Step 2: Before Buying A Real Estate Property

You’ve managed to fulfill the requirements for step 1, Are you ready for step 2?

1. Check if the broker/agent is registered with HLURB.

HLURB releases a list of registered brokers/agents who’ve been approved for the year. You can also call HLURB, or ask your agent ever so diplomatically if he’s registered with HLURB. If he or she is, they won’t be offended if you do ask.

2. Check if the property has not been sold to other buyers;

Check with Register of Deeds to whom the title is named. Also, check if the contract to sell is registered with the Register of Deeds. The register of deeds should be found at the City Hall where the property is located. The information your broker/agent gives you has to be consistent with this.

3. Look into your source of income whether you can afford to pay the equity and the monthly installments;

This one is looking inside your finances and checking if you’ll be able to make payments without jeopardizing your other financial responsibilities. Have enough savings to tide you over in cases of sudden unemployment or loss of income.

4.  Check if the materials of the house conform with the development standards and approved construction specifications submitted to HLURB;

Substandard materials are the cause of countless tragedies from bridges, buildings to houses. Forestall any untoward incident by steering clear of developers who use these. Report them to the HLURB because this is a clear violation of the specifications they submitted to HLURB.

5. Check who would pay the cost of the water and electric meters, the subdivision perimeter fence, etc;.

Usually, subdivisions will pay initially the cost of water and electric meters, and eventually charge this to the homeowners. Know beforehand who will pay for the water system, who is the water system provider, who will pay for the electric meter, and the perimeter fences, and/or if it’s included in the price of the property.

6. Check who would eventually operate the subdivision water system.

We live in BF Resort, and right now, we have a deep well instead of relying on our water system because they cannot be relied upon. Although things like that are unavoidable, it’s good to know the track record of your water system provider. You don’t want to wake up to JUST a trickle of water.

Not that easy eh? Your hard work will pay off eventually – no easy way to go about it. However, you can employ the help of a Philippines Real Estate Broker/firm so you’ll have an easier time understanding what is required of you when it comes to buy real estate property in the Philippines.