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BUYERS' GUIDE: Some Tips When Buying a Property

 

 

- Under the constitution, foreigners can’t own land in the Philippines. They are however, allowed to own condominium units but limited only to 40% of the total condominium development. 

- Real estate practitioners (i.e. consultants, appraisers, brokers and sales persons) are regulated by Professional Regulation Commission.

- If you are buying a property from a married person, always look for the consent of the spouse.

- If you are buying a property from a corporation, always look for a Board Resolution or Secretary’s Certificate authorizing the sale of the subject property.

- Financing can be secured from government financial institutions, banking institutions or from the sellers themselves (especially if the seller is a developer).

 

Image source: Freepik .com

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