Philippine Real Estate ▪ Houses ▪ Lots ▪ Condominiums ▪ Town homes ▪ For Sale ▪F
Frequently Asked Questions (FAQ):
I. By and Large
Q: Do you offer in-house financing or installment plans for properties on "Listing 1"?
A: No. Properties listed on "Listing1" are owned by private individuals (not developers) and therefore these sellers have no capacity to offer in-house financing. The only way to pay by installment is for the buyer to apply for a loan at his bank of choice using the property to be purchased as collateral. If the loan is granted by the bank, the monthly payments, interest rate and the repayment period will depend on the terms of the bank loan entered into between the buyer and the bank. Note: most properties on "Listing 2" offer in-house financing.
Q: How much discount can we get when purchasing one of your properties?
A: Most of the prices of the properties on BF Homes properties (listing 1) are "asking prices" of individual property owners and are usually negotiable. We act as agent for these properties. If you are seriously interested in buying a particular property, please see it first, then after seeing the property and you are truly interested on buying it, we can negotiate a discount for you from the owner or introduce you directly to negotiate the price. But off hand, we cannot say what the "last price" the seller will eventually agree to.
Q: Why don't you publish the addresses on the listings?
A: We deliberately try to avoid the publication of the exact address of BF Homes houses & lots because some agents/brokers who visit our website "steal" our listings once they identify a particular property is for sale or for rent. Some of these unscrupulous agents/brokers pose as buyers and send emails asking for the exact address. When asked on email inquiries, we only provide the vicinity of the property. Our practice is to personally accompany you to the property for sale and would later register you with the owner as our client after the viewing of the property to protect our interest.
Q: Do you entertain outside agents/brokers?
A: No, we only negotiate with direct buyers or their representatives (when overseas).
Q: How will we know that the titles of the properties for sale are authentic?
A: The title (Transfer Certificate of Title or TCT) can easily be verified at the City or Municipal Registry of Deeds where the property is located. We usually do the verification for our clients but if you want to verify it yourself, just go to the Registry of Deeds and have a photo copy of the original title verified.
II. When You Decide to Buy a Property, what steps to take?
Q: How can I hold a property from being sold to others?
A: Give the property owner some earnest money to remove the property from the market. Amounts vary from Php: 50,000 to 500,000 depending on the value of the property. The seller agrees to hold the property for 30 to 60 days within which time, final terms and conditions are mutually set.
Q: When we purchase a property through you, do we pay for your services?
A: No, the owner of the property pays us the commission after the sale, the seller also pays for any outstanding real estate taxes and the capital gains tax. But as your agent, we will do all the documentations, title verification, make the Deed of Absolute Sale and register the title for you. Note that the buyer pays for the transfer fees and the cost of registration.
Q: What are the terms of payments for the houses & lots?
A: Properties listed on "Listing 1" (BF Homes Paranaque Properties) are owned by private individuals and therefore have NO in-house financing. Except for those indicated, the terms are on a cash basis. Buyers may however get a bank loan to pay for about 60% - 70% of the selling price. The 30% to 40% balance must be paid in cash as the buyer's equity.
Q: Do you have properties for sale with in-house financing?
A: Yes, most properties listed on (Listings 2) have in-house financing.
Q: What are the modes of payment?
A: There are several options:
-Pag-Ibig Fund, SSS or GSIS Loan
-Mutual agreement between Buyer and Seller.
Q: How much do banks give out as loans?
A: Generally banks require 30% to 40% buyer's equity based on the bank's appraised value of the property and 60% to 70% is the loanable amount or it will be based on the borrower's capacity to pay, whichever is lower.
Q: How much is the interest rate and how long is the repayment period?
A: The interest rate varies from bank to bank, right now the prevailing rate is between 9 and 12% p.a. The repayment period is usually set by the borrower and the bank. Typically, the range is from 5 to 15 years to pay.
IV. About Citizenship
Q: I am an American citizen, can I buy a property in the Philippines?
A: Foreigners can own real estate properties with condominiums titles (CCT) and own up to 40% of the capital stock of a corporation which in turn can own land but cannot directly own land in the Philippines. A lease agreement can also be entered into by a foreigner with Filipino landowners for an initial period of 50 years renewable for another 25 years. Here is a property (townhouse) that is directly built on land that foreigners can buy: Elysium Townhomes
Q: I am a natural born Filipino but I have now acquired foreign citizenship. Can I buy a real estate property?
A: Yes. Under Republic Act 9225 (Dual Citizenship Law), former Filipinos who became naturalized citizens of other countries are deemed not to have lost their Philippine citizenship, thus enabling them to enjoy all the rights and privileges of a Filipino. They only have to apply for dual citizenship.
Q: If I don't want to apply for dual citizenship, can I still own a property in the Philippines?
A: A natural born Filipino who acquired foreign citizenship is entitled to own up to 1,000 sq.m. of residential land, and one (1) hectare of agricultural or farm land, even without gaining dual citizenship.
Q: What are the steps to gain dual citizenship?
A: If you are residing in the Philippines, file a written petition at the Bureau of Immigration (BI) for the cancellation of your alien certificate of registration and issuance of an identification certificate evidencing that you are a Filipino citizen. For those living abroad, apply at the nearest Philippine Embassy or Consulate. Approval of petition usually takes only about 2 weeks.
Check out "Buying Real Estate Properties in the Philippines" for added information on rules & regulations on property ownership and more details on gaining dual citizenship. This site contains information for local buyers, foreigners and "Balikbayans".
The above FAQ is based on frequent questions on actual emails sent to us. We will be adding more entries as we encounter more FAQs that can be more conveniently answered here. We value each email you send us and we try our best to answer them as thorough as possible. This page hopefully helps makes it easier.
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Updated: September 16, 2016