Have Any Questions On Real Property / Condos ?

[Mr Tropic]

Sometimes for us Expats buying, leasing or developing property here in the Philippines can be a confusing and frustating experience. I've been doin it here for many years and am glad to try and help or answer questions. Although some laws, rules and regulations are treated differently in diffrent provinces the basically the laws apply the same.

Let me know your concerns or questions and If I do not know I will find out and get bact to you.

Cheers, Mr. Tropic

[wolf larsen]

Can foreigners own condos?

[Old55]

Yes, Foreigners can own condos under certain circumstances. There are many topics to do with condos if you use the search function.

[luke]

Foreigners can own 100% condo-unit(s) as long as 60% of all units in the building are in Pinoy hands.

[wolf larsen]

Do you need a lawyer to check the paper when buying a property? I'm confused about the steps in the process. I'm guessing it's like this:

Buyer issues offer agreement

Seller signs offer agreement

Buyer pays agreed amount

Seller and Buyer sign deed of sale in front of witnesses and have it notarized

Seller and Buyer go together to BIR to pay Captial gains, Transfer tax, Documentary stamp tax, and Registration

Seller and Buyer take documents to Registry of Deed to initiate transfer of title

[Call me bubba]

There are many topics to do with condos if you use the search function.

so true. :th_goodidea:

Thanks OLD55(57) for the :AddEmoticons04230: best post in a long time :AddEmoticons04230:

[Old55]

Thanks Bubba, actually I like 1955 Chevy best of the tri-5 cars like the one in Two Lane Blacktop. I was hoping Mr. Tropic would jump in here and help out. People use the forum to advertise but put little effort into helping others I guess.

[JJReyes]

A family friend asked my help in renting a luxury one-bedroom condominium in Makati for their daughter. She will intern with a large financial institution as part of her graduate program. One property management company wanted two months deposit plus one year advance rent. Is the one year advance rent a common practice?

[wolf larsen]

A family friend asked my help in renting a luxury one-bedroom condominium in Makati for their daughter. She will intern with a large financial institution as part of her graduate program. One property management company wanted two months deposit plus one year advance rent. Is the one year advance rent a common practice?

Definitely not. 2 months deposit and 1 month advance should be enough. Are you sure they didn't say 1 year of post-dated checks?

[wolf larsen]

There are many topics to do with condos if you use the search function.

so true. :th_goodidea:

Thanks OLD55(57) for the :AddEmoticons04230: best post in a long time :AddEmoticons04230:

Thanks for the advice but none of those posts offer details instructions on how to buy property while its under mortgage so that you are fully protected and receive the proper paperwork in a timely manner. There is also zero advice on this forum about reputable lawyers and it's basically impossible to find one over the internet unless you're talking about big corporate law firms.