Tips in Buying Condominium unit in Manila

In 2014, a controversy about the alleged use of ghost buyers to obtain 6.6 billion loans from Pag-IBIG Fund in 2009 breaks everyone. Delfin Lee, owner of Globe Asiatique and 4 others faced syndicated estafa charges filed by the Department of Justice. Read here for more.

With the news spread out over the country, people start doubting about real estate properties like house and lot, and even condominium units in Manila and in other parts of the Philippines. They might be afraid to buy because of these housing scams. But the question is how can we protect ourselves in such scams? How can we buy a house or a condominium unit without being scammed? Here are some useful tips to follow.

1. First, you, as the buyer, know what you are into. What are you into? You’re into investing your money, your precious saved money through the years! You do not want to throw that into waste right? So be serious friend. You must be analytical, ready and willing and open to ask help from others.

2. After you choose the property you want to buy, ask for the title, tax declaration, and lot plan. Make sure to check the title to the Registry of Deeds and Land Registration Authority. These documents will give you the assurance that the property is a good declaration and has no issues. This is also a nice way to check if the property is a mortgage or not, right price and declared right, may it be residential or commercial.

3. Go to Registry of Deeds and Land Registration Authority to check the title and other documents. Look at the face of the title and the back of it and see if there are mortgages, court cases. If it is clean, initially you are sure that you are buying the right property.

4. It is also advised to consult experts like brokers. They are the Einstein in the market and you’re sure that they will help you.

5. Make sure that only the true owner shall sign the Deed of Sale to make sure that he has the right to sell the property.

6. With lots of affordable condominium today, people seem to easily engage in buying condo units, but still, condominium developers should be trustworthy and reliable and has the contract to sell.

7. Keep all receipts and Deed of Absolute Sale. If they were not able to show the title, it is an enough evidence to doubt about the seller and the property. Buyers should exercise due diligence and prudence in buying.

See the video for more details.

Your thoughts?