Need Help Recognising Honest Real Estate Developer

[Thomas]

My fiancee wanted me to buy a house a couple days ago. Her aunt is the seller, the price ridiculously low. I had been in the house before and it is worth much more than the 70,000 piso asking price [reduced from 100,000 piso for family]. I had to explain to my fiancee that the purchase price on real property is not the only factor. I asked her if the aunt alone owned the house or if we would just be buying her interest in it? Whose name is on the title and who has been paying the taxes? Is the property tax in arrears and if so how much? I told her I would spend 70,000 piso on title research, if necessary, to make sure of what we were buying. I'm thinking that the house does not even come with ownership of the land under it. The house was probably the original house on the property and a more modern house had been built a short distance away. After explaining all this, I told her that if the bank will loan the money against the home as collateral, that I will make the payments and at worst, I'm out the price of an ok motorcycle. I haven't heard another word about it though. Maybe one of the points I raised turned out to be not favorable.

 

When I get back I will look into what it will take to actually buy the place in my future wifes name and enough land under it to make a decent garden. I think you just can't buy real property from a distance and expect a great outcome, otherwise I would buy 10 houses sight unseen in Detroit Michigan for pocket change.

Maybe the title problem can't be solved if it's all treated as communal property on the farm. Come to think of it, if all nearby relatives houses are on the farm itself, it's a pretty big farm.

It's common it's only Freehold land,

BUT if same owner (formaly on dicuments) have had it at least 10 years, then it's CHANCE to get ok to get title, and if same have had it since 1945, then it's much easier.

 

Even IF it's a house with long time lease contract on titled land, banks DON'T give loans with such as collateral. To get such loan, it has to be INCLUDING the titled land it stands on.

 

Perhaps your problem can be solved OK enough for you by geting a long time LEASE contract, signed by the person on the title/tax documents.  (I plan to do something such in MY name, if it's clear, who has right to sign the lease contract.)

The sum involved isn't great but it's never a good idea to let people think they can put one over on you. Strangers scamming you is one thing, a family member scamming you would be worse in my estimation because the line would start forming on the left.

Well. Perhaps it can be worth 70k scam loss to FAMILY member to get an argument to say No to ALL requests from family in the future  :)

Note that I also 'bought' her 1,000 meters or so of rice and coconut growing land on the same deal for 45,000 pesos.

Don't you mean for 10 000 sqm =1 hektar?   Otherwice it's ten times higher price than what's common for good farmland in RP, and very litle income from only 1000 sqm.

[Dave Hounddriver]

Don't you mean for 10 000 sqm =1 hektar?

You are right, Thomas

[Thomas]

 

Don't you mean for 10 000 sqm =1 hektar?

You are right, Thomas

OK. Then it can become an important income (Filipin messure).

(An 18 people family, which I know a bit, live of a half hektar. (Profit 50 000p per year.)  I can't understand how they manage to survive and send all kids to school.)

[Jake]

Hi,

 

Licensed German Technical Consultant.........

 

Hello Daddie,

I approved your post but deleted most of the content.  Unless you have expressed permission from the owner

of this forum (Tom, BossMan, JGF), you are not allowed to advertise your business.  Please read the forum

rules, OK?

 

Respectfully -- Jake

[fred]

i have a buyer for my place,,but problem is the place was bought with my baby son named on title,,his mother needs court order to be the one to sell but tagatay has one judge for thousands of cases and it has to go through court,,,of course the lawyer that handled the purchase didnt tell us about that when we bought,,and the reason im returning to aust is the inability of court system to do its job,,i have had case against scamming contractor builder now for over 2 years ,,no end in sight for judgment,,,,the justice system sees no problem with cases not being heard,,,,this is why scammers and con artists are everywhere they know if they are summonsed to go to court it will never happen,,,,so looks like i will return to aust in may and have to forget about selling this place,,i'll just be happy to be gone from this disfunctional sick place

 

 

I`m no expert and this is a bit of a guess.

I could be very wrong but the first thing I would do is to speak to a local lawyer and ask about the possibilities of your wife obtaining a power of attorney on the property in order to sell. 

Worth a try IMO.