Buying a Real Estate Property in the Philippines or for any country for that matter requires due diligence by the prospective buyer: from searching for a property to finalizing the sale.
Although a broker can help you furnish these documentary requirements, it’s always best to know how.
Here are some basic questions to help you when buying a new house & lot.
- Is your broker/agent accredited by the developer to sell their projects?
- Is your developer credible? Had they ever had an unfinished project? Do you have friends or know anyone who has bought from this developer and what can they say about their purchases?
- Are there any tenants in the property? Are their illegal squatters? Will you have a difficult time ejecting them? Does the developer know about this and have they made moves towards resolving it? Has the house gone through inspections?
- How secure is the area? Are there any security measures or precautions in place to safeguard against robbers, illegal squatters and the likes?
- With 2009′s Ondoy flooding, how safe is your area from flash floods or landslide(natural calamities)? What has your developer done to address these?
- Do you know the exact location of the property you are buying (this is targeted towards ofws who rely on relatives to decide for them when buying a property, take extra precaution because you’ll never know if block 9 lot 10 is on the edge of ravine!)
- Does the measurement of the property reflect what is written in the technical description and title? Is the measurement accurate?
- How is the water/electric situation in the area? Do you have clean water? Do you have stable electricity or does the house Electrical Services?
- Are the materials used for the house (if buying a house) durable and in agreement with the ones stated on the contract? Or as promised by the developer?
- Do you have a reputable removal company to rely on to move all your belongings to your new house?
Here’s hoping your questions are answered MORE than adequately!