How To Own Real Estate Property In Rp

[RBM]

Some really good info here. Against my perhaps better judgement I have committed to paying for a lot and expect to commence building next year.

 

As Dave repeatedly and correctly points out,  there are risks and if the shi...hits the fan be prepared to walk away.hurt sure but not crippled.

 

Over the next days will be discussing various common issues with the attorney, being mindful they are often more concerned with lining their pockets rather than protecting the client.

 

 

Last brief discussion we had he did mention, its important to state in the DEED OF SALE  that the funding of the lot came from yours truly. Not sure how this would effect the outcome if....the situation turns sour. Any input would be appreciated.

 

Bottom line is if the partner turns really nasty and ups the anti one has no chance. Personally have met expats whom went through this situation and were eventually fearing for their lifes.....Had to flee. so as said never invest more than 35% of total assets here.

[Dave Hounddriver]

I have committed to paying for a lot and expect to commence building next year.

 

If you are building in Duma, you may want to get together with Me and JP for a gab fest.  We both built recently.  He went big and I went small so you can get some comparables.  I am actually quite impressed with our 'doll house' (what my partner calls it) that we finished off for a grand total of 750,000 pesos (even though the builders sold it to us for 600K there is a ton of finishing to do once you take possession)..

[Thomas]

Some really good info here. Against my perhaps better judgement I have committed to paying for a lot and expect to commence building next year.

 

As Dave repeatedly and correctly points out,  there are risks and if the shi...hits the fan be prepared to walk away.hurt sure but not crippled.

 

Over the next days will be discussing various common issues with the attorney, being mindful they are often more concerned with lining their pockets rather than protecting the client.

 

 

Last brief discussion we had he did mention, its important to state in the DEED OF SALE  that the funding of the lot came from yours truly. Not sure how this would effect the outcome if....the situation turns sour. Any input would be appreciated.

 

Bottom line is if the partner turns really nasty and ups the anti one has no chance. Personally have met expats whom went through this situation and were eventually fearing for their lifes.....Had to flee. so as said never invest more than 35% of total assets here.

Of course check proper the purchase.

 

Concerning the rest I will probably make a combination of

/the land in a Filipin name, but give a LOAN with the land as security.

/get a long time LEASE contract of the land

/have the HOUSE in OWN name.

 

/If other than your relatives owe the land, then have an OPTION contract for you to buy the land for a fixed price.

 

Fees of loan and lease having similar level, but an advantage to the Filipin, so he/she want to continue   :)

[RBM]

 

Some really good info here. Against my perhaps better judgement I have committed to paying for a lot and expect to commence building next year.

 

As Dave repeatedly and correctly points out,  there are risks and if the shi...hits the fan be prepared to walk away.hurt sure but not crippled.

 

Over the next days will be discussing various common issues with the attorney, being mindful they are often more concerned with lining their pockets rather than protecting the client.

 

 

Last brief discussion we had he did mention, its important to state in the DEED OF SALE  that the funding of the lot came from yours truly. Not sure how this would effect the outcome if....the situation turns sour. Any input would be appreciated.

 

Bottom line is if the partner turns really nasty and ups the anti one has no chance. Personally have met expats whom went through this situation and were eventually fearing for their lifes.....Had to flee. so as said never invest more than 35% of total assets here.

Of course check proper the purchase.

 

Concerning the rest I will probably make a combination of

/the land in a Filipin name, but give a LOAN with the land as security.

/get a long time LEASE contract of the land

/have the HOUSE in OWN name.

 

/If other than your relatives owe the land, then have an OPTION contract for you to buy the land for a fixed price.

 

Fees of loan and lease having similar level, but an advantage to the Filipin, so he/she want to continue   :)

 

 

Be talking later to the attorney whom SEEMS TO BE KNOWLEDGEABLE in this matter and intend to share what ever advice he has.

 

Again he stated earlier, IMPORTANT  to incorporate in the deed of sale where the purchasing funds are coming from.  

[RBM]

 

I have committed to paying for a lot and expect to commence building next year.

 

If you are building in Duma, you may want to get together with Me and JP for a gab fest.  We both built recently.  He went big and I went small so you can get some comparables.  I am actually quite impressed with our 'doll house' (what my partner calls it) that we finished off for a grand total of 750,000 pesos (even though the builders sold it to us for 600K there is a ton of finishing to do once you take possession)..

 

 

 

Thanks Dave, will PM you later with expected dates. Looks like middle of December at this time. Also shall have some advice from attorney here that may or may not prove useful.

[MikeB]

You guys who are buying and building are a lot braver then I. I wish you well.

[RBM]

You guys who are buying and building are a lot braver then I. I wish you well.

Well Mike I guess everyone's situation is unique. One must look at the big picture and be fully aware of there own situation.

I have a few rules I try to strictly abide by, so as, if everything turns to custard I shall be hurt but not crippled. Mostly I refuse to have more than 35% of my assets here.

My prime motivation for the prospective house construction is the difficulty in finding a suitable rental property which meets my criteria. Pretty much no neighbors burning plastics and other garbage, no Kareoke blaring until 2 am and a reasonable area for car and motor cycles.

After some considerable research I believe the lots I am paying for does meet my requirements. Of course no guarantee to the future but indications look positive.

Often the potential problems seem to center around the wife's...GFs family, in my situation the GFs parents are dead. Her one brother and one sister are distant and they rarely have contact, further this applies to all relations. Of course again no guarantee for the future.

I shall post later what measures I have in place, that may assist me to occupy the dwelling in the case of our relationship turning sour. Still I am fully aware if things turn really bad, I would have to move out, that is if I valued my life.

I have seen this scenario played out in Cebu.knowing parties involved it was beyond comprehension. One could never of imagined how this lovely young Filipina could of turned so....well yes evil and heartless.

[MikeB]

The picture I get is from looking at the classifieds in forums like this and seeing guys who are desperate to sell and either move out of the immediate area or the whole country for a million good reasons and probably not getting nickels to the dollars they put into the dream house. There are some really sad situations but that's the best way to buy, find someone desperate to sell and make a final cash offer. Buying property in a place where not even the most basic laws are enforced and you have no real rights or legal recourse at all should give any rational person the heebie-jeebies. At least once a week someone comes to me with some lot that's too good to be true. They're not the seller, of course, they're middlemen/women who want a piece of the pie. I just smile and say no. I'm too old to make any more major mistakes at this point in my life. 

[RBM]

The picture I get is from looking at the classifieds in forums like this and seeing guys who are desperate to sell and either move out of the immediate area or the whole country for a million good reasons and probably not getting nickels to the dollars they put into the dream house. There are some really sad situations but that's the best way to buy, find someone desperate to sell and make a final cash offer. Buying property in a place where not even the most basic laws are enforced and you have no real rights or legal recourse at all should give any rational person the heebie-jeebies. At least once a week someone comes to me with some lot that's too good to be true. They're not the seller, of course, they're middlemen/women who want a piece of the pie. I just smile and say no. I'm too old to make any more major mistakes at this point in my life. 

 

 

I certainly agree with you in principle Mike. I have known of expats doing exactly what your post mentions. Sadly itt can, and I know of a case where it did involve contingent liability. Sounds crazy but as mentioned we have no legal recourse here. The case in point was where an expat paid for  a fire sale house from another expat in Cebu. The purchaser thought was the end of the matter, unfortunately the ex wife and relations had other ideas.....Ended up quite a long winded drama.

 

My intention is a small modest home. The contractor whom we have decided to employ has built many houses for expats and meets my requirements. of course we have done normal due diligence in both the land purchase and contract to build. If I am able to have some years of relative peace and quiet this will suffice as i do not need the funds. 

 

Time shall tell......

[Dave Hounddriver]

You guys who are buying and building are a lot braver then I. I wish you well.

 

Thanks for the kind thoughts but lets be accurate here, the ones buying and building are just more of a gambler.  No bravery involved but when you look at the odds and decide to gamble with money you could lose and walk away from then thats what it is.  Some go to Vegas, some buy property in Philippines . .  and then there are some who are convinced they have a sure fire way to 'beat the house'.   :hystery: