How To Own Real Estate Property In Rp

[jpbago]

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'.

 

No wonder that I have trouble sleeping at night. I do all three.

[Thomas]

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

 

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. 

In my case I plan to build, because not much choice, because the houses for sale where I want to live are nipa huts  :)

=I don't believe there are no houses I want, WHERE I want them to be. I want to live FAAAAR from neighbours, ub a rather big bouse, but ut don't need to look nice, just good function.  The few exceptions I have seen are mansions I can't afford   :boohoo:    :)

 

 

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:

Gambler or stupid    :)      (Unnecesary risk if put the house in gf's/wife's name.)      I'm a gambler. Left to see if I'm stupid    :mocking:

(Gf's family has 3 builders. Unclear if that will be an advantage or not.)

[fred]

(Gf's family has 3 builders. Unclear if that will be an advantage or not.)

 

A definite disadvantage IMO.. Steer clear of them if at all possible! 

[Thomas]

 

(Gf's family has 3 builders. Unclear if that will be an advantage or not.)

 

A definite disadvantage IMO.. Steer clear of them if at all possible! 

I have had some such thoughts too, because they can become jelous, so better they not see my house   :)   because I don't expect I will manage to assist them improve their life that much. They are many sibblings  - but luckily they have no or few kids each.

 

A good sign though is the father is promoted to building BOSS in few years after being farmer.

[MacBubba]

As some of you already know, a couple of years ago, we bought a beach house in Marinduque.  We bought it six years ahead of retirement, in an island where my wife has no relatives, and no known close contacts.

 

Because the house was pretty much left unattended, it had fallen into disrepair rather quickly, which has now prompted us to have it completely torn down and re-built to our specifications.

 

All of this will be happening while we are away, and we thought long and hard before we gave the go-ahead.

 

The place is safe - we bought all manner of appliances when we bought the house, and there they have remained each time we visited.  The connections we have made are very trustworthy.  Fortunately, my wife's close circle of family and friends from Manila have quite the far-reaching network.  We could have picked nearly anywhere in the country, and they would have provided referrals.

 

We feel good about our contractor.  He was truly vetted by more than one party who have our interests at heart.

 

Is our satisfaction guaranteed?  We can only hope.

 

This is by no means written to encourage others to do the same.  My very prudent wife would normally be the first naysayer.  However, with the amount of people who have our back, we are surprisingly, not too uncomfortable.

[BluesDude]

My wife & I will build on our property once I retire but I wouldn't suggest it for most guys. The main reason why I wouldn't suggest doing so is because you cannot own it. The property will be in your wife's name so if you were to split up you'll have no rights.

My wife and I have been together for nearly thirty years. We've lived in the Philippines before. We've visited for years and know exactly where we want to live. We bought property several years ago and got a real good deal for the area. If you have a similar situation then go for it but if you have any doubts about staying together or you're not sure about the location you chose, you might want to reconsider.

Many guys buy and build near their relatives and later realize they'd rather live somewhere else. My suggestion for most guys is to rent. By renting you have no risk of losing so much of your hard earned savings. You also can pack up and move if you want. If things don't work out with your wife or girlfriend, or if your new neighbors are blasting karaoke till 2:00am every night, you won't lose anything by moving on. Whatever you all decide, I wish you the best of luck.

[RBM]

Have been talking to what appears to be a knowledge attorney but who really knows..

Discussed at length the advantages of having the title in both our names, lease of land to me and power of attorney.

Yes it's possible to have the land in joint names, he showed me a title where this was done, stated the name and Americam citizen on the title plus a U.S. address.

I opted out of this as do not want make complications for my GF upon my demise.

Also opted out of the lease as it's complicated to set up if done correctly, Will not go into details here but anybody interested feel free to PM me.

Decided to go ahead with irrevocable power of attorney . In my situation it's the easiest and most cost effective method to set up.

Guys this is one attorney, one opinion we all understand there are different Interprations from different attorneys.

My best advice would be, as often said is invest only what you can walk away from should the worst senario unfold. Hopefully this will not happen but we must at least understand it has happened to many, so often here.

[Dave Hounddriver]

I opted out of this as do not want make complications for my GF upon my demise.

 

My good friend did this.  He died last year and his name was on the title to their land.  Made no difference whatsover.  She has title and right to do what she wants and her attorney told her that a foreigner's signature on the title will not matter when she goes to sell.  He left no will and again that did not matter.  Property belongs to the filipina in a marriage.  (They were living together 20 years and married for 5 when he passed).

[RBM]

just thought I would add a final point before we hand over the hard earned....

 

I have informed the vendor we wish to stand on the land we propose to purchase with the geodetic engineer and our own engineer to ascertain 100% that the land we intend to  purchase is in fact the land we are standing on. They will bring titles and what ever else they need. 

 

Unfortunately my knowledge is very limited re buying land in the Philippines. What I  have learned comes from  from excellent forums such as this one and others. Plus talking to many expats, sadly many whom  have lost so much.

[RBM]

 

I opted out of this as do not want make complications for my GF upon my demise.

 

My good friend did this.  He died last year and his name was on the title to their land.  Made no difference whatsover.  She has title and right to do what she wants and her attorney told her that a foreigner's signature on the title will not matter when she goes to sell.  He left no will and again that did not matter.  Property belongs to the filipina in a marriage.  (They were living together 20 years and married for 5 when he passed).

 

 

 

Exactly............. different interactions from different attorneys......