear and valid documents before buying and investing to real estate, And most importantly you need to ensure that the investment gives you a peace of mind and a sense of security by seeking appropriate legal counsel, carefully reviewing documentation, and verifying information related to the property.
Here are the 6 Documents to look for, to ensure the Legitimacy of a property for sale.
1.) Make sure to look for Title Documents.
Before Buying and Investing a Real estate, make sure to check Title documents because it is the foundation of a real estate transaction. You need to ensure the Legitimacy of a Property for sale by reviewing the documents carefully, but It is the most crucial part to determine if your title is clear or not. The best way is you may visit the property lawyer to ensure the Legitimacy of a Property because it is the best to have a clear title of a property to prevent from any possible problems.
2.) Make sure to look for Property Tax Details.
Make sure to ask the previous owner for any property tax receipts for your references and also check out all Property Tax details if it is clear and paid with no outstanding tax debts to prevent any troubles. Since paying the property tax is an annual task It confirms that the owner has legitimate documentation, demonstrates a sense of responsibility on his behalf and also It is a good thing if the owner have a clear name because he/she paying taxes properly.
3.) Make sure to look for, If Property has a Registered Society.
Who wants a property that is built in not registered society? It is important to know if your future property has a registered society because there is a high chance of being legally clear papers if that Property has a registered society to know the existence and the information of the property. The process of registering society is legal and have many process and this is the way you can also find out if that Property for sale has a Legitimate documentations.
4.) Make sure to look for an Encumbrance Certificate.
The Encumbrance document is very important when buying a Property because in this document contains the information of the previous owner and demonstrating that the Property is free from any debts or mortgages. You should need to know or understand of what an Encumbrance is and how it works and also the difference from the Title document before focusing on the issue of how to get this one. This document helps you to determine if that Property is has a legal document or not.
5.) Make sure to look for Approval for the Bank
It is one of the consideration to determine if that Property is legally or not by asking for approval of the valid banks because properties with acceptable documentation and legal certifications will receive bank approval. In that case, if you received an approval from the bank and that is a good sign that the Property is legally verified.
6.) Make sure to look for Approved Plan With Actual Site
If you fully decided buying and investing to real estate, Make sure to have a copy of the approved map from the Engineers and architect that has been approved by the local authority. You must to visit the actual site to be more familiar with the areas and if the approved plan is followed in the actual site and this is a chance to see if there is any unlawful action or doings that happening in the actual site.
In a nutshell, It takes a lot of effort to determine if that property for sale is free from any legal issues. Buying a property is not just an investment, there is a lot of risk on it because the money is involved from it. Therefore, It is safe to check all Property documents to reduce the risk that may possible happened. Avoid the fake or invalid transactions or forged documents being presented during transferring of an ownership. You need a presence of mind and awareness of your rights while buying a property in your name can certainly protect you against dark and illegal practices by developers and sellers. In an industry, there is still lacks of transparency, it is best to thoroughly ensure the Legitimacy of a Property by reviewing all documents to be sure If it is legal or not.
Meanwhile, If you are planning to buy and investing for real estate in the Philippines with proper documents and has a proof of Legitimacy of Property for sale, BRIA Homes is the best for you!. BRIA Homes is one of the leading housing developer in the Philippines, BRIA Homes is primed to bring affordable house-and-lot packages and condominium units closer to ordinary Filipino families.
For more details and inquiries visit BRIA Homes website and like and follow “Bria Homes, Inc.” on Facebook, Twitter, Instagram, YouTube, Pinterest.