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Wednesday, October 11, 2017

How to Buy a House in The Philippines Even If You are Abroad


Providing a good life and better future for the family is on the top of the lists of  priorities of an OFW and it includes having a decent and secured home for them. They look for real estate properties online for the best deals on their preferred location. Since real property is a good investment, many OFWs choose to secure their own house and lot. 
But do you know that you can buy your desired real property even if you are working abroad ?
If you already have the money and the desire to acquire a real property, you are reading the right article.

Buying a Property From a Developer

The first step would be to assign a trusted representative to act on your behalf; we call it SPA or Special Power of Attorney. In documentations, you will see it as Attorney-in-fact. This representative will sign all documents under your name and will probably do the leg work for all the requirements in the Philippines. 
It could be your parents or siblings if you’re single or your spouse if you are married. Your children can also act on your behalf if and only if they already reached legal age and already working. It is not advisable that you set your real estate agent or broker unless otherwise there is an absence of the entire immediate family or you have a secure connection or you are blood-related to them. 
Complete the registration or reservation process with your SPA and your chosen real estate agent. Working with a single real estate agent from the start would help you avoid confusions and any problems that may arise in the future. 
During reservation, your SPA should bring the following. 
  • Reservation Fee 
  • Buyers Information Sheet (should be under your name) 
  • Authorization Letter from you for your assigned SPA 
  • Your two valid Government Issued IDs’s with three specimen signatures 
  • SPA’s two valid Government Issued ID’s with three specimen signature 
  • Proof of Income (Scanned copy of your Job Contract or payslip) 
Check the reservation receipt issued to your SPA, make sure it is really under your name. 
You and your SPA will be given 30 to 60 days to complete all the documents required to secure your purchase.
The requirements that you need to prepare overseas are the following:

Consularized Special Power of Attorney (to be processed at the Philippine Embassy in the country you are in). 

Certificate of Employment with Compensation (if available)
Your current/active Job Contract (in English) 

Scanned copies of your Passport entries (up to the last entry)

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Buying a Property From a Reseller
Assign a trusted representative to act on your behalf, a SPA or Special Power of Attorney. They should be able to inspect the location and property for you. 
Choose the property you want to purchase. 
Make sure the seller could present to you the following; 
Land Title, Property Tax Declaration, and Vicinity Map. 

Secure a Certified True Copy of the Property Title of Ownership. Make sure that you are dealing with the owner listed in the property title itself. If he/she is a relative or a representative of the owner they should have the Authority to Sell. 
If the sale is final, your Attorney-in-fact will sign on your behalf (on your name). The Deed of Sale should be bearing your name and NOT the name of your representative. 

For purchases that prefer financing or under a housing loan, the financing institution like banks or PAG-IBIG Fund may request other documents from you to have the loan approved.

What ever would be the nature of transaction, it is always best to take precautions. Deal only with legitimate sellers and developers.
Real property is the best investment. Instead of buying liquid assets like gadgets and apparel which the value defficiates overtime, it is wiser to put your money on the right investments. After all, working abroad will not last a lifetime. The OFWs should be ready when they decided to settle and go back home for good.


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