We are considering buying property or even a house in the PI but I have heard so many horror stories about Titles and Tax debts on the properties and the risk of buying. I was thinking that maybe buying a foreclosed property from a bank or bank auction may be a good way to go. Seems like the bank would have a clear title.
Anyone have any experience or ideas with this?
Live in the Philippines Forum » Living in the Philippines
Buying foreclosed Property
(6 posts)-
Posted 10 months ago #
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Here's a link that might help:
http://www.docstoc.com/docs/7697053/Tips-Before-Buying-Real-Estate-in-the-PhilippinesAs for foreclosed properties, I'm looking at possibilities as well.
Posted 10 months ago # -
Thanks, here is another great Link
http://www.globalpropertyguide.com/Asia/Philippines/Buying-Guide
Posted 10 months ago # -
Things may have changed, but the best place to buy leveraged properties used to be pawnshops! No kidding, many borrow from the pawnshops, using their properties for collateral.
My #1 rule when buying properties in the Philippines is to ensure that one is dealing with the actual title holder. This can be more challenging than it seems, but will save one having to "buy out other interests", not an uncommon situation. Best of luck!
MikePosted 9 months ago # -
Hi there i bought a new condo from DMCI in Manila
I waited more than a year for my Title - They keep on saying its the
Certificate Authorizing Registration (CAR) they are waiting for before
they can finish the Title.Can someone explain what this CAR in Phil is about and why it takes so long time ?
(I learned that here You need to be very very patient !!! In Europe I never waited more than 8 weeks for a Title.)
Chris
Posted 9 months ago # -
Glimer:
re CAR, something to do with the BIR, payment of capital gains and documentary stamps. Here is a link where the steps are outlined. I understand that once they've received the CAR it only takes days. I bought mine last year, from the time of the deed of sale, to completion/fit out of the unit (7 months), another 5 months to finally get my title.
Posted 9 months ago #
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