Buying property is a major life decision, filled with excitement and significance. When working with a general brokerage, you interact directly with private owners rather than developers, making each transaction personal and unique. Imagine the joy of acquiring a condo, house, or lot from someone who has cherished it, rather than a faceless developer.
BEFORE YOU BUY A PROPERTY
Conduct Due Diligence:
Land Title (Registry of Deeds):
Check the Title: Verify that the property is legally yours to own. A clear and legitimate land title protects your investment and ensures that you’re securing a rightful place in the world.
Request Certified Copies: Obtain the most recent documents yourself. This ensures that your investment is supported by the strongest legal evidence, safeguarding your future.
Tax Declaration (Assessor’s Office):
Review Details: Although a tax declaration isn’t conclusive proof of ownership, it offers insight into the property’s history and supports your peace of mind by confirming the seller’s claim.
Real Property Tax Clearance (Treasurer’s Office):
Confirm Paid Taxes: Enjoy the peace of mind knowing that all taxes are paid. This step ensures your investment is free from past debts and avoids unexpected financial burdens.
Lot Plan/Vicinity Map/Land Use Plan (Tax Mapping Office; Tourism Office):
Verify Boundaries and Zoning: Confirm the property’s location and zoning to ensure it fits your plans. This helps you avoid surprises and ensures that your new home aligns perfectly with your vision.
Determine the Seller's Right to Sell:
Verify Ownership and Authority: Confirm that the seller has the legal right to transfer ownership. This ensures that your purchase is secure and your new home is truly yours.
Request Relevant Documents: Collect documents like the Deed of Sale or SPA to validate the transaction and protect yourself from future disputes.
Visit the Property:
Assess Accessibility and Utilities: Check that the property is easily accessible and equipped with necessary utilities. This ensures that your new home will be functional and convenient.
Examine Property Conditions: Inspect the property’s condition and surroundings to ensure it is safe and pleasant. This step helps ensure that your new home will be a comfortable and secure haven.
IF DEALING WITH A BROKER OR AGENT
Work with Registered Brokers and Salespersons:
Verify Registration: Ensure that your broker is registered and trustworthy. Their expertise and adherence to industry standards add security to your purchase and make the process smoother.
Understand Broker Training: Knowing that your broker is well-trained reassures you of their expertise and boosts your confidence in their guidance.
Request the Authority to Sell from the Listing Broker:
Confirm Exclusivity: An exclusive Authority to Sell means the broker is committed to your property search, which often results in better service and a higher likelihood of finding your ideal home.
DEALING WITH THE LISTING BROKER/AGENT
Verify Authority: Confirm that the broker has the Authority to Sell. This ensures that all negotiations are legitimate and professionally managed.
Discuss Pricing and Commission: Understand the pricing and commission rates to make informed decisions. Transparency in these areas helps you achieve better terms and a more satisfying buying experience.
DEALING WITH THE REGISTERED OWNER OF THE PROPERTY
Understand the Role of the Land Registration Office:
Ensure Accurate Registration: Trust the Land Registration Office to manage and protect land titles, providing peace of mind that your property’s title is secure.
Purpose of Land Title Registration: Recognize that land title registration protects your rights and investment, giving you confidence and assurance in your property ownership.
Torrens Certificate of Title:
Reliable Proof of Ownership: The Torrens Certificate of Title is the strongest proof of ownership, offering reassurance that your claim to the property is legally recognized and secure.
Role of Register of Deeds:
Efficient Processing: The Register of Deeds ensures timely processing of registrations, reducing stress and allowing you to focus on enjoying your new home.
First Registration, First in Right Policy:
Secure Your Claim: The principle of first registration ensures that your claim is prioritized, helping you feel confident that your purchase is secure and recognized.
Identifying the Registered Owner:
Verify Ownership: Request and verify the Owner’s Duplicate Copy to confirm you are dealing with the rightful owner. This minimizes the risk of fraud and ensures a secure transaction.
VERIFYING AUTHENTICITY OF TITLE THROUGH THE REGISTRY OF DEEDS
Compare Documents: Compare the Certified True Copy with the Owner’s Duplicate to ensure consistency, reinforcing the legitimacy of your property’s title and avoiding potential discrepancies.
Check for Liens and Restrictions: Verify that the property has no liens or restrictions. This step helps you avoid hidden financial or legal burdens, ensuring a clean and secure purchase.
This discussion is for educational purposes only. Consult your lawyer for advice on your specific case. For any questions, contact us.
If you’re planning to buy a residential lot, house-and-lot, or condo unit, get in touch with us at 0920 207 5035 or email cebuhousefinder@yahoo.com for free assistance.
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