Condo Purchase Process

[Snowy79]

I'm finally biting the bullet and putting my money into a condo. It's a titled condo on Boracay, part of the DMCI group and at a knock down price. I've done loads of research into the dealings for land management etc and very little into condo purchasing so I'd need some advice please on the expected time frame from purchasing to exchange of condo title.

I have a good friend who is very close to the Vice President there so I should get some inside information as to any potential pitfalls. Management fees are extremely cheap and I've noticed there are additional insurance payments I have to make for the condo and public areas.

The main info I need is how to go about the paperwork for the sale. I'll be meeting the sellers in Manila this Monday which is short notice as they fly back to the UK a couple of days later. Any advice on a lawyer and the time frame for handing over fees etc would be gratefully received.

[Gary D]

Cheap in a very expensive location, owners flying out soon, be very very careful.

[Snowy79]

3 minutes ago, Gary D said:

Cheap in a very expensive location, owners flying out soon, be very very careful.

Yes. It's been on sale for a while. That's the reason I'm awaiting info from the VP and also looking at a decent lawyer. It's titled and inside DMCI so there shouldn't be too many issues. I've seen it for sale previously at 6m php.

I've got a decent agent on the island who has already done some ground work. It's good to go in his eyes where as I've asked him to check out 7 other properties and he's advised me of the pitfalls with the others. 

Boracay property buying is a nightmare unless you buy from one of the big developers as they own the only titled land on Boracay. Almost 90% is only tax declared.

I've also got a review of previous rentals and viewed current booking for the property. He averages a minimum of 10 days per month with some months fully booked. I also got a print out of management fees etc.

[Dave Hounddriver]

15 minutes ago, Snowy79 said:

Boracay property buying is a nightmare

Sure is.  Even titled land is subject to being referred to as "imperfect title".  Just this one Supreme Court decision would have me running for the hills.  Try deciphering this one:

http://sc.judiciary.gov.ph/jurisprudence/2008/october2008/167707.htm

[Snowy79]

13 hours ago, Dave Hounddriver said:

Sure is.  Even titled land is subject to being referred to as "imperfect title".  Just this one Supreme Court decision would have me running for the hills.  Try deciphering this one:

http://sc.judiciary.gov.ph/jurisprudence/2008/october2008/167707.htm

At least that's clarified it. 

[Steve GCC]

Mine in Cebu took two and a half years.....................

Friend also bought condos in Cebu and took around 2 year mark to get titles.

Condos in Boracay.......never seen apartment buildings when I have visited unless it is a low rise 2-3 storey place perhaps.