Frequently Asked Questions

Unlock the secrets of Philippine real estate with our comprehensive FAQ guide. From buying condos to house and lot queries, and navigating brokerage services, get all your questions answered here.

  1. What is a pre-selling project in real estate?

A pre-selling project refers to properties that are offered for sale by developers before they are completed or constructed. Essentially, it means purchasing a property that is still in the planning or construction phase.

  1. What are the advantages of buying a pre-selling property?

Buying a pre-selling property often comes with several advantages. Firstly, pre-selling properties are typically sold at lower introductory prices compared to completed units. Secondly, it allows buyers to have more flexibility in choosing their preferred location, unit size, and floor plan. Additionally, investing in pre-selling properties may offer potential capital appreciation once the development is completed.

  1. How can foreign nationals legally acquire real estate in the Philippines?

Foreign nationals can generally acquire real estate in the Philippines through certain modes such as through a condominium unit, a corporation, or a lease agreement. However, there are restrictions on land ownership by foreigners, and it's crucial to consult with a lawyer to ensure compliance with relevant laws and regulations.

  1. What protections do I have as a buyer of a pre-selling property?

Buyers of pre-selling properties are protected under Philippine laws and regulations. The Housing and Land Use Regulatory Board (HLURB) oversees real estate developers and ensures compliance with regulations. Buyers should ensure that the developer is registered with HLURB and that the project has proper permits and licenses. Additionally, buyers are entitled to certain rights, such as the right to information, right to rescission, and the right to refund as stipulated by law in case of non-compliance or breach of contract by the developer. It's advisable to seek legal advice before signing any agreements to fully understand your rights and obligations.

  1. What is a condominium?

A condominium is a type of real estate property where individuals own their individual units and jointly own common areas and facilities with other unit owners.

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6. What is the difference between a condominium and a house?

In a condominium, you own your unit but share ownership of common areas, while in a house, you own the entire property and land it sits on.

  1. What are the benefits of buying a condominium?

Benefits include amenities like pools and gyms, security features, and maintenance services, as well as potential for investment and convenience in urban areas.

8. What are the fees involved in buying a condominium or a house and lot?

Fees may include reservation fees, down payments, monthly amortizations, taxes, and association dues for upkeep of common areas.

  1. What is the difference between a reservation fee and a down payment?

A reservation fee reserves the unit for a certain period, while a down payment is a percentage of the total price paid upfront.

10. What should I consider when choosing the location of the property?

Consider proximity to work, schools, hospitals, transportation, amenities, and the neighborhood's safety and development potential.

11. Is it true that condominium units revert to the developer after 50 years?

No, this is not entirely true. In the Philippines, under Republic Act No. 4726, also known as the Condominium Act, there is no provision stating that condominium units automatically revert to the developer after 50 years. Instead, the law allows condominium corporations to extend their existence beyond 50 years through a process called reconstitution.

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