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Do you have questions about real estate, who can buy, what to do, and how to look for a real estate broker, where to get the best deals? Here are the answers to your questions!
Who can buy real estate in the Philippines?
In the Philippines, a Filipino citizen, a dual citizen, a former Filipino who is naturalized in other country, a domestic corporation, a partnership or any organization and association, can acquire property. A foreigner can not buy a house and lot unless he put it in the name of his wife or girlfriend. But he can buy a condo unit in his name or get a long-term lease.
What is the best thing to do when buying properties?
The best thing to do is deal with responsible license brokers only to make sure that the property you are buying is clean and free from any liens or encumbrances. This is to avoid future problems and costly court cases.
How to look for a good real estate broker in the area?
Real estate brokers normally will have an advertisement but with the advent of the information technology, an internet search can help you the most. Better still ask a friend who live in the area, for sure, they can help you find a good and reliable broker but never deal with a fly by night agents. It would help if you ask the person if he/she is a license broker, if no license, do not deal with them.
Where to get the best deals?
You can get the best deals from the your real estate broker. In the Philippines, the gated communities or subdivisions normally have higher prices than properties outside of the subdivision. Prices of the property depends on the kind of property (residential or commercial), location and the area. If near the beach, hotels, restaurants and other amenities where local tourists converge, normally the price is more expensive.
Who pays for the capital gains tax, transfer cost, etc.?
Normally, the Seller pays for the Capital gains tax, the broker's commission, notarial fee and the real estate tax ( previous & current year). The buyer will take care of the transfer tax, registration cost and others expenses related to the transfer of title to the new owner. However,depending on the agreement, there are cases wherein the buyer has to pay for everything especially if the property was bought for a bargain price.
Do you have other questions?
If you have other queries, just send an email to: jdlyndawson@yahoo.com or realtor_lyn@subicrealty.net or contact my mobile phone anytime: +639202007040 or +639178873711.
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