How to invest in Philippine real estate

In fact, the process of buying a house in the Philippines is very simple. You can buy it with a passport, but the process will be longer.

1. Looking at the house, the auction house can only look at the model house and floor plan.

2. make a reservation. After choosing the room number, you can start the booking process. Generally, you can submit relevant information and fill in some forms, and pay a deposit (the deposit is generally 50,000 pesos, and the amount of each developer is different, and the amount will vary according to the size of the house. If you don't buy this deposit then, it can't be refunded. )

Pay a down payment

You need to decide whether to buy or not within 30 days. If you want to buy it, sign a contract with the developer and pay. Payment method: you can pay in one lump sum (usually you can get a discount of 10%). If it is a pre-sale house, you need to pay a certain down payment first, then pay a part of the house price in monthly installments, and finally pay the final payment when handing over the house. Generally, the delivery time will be about six months to one and a half years ahead of the time when the final payment is needed. If the final payment is paid, the house can be delivered, rented, occupied or mortgaged until the final payment date, and the final payment can be loaned.

Step 4 make monthly payments

Generally, the developer asks to open a checking account in this bank, and then you deposit the money in this checking account, and the developer takes the check you give to withdraw money every month. It can also be directly transferred to the developer's collection account. For customers living outside the Philippines, it will be more troublesome to transfer money every month, or once a year. Or open a bank account in the Philippines, automatically deduct money every month or transfer money through online banking every month, as long as there is enough money in the account.

Hand over the house

This process is handled by the developer, and all taxes and fees are also given to the developer when buying a house. The owner only needs to inspect the house and get the key. The developer will inform the owner by email several months in advance when the house can be delivered.

Check in

Existing purchase process

1, find a house

According to the customer's investment intention and the existing housing resale resources, the matching existing housing resources are searched out in time.

2.？ show

Please show the house, discuss the transaction price and finalize the details.

Verify information

Verify the information of the buyer and the seller: After the two parties negotiate the house price, a professional lawyer will go to the city hall to check the relevant information of the real estate license.

4. Sign the letter of intent to purchase

If there is no problem with the real estate license, the seller will charge a deposit, usually100000 pesos, and the buyer and the seller will sign a letter of intent to purchase. Protect the rights and interests of buyers and sellers.

sign a contract

After the buyer and the seller reach an agreement on the terms of the contract, they directly sign the house sales contract (deed? Absolute sales).

In the case of mortgage of real estate license, the buyer and the seller first sign a sales contract. According to the terms of the contract, the seller first went to the bank to pay the down payment for the real estate license. About a week later, after the seller obtained the original real estate license, both parties signed a house sales contract (deed? Absolute sales).

Change name

After signing the contract, after the seller pays all taxes and fees, a professional will be responsible for renaming, and the buyer will usually get a new real estate license in two to three months.