Purchasing Great Property in the Philippines

Purchasing Great Property in the Philippines

Purchasing property in the Philippines is becoming an increasingly smart idea for foreign investors. The Philippines has been identified as an emerging property market with a buoyant economy, which is tipped to grow in 2016. As such, the potential for investors to make steady gains on real estate property purchases there is a sensible wealth creation strategy.

Like many of the developing Asia-Pacific nations, the Philippines is poised to attract foreign investment through a combination of opening up business and property opportunities to foreigners, and a burgeoning local middle class that is looking to become socially mobile and increasingly global in outlook.

Buying Property in the Philippines

In order to identify a property that meets your needs, your best strategy is to conduct property searches online. Use reputable and reliable property database tools that allow you to conduct targeted searches for properties that meet your needs. There are numerous sites online that maintain a large database of properties for sale, including Dot Property Philippines.

  • Once you have identified a property that might be of interest to you, you need to make sure that you understand how to go about buying a property in the Philippines. Here are some tips to help you ensure the best property transaction experience.
  • Once you buy property, it is wise to check the authenticity of the title. You can obtain a certified copy from the Register of Deeds in order to do this.
  • You’ll also need to ensure that there are no encumbrances on the property, including liens. Doing this will inform you whether the property is clean.
  • It is also a good idea to have the land checked so that you match it to the land described in the title. You can hire a land surveyor to do this, or check with the Register of Deeds office.
  • Make sure that the people you are buying from are the actual owners of the property. There are cases where foreign investors have bought property unseen from sellers who did not have any title to the property at all. This is the last thing you want to happen!
  • You may also want to check on the history of the property you are buying. Sometimes, the neighbors will be able to fill you in on this information.
  • Finally, make sure that all of the annual taxes are paid on the property. Go to the Register of Deeds office for further information and obtain certified copies of the tax information on the property. You don’t want to purchase a property that has debts attached to it.

The Right Approach to Buying Property in the Philippines

If you use your common sense, you’ll be able to navigate the waters of buying property in the Philippines as a foreign investor. As with most foreign countries, it’s important to understand local property laws and regulations and to check and double check that all of the papers are in order before committing.

Espana Gomez is an author of this blog. Recently she works as an interior design assistant in her town. She loves daydreaming about beautiful homes and interior decor.