Refer, Earn, Invest and Travel!
If you buy from a developer:
1. Check for the availability of the mother title
Usually developers offer pre-selling of properties. This means that the houses or condominiums will have to be constructed based on contract over a period of time. The individual title may not be available as this takes up to three years to have the title individualized.
2. Trust a reputable developer who has a track record of completed developments
It's ideal if you can personally check these completed developments to have an idea what it would look like in their pre-selling projects that you might be interested to invest.
3. Check every provision of the Contract to sell that you are going to sign including the annexes
A licensed real estate broker should be able to explain to you in layman terms all the legal jargon's expressed in all documents that you need to sign. You might want to consider hiring a lawyer for this purpose but this is not customary in large project developments as the documents are standardized. All the signed documents will be notarized and you should have a copy of one original notarized document.
4. Choose or negotiate
The least cash out, least monthly installments, and if possible no interest for properties that are yet to be built or on-going in construction would be helpful and of great use for you. Retention can be negotiated to be paid upon turn-over of the unit.
5. Ask about adjustments that can be done
If you plan to make some modifications on the inside of the unit whether a house and lot or a condo, make sure that this is allowed by the developer and up to what extent they allow. There are developers who would not allow any changes in their plans but there are those who entertain changes and can be negotiated or discussed before the construction begins.
6. Whether you buy from individual owners or from a developer.
It's best to choose a Licensed Real Estate Broker or Agent you can trust with proven records of good and honest service and has extensive knowledge of the local area. Check for loyalty on previous work experiences. Only choose licensed professionals as the unlicensed (“Colorum”) are now strictly monitored by government authorities and prohibited to practice real estate profession in the Philippines. Even if licensed, have preference over independent brokers/agents compared to in-house agents. The in-house agents of developers are strictly not allowed to sell the projects of their competitors and therefore can be expected to be biased on their own projects.
If everything above is well sorted out and checked, then you are ready to purchase your dream home.
Costa Del Hamilo Inc.
