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Buying Condo Philippines Checklist

Buying a condo is a good investment. And it also entails a big amount of investment that’s why it is important for the investor to be very careful and meticulous of the property that one is buying. Hereunder is a checklist for buying a condo.

Verify Transfer Certificate of Title. This is the legal document that will evince that you own a property. Make sure that this is authentic by getting a “Certified True Copy” of the title from the Register of Deeds in the municipal hall where the property is located. Get the title number and owner’s name from the seller to get a CTC. It would also be advisable to buy only a titled property that is duly registered.

Check Transfer Certificate of Title. Make sure that the title matches the property you are buying as described in the tile by validating with the Registry of Deeds. Hire your own surveyor to check if technical descriptions of the property are correct. Also make sure that the property is not mortgaged or used as collateral for a loan (encumbrances) At this point, check also if real estate taxes are regularly paid or updated.

Verify the seller. Make sure that the sellers are the real owners by through identification cards or by verifying with neighbors. Avoid buying properties not registered in the name of the seller as it may entail extra-judicial settlement or buying properties from sellers with Special Power of Attorney, which still needs verification. In case of a real estate agent, check if the said broker is licensed and authorized.

Conduct empirical investigation of property. Check the condition of the property or unit. Verify if the amenities, facilities, security and other benefits that the developer claims are indeed available. Check you potential neighbors (e.g. pets), the ambiance and the atmosphere if it fits your needs. Check for recurring costs like parking costs and association dues, among others.

Get a deed of sale. Make sure that you received a duly signed contract of sale and other pertinent documents (fire and building documents) on file with the register of deeds.

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