Process for Obtaining a Land Title from a Tax Declaration

Process for Obtaining a Land Title from a Tax Declaration

 

Understanding the Basics A Tax Declaration is a document used by local governments to determine property taxes. It serves as proof of ownership for taxation but doesn’t establish legal ownership. On the other hand, a Transfer Certificate of Title (TCT) is a legal document that signifies ownership of a real estate property.

 

Steps to Convert Tax Declaration to TCT:

 

1. Gather Necessary Documents: Original Tax Declaration Deed of Sale or any document proving ownership Identification documents Proof of payment of real estate taxes

 

2. Verify Requirements: Visit the local assessor’s office or the Land Registration Authority (LRA) to confirm the specific requirements for the conversion process. Each jurisdiction might have its own set of rules.

 

3. Secure a Certified True Copy of Tax Declaration: Get an official, certified copy of the Tax Declaration from the Assessor’s Office.

 

4. Prepare Affidavit of Ownership: Create an Affidavit of Ownership, stating details about the property, acquisition, and declaration of intent to transfer to TCT.

 

5. Obtain Tax Clearance and Certificates: Secure tax clearance and certificates from the local treasurer’s office, indicating that all property taxes have been paid.

 

6. File an Application for Conversion: Submit the required documents, including the certified copy of Tax Declaration, Affidavit of Ownership, tax clearances, and other necessary certificates to the Registry of Deeds.

 

7. Pay Necessary Fees: Pay the required fees for the conversion process. Fees vary depending on the location and value of the property.

 

8. Process Verification: The Registry of Deeds will review the submitted documents and verify the authenticity and completeness of the application.

 

9. Issuance of Transfer Certificate of Title (TCT): Once the application is approved, a new Transfer Certificate of Title will be issued in your name, signifying your legal ownership of the property.

 

Important Considerations: Legal Assistance: Seek legal advice or hire a real estate lawyer to guide you through the process, ensuring compliance with local laws and regulations. Accuracy and Completeness: Ensure all documents are accurate, complete, and properly notarized to avoid delays in the process. Converting a Tax Declaration to a Transfer Certificate of Title is a significant legal procedure that establishes your rightful ownership of a property. It’s crucial to navigate this process diligently, following the necessary steps and meeting the requirements set by the local government authorities.

 

Always double-check with local government offices or legal experts for the most accurate and updated information regarding this conversion process as regulations might vary across different regions.

 

Understanding PAG-IBIG Loan Requirements: Your Guide to Affordable Housing Finance

Understanding PAG-IBIG Loan Requirements: Your Guide to Affordable Housing Finance

The Home Development Mutual Fund, more commonly known as Pag-IBIG Fund, is a government agency in the Philippines that provides housing and financial assistance to its members. For many Filipinos, owning a home is a dream come true, and Pag-IBIG’s housing loan program is designed to make that dream a reality. This article aims to shed light on the Pag-IBIG loan requirements, helping aspiring homeowners understand the process and prepare themselves to take the necessary steps towards affordable housing finance.

 

Membership Eligibility

To be eligible for a Pag-IBIG housing loan, you must first be a member of the Pag-IBIG Fund. Membership is open to all Filipino citizens, whether employed locally or abroad, self-employed individuals, or voluntary contributors such as non-working spouses or even overseas Filipinos.

 

Membership Contribution

To qualify for a Pag-IBIG housing loan, you need to meet the minimum contribution requirement. The mandatory monthly contribution is Php 200 for locally employed members, while voluntary and self-employed members can choose a monthly contribution amount ranging from Php 200 to Php 2,950.

 

Age and Capacity to Borrow

Applicants must be 21 years old at the time of loan application and not older than 65 years old upon loan maturity. Additionally, the borrower must have the legal capacity to acquire and encumber real property, meaning they should not have any legal impediments to their ability to take out a loan.

 

Consistent Source of Income

To demonstrate repayment capability, applicants must have a stable source of income. Employed members should provide their latest payslips and a Certificate of Employment and Compensation, while self-employed individuals need to submit audited financial statements, income tax returns, and other supporting documents.

 

Sufficient Loan Entitlement

The amount of loan you can apply for will depend on your Pag-IBIG membership contributions, the loan’s purpose, and your capacity to pay. Pag-IBIG sets a maximum loan amount that members can borrow, which can change over time based on prevailing interest rates and other factors.

 

Loan Approval Process

Once you’ve submitted all required documents, Pag-IBIG will evaluate your loan application. The process may take several weeks, so patience is essential. During this period, Pag-IBIG will conduct a credit investigation, assess your capacity to pay, and appraise the property you intend to buy.

 

Loan Terms and Interest Rates

Pag-IBIG offers competitive interest rates, making its housing loans attractive to borrowers. Loan terms can vary, with the maximum term extending up to 30 years, giving borrowers the flexibility to choose a repayment period that suits their financial capacity.

 

For assistance on PagIBIG loanable properties, you may contact

Broker Rhodora Sto Tomas

09228135914

0917 1631625

Broker.doah@philrep.com.ph

 

 

 

 

 

 

Beyond the Screen: How Real Estate sellers Can Successfully Make the Shift from Online to Face-to-Face Selling

Beyond the Screen: How Real Estate sellers Can Successfully Make the Shift from Online to Face-to-Face Selling

Beyond the Screen: How Real Estate sellers Can Successfully Make the Shift from Online to Face-to-Face Selling

 

The COVID-19 pandemic has drastically changed the way we live and work, including the real estate industry. With social distancing and stay-at-home orders in place, real estate agents have had to adapt to online selling to continue their businesses. Virtual tours, video conferencing, and digital paperwork have become the new norm in the industry. However, as the world begins to open up, it is essential for agents to transition back to face-to-face selling. Here are some tips to help agents make the transition successfully.

1.  Keep Your Online Presence Strong: Just because you’re transitioning back to face-to-face selling doesn’t mean that your online presence isn’t important. Many potential buyers still prefer to begin their home search online, so it’s crucial to keep your website and social media profiles up to date. Be sure to include high-quality photos, virtual tours, and detailed property descriptions to attract potential buyers.

2. Reconnect with Your Network: One of the benefits of face-to-face selling is the ability to network and connect with other professionals in the industry. Reach out to your existing network of contacts, including past clients, lenders, and other agents, to let them know you’re back to face-to-face selling. Consider hosting a networking event or attending industry conferences to meet new contacts and expand your network.

3. Stay Up to Date with Health Guidelines: While the world is opening up, it’s important to remember that the pandemic is not over. It’s crucial to stay up to date with local health guidelines and follow recommended safety protocols. This includes wearing masks, social distancing, and limiting the number of people at showings or open houses.

4. Plan Your Showings Carefully: When transitioning back to face-to-face selling, it’s essential to plan your showings carefully. Consider the safety of your clients and yourself by limiting the number of people in the property at one time, avoiding physical contact, and offering hand sanitizer and masks. Schedule showings with ample time in between to allow for cleaning and ventilation of the property.

5. Be Prepared to Answer Questions: As buyers return to face-to-face selling, they may have questions about the transition from online selling. Be prepared to answer questions about the safety protocols you’re following, what to expect during showings, and how you’re adapting to the changing market.

The transition from online to face-to-face selling in the real estate industry may be challenging, but it’s essential for agents to stay ahead of the game. By keeping your online presence strong, reconnecting with your network, staying up to date with health guidelines, planning your showings carefully, and being prepared to answer questions, you can successfully make the transition. With these tips in mind, you’ll be ready to help clients find their dream homes in person once again.

How to Transfer Land/Condo Title in the Philippines – Step by Step Process

How to Transfer Land/Condo Title in the Philippines – Step by Step Process

HOW TO TRANSFER PROPERTY AND TAX REGISTRATION

 

STEP 0: DEALING WITH THE SELLER

Document: Certified True Copy of the TCT/OCT, 1 copy [P273.35, from the Registry of Deeds]

-Visit Property Location

-Ask the Seller for Certified True Copy of the Original Certificate of Title / Transfer Certificate of Title, also referred to as the “Blue Copy” (This document will give you very useful details, such as name and address of the registered owner, location of the property, all the annotations on the title [mortgages, encumbrances, judgments involving the property, the like]. It will also tell you how recently the copy was requested and released by the Registry of Deeds, so you can be assured of its accuracy. You can countercheck with the LRA website if they did release such a copy by using the control number.)

 

 

STEP 1: PREPARATION OF DOCUMENTS

 

Document:

-Notarized Deed of Absolute Sale, at least 4 Original Copies

-Notarized Affidavit of No Improvement (if parcel of land), 1 Original Copy

-Notarized Certificate of Management (if Condominium), 1 Original Copy

 

Then comes the preparation of the Deed of Sale. It is definitely better to have a professional prepare these documents for you, but of course you can also prepare them yourself. If the property is only a piece of land, with no buildings or other improvements on it, you also have to prepare an Affidavit of No Improvement. If the property is a Condominium Unit you need to obtain a Certificate of Management from the building’s admin. Have all these notarized.

 

As for the Deed of Sale, 1 Original Copy will be submitted to the BIR, 1 Original copy should be retained by the Seller, and at least 2 Original Copies should be retained by the Buyer.

 

Document: Acknowledgment Receipt, at least 4 Original Copies

 

Have both Seller and Buyer sign an Acknowledgment Receipt, stating the amount received, and the property for which it was given. This does not need to be notarized.

 

As with the Deed of Sale, 1 Original Copy will be submitted to the BIR, 1 Original copy should be retained by the Seller, and at least 2 Original Copies should be retained by the Buyer.

 

Document: Latest Tax Receipt, 1 Original Copy from the seller, make at least 1 photocopy

 

Ask the Seller to provide you the receipt of the latest tax payment made. You will know from this if the realty tax payment is up to date, how much you would need to pay to get a tax clearance, if any is needed.

 

Document: Original Owner’s Duplicate of the Title

 

Ask the Seller to give you the owner’s duplicate. This is not the Blue Copy, but the actual OCT/TCT in the seller’s possession.

 

Document: Photocopy of Buyer’s and Seller’s IDs, at least 5 copies

 

Prepare at least 5 photocopies of both Seller’s and Buyer’s VALID IDs. This includes driver’s license, SSS, GSIS, passport, TIN, and other government-issued IDs.

 

 

STEP 2: ACQUIRING DOCUMENTS FROM THE CITY HALL

 

Document: Certified True Copy of Latest Tax Declaration, at least 2 Copies [P50.00 each, from the City Assessor’s Office], make at least 2 photocopies

 

The Seller can request these documents himself, or he can give the Buyer/Attorney-in-fact an authorization letter, so the Buyer can acquire it in his stead. One copy will be retained by the BIR when you apply for a Certificate Authorizing Registration [CAR], and one copy will be for the Registry of Deeds, when you have your property registration transferred.

If the Seller chooses to let the Buyer obtain the copy, the Buyer will need the following:

An authorization letter signed by the Seller / Registered Owner [also called a Letter Request]

1 photocopy of a valid ID of the Buyer / Requesting Party [from Step 1]

1 photocopy of the OCT/TCT, or the Tax Declaration, or a Tax Receipt

This will only take 30-45 minutes.

 

Document: Certificate of No Improvement, 1 Copy [P50.00 each, from the City Assessor’s Office], make at least 2 photocopies

 

If the property is only a parcel of land, with no buildings or improvements, you have to obtain a Certificate of No Improvement. You will need the following:

 

Notarized Affidavit of No Improvement [See Step 1]

1 photocopy of a valid ID of the Buyer / Requesting Party [See Step 1]

1 photocopy of the Latest Tax Declaration [See previous part]

After receiving the certified true copy of the tax declaration in the previous part, you can already request for the certificate of no improvement. This will take at least 1 day, so you have to come back on the next business day.

 

 

STEP 3: OBTAINING THE CERTIFICATE AUTHORIZING REGISTRATION [CAR]

 

The BIR RDO

 

If either or both Seller and Buyer don’t have a TIN yet, tell them you need to obtain a TIN for a sale of land. They will give you BIR Form 1904.

If either or both DO have a TIN, but don’t have a pre-filled Form 1904 yet, ask for a Form 1904, fill it up, and then tell them you’re there to obtain a CAR.

If both Seller and Buyer already have a TIN AND a pre-filled Form 1904, you should tell them you’re trying to get a CAR, or that you’re paying Capital Gains Tax. They will direct you to an ONETT Officer.

 

Document: TIN of Seller and Buyer, 1 Original Copy [from the BIR RDO]

Document: Notarized Deed of Sale, 1 Original Copy [From Step 1]

Document: Certified True Copy of OCT/TCT, aka Blue Copy [From Step 0]

Document: Certificate of No Improvement, 1 Original Copy [From Step 2]

Document: Certified True Copy of the Latest Tax Declaration, 1 copy [From Step 2]

Document: Acknowledgment Receipt, 1 Original Copy [From Step 1]

 

The ONETT Officer will assess the all the documents, and then will prepare a computation of the Capital Gains Tax, Documentary Stamp Tax, and Certification Fee. You will be given an ONETT Computation Sheet, which will provide the amounts to be paid, the deadlines, and the subsequent forms you will need to fill out.

 

 

STEP 4: PAYING YOUR TAXES C/O BIR

 

The ONETT Officer will direct you to pay your taxes to whichever bank accepts tax payments, within the jurisdiction of the RDO.. BUT BEFORE YOU PROCEED TO THE BANK, you must fill up three forms first, through eBIRForms [see BIR website].

 

For the 3 Forms (eBIR 1706, eBIR 2000-OT and eBIR 0605), some BIR offices (like Taguig) has an affiliated computer shop beside their office that offers this kind of service which is optional if you want to make the work easier instead of downloading the BIR software/program. They asked for Php180 for a 4 set of forms.

 

Document: eBIR Form 1706, Capital Gains Tax, print 4 copies

Document: eBIR Form 2000-OT, Documentary Stamp Tax, print 4 copies

Document: eBIR Form 0605, Payment Form for the Certification Fee, print 4 copies

 

These forms MUST BE ELECTRONICALLY FILLED UP.

 

There is a downloadable program from the BIR website that will enable you to do this. The bank WILL NOT ACCEPT a manually filled form, so be sure to do this step.

 

You may ask the ONETT Officer where to pay these taxes in any bank within property location.

 

Three copies of each form will be retained by the bank, and one copy will be returned to you after being stamped. The bank will also give you a copy of the deposit slip as your receipt. At this point, the following forms should be in your possession:

 

Form 1904 TIN of Seller and Buyer, 1 Original Copy each [from the BIR]

Notarized Deed of Sale, 1 Original Copy [From Step 1]

Certified True Copy of OCT/TCT [Blue Copy], 1 Original Copy [From Step 0]

Certificate of No Improvement, 1 Original Copy [From Step 2]

Certified True Copy of the Latest Tax Declaration [Yellow], 1 Original copy [From Step 2]

Acknowledgment Receipt, 1 Original Copy [From Step 1]

eBIR Form 1706, Capital Gains Tax, 1 Original Copy [From Step 4]

Bank Receipt for Capital Gains Tax Payment, 1 Original Copy [From Step 4]

eBIR Form 2000-OT, Documentary Stamp Tax, 1 Original Copy [From Step 4]

Bank Receipt for Documentary Stamp Tax Payment, 1 Original Copy [From Step 4]

eBIR Form 0605, Payment Form for the Certification Fee, 1 Original copy [From Step 4]

Bank Receipt for Certification Fee Payment, 1 Original Copy [From Step 4]

 

As directed by the ONETT Officer, you have to prepare 2 sets of photocopies of ALL these documents. Then you have to return to the ONETT Officer who made the initial assessment The officer’s name should appear in the ONETT Computation Sheet given to you in STEP 3.

 

After receiving the documents, the ONETT Officer will give you a receipt, and tell you that the documents will be ready within 5 working days. However, they will advise you to call before you pick up the CAR, because there might be a delay, like ours that took 14 business days due to pandemic situation, backlogs, etc.

 

Upon claiming the CAR, you will be asked to pay P15.00, and will receive the following documents:

 

1 Original Copy of the CAR to be given to the RD/LRA, Brown Color

1 Owner’s Original Duplicate of the CAR, Blue Color

1 Original Deed of Sale, with BIR Stamp on the back pages

1 Original eBIR Form 1706

1 Original Bank Receipt for Form 1706

1 Original eBIR Form 2000-OT

1 Original Bank Receipt for Form 2000-OT

1 Original eBIR Form 0605

1 Original Bank Receipt for Form 0605

 

 

 

STEP 5: PAYMENT OF TRANSFER TAXES C/O CITY HALL

 

This step is one of the crucial part  since you only have 60days to pay your taxes upon signing of the Deed of Absolute Sale, otherwise you’ll be penalized:

 

Document: Tax Clearance Certificate, 2 Copies [P50.00 each, from the City Treasurer’s Office]

 

After receiving the CAR, the next step is to get a tax clearance. You need the following Documents

 

1 photocopy of the Latest Tax Declaration [From Step 2. Do not give your remaining Original copy, a photocopy will suffice]

1 photocopy of the Certificate of No Improvement [From Step 2]

1 photocopy of the Latest Tax Receipt [From Step 1]

1 photocopy of the buyer / requesting party’s ID [From Step 1]

They will give you a printout stating that the property in question has no outstanding realty tax liabilities with the City Government. Otherwise, you might have to pay the outstanding amount to get a clearance.

 

Document: Transfer Tax Receipt, 1 Original Copy [from the City Treasurer’s Office]

 

After getting the tax clearance, ask the ever-present ushers for the window for the transfer tax

 

They will require some documents particularly those  with BIR Stamp:

1 Original CAR, either the Brown or Blue copy [From Step 4]

1 photocopy of the CAR

1 Original eBIR Form 1706 [From Step 4]

1 Original Bank Receipt for Form 1706 [From Step 4]

1 Original eBIR Form 2000-OT [From Step 4]

1 Original Bank Receipt for Form 2000-OT [From Step 4]

1 Original eBIR Form 0605 [From Step 4]

1 Original Bank Receipt for Form 0605 [From Step 4]

1 Original Deed of Sale, the same one with the BIR Stamps on the back pages [From Step 4]

1 photocopy of the Deed of Sale

1 Original Tax Clearance Certificate [From previous part]

 

The officer will assess the amount of tax based on the documents presented, and you can pay then and there. It’s 1/2 of 1% of the Sale Price, Assessed Value, or Zonal Value, whichever is higher. The officer will retain the photocopy of the CAR, and the photocopy of the Deed of Sale, and will return all other documents. The officer will affix a stamp on the front page of your Deed of sale. You will receive a literal receipt, with the item “Transfer Tax” under “Nature of Collection”.

 

 

 

STEP 6: TRANSFERRING REGISTRATION OF PROPERTY C/O REGISTRY OF DEEDS

 

At this point, you should have the following documents:

1 Original Deed of Sale, with BIR Stamp on the back pages, and the City Treasurer’s Stamp on the front [From Step 5]

2 Photocopies of the Deed of Sale, with all the stamps visible

1 Original Owner’s Duplicate Copy of the Title [From Step 1]

1 Original Copy of the CAR to be given to the RD/LRA, Brown Color [From Step 4]

1 Original eBIR Form 1706 [From Step 4]

1 Original Bank Receipt for Form 1706 [From Step 4]

1 Original eBIR Form 2000-OT [From Step 4]

1 Original Bank Receipt for Form 2000-OT [From Step 4]

1 Original eBIR Form 0605 [From Step 4]

1 Original Bank Receipt for Form 0605 [From Step 4]

1 Original Copy of the Transfer Tax Receipt  [From Step 5]

1 Original Copy of the Tax Clearance Certificate [From Step 5]

1 Certified True Copy of the Latest Tax Declaration [From Step 2, they will require the Original]

2 Photocopies of the Buyer / Presenter’s Valid ID [From Step 1]

1 Original and Notarized Certificate of Management, if Condominium

 

Upon entering the office, the guard will ask what your business is. Tell him it’s for Transfer of Property, and he will provide you with a form. Fill up the form, and proceed to Window 1. They will assess your documents, and will pass it on to the next window. Your name will be called, and you will be given an assessment sheet, providing the amount you need to pay.

 

After payment, they will tell you the new Certificate of Title, in your name, will be available for pickup within 20 working days. It may take longer however you may check first with the LRA website if the title is ready for pickup. You will simply need the EPEB number provided in your receipt, and you will be able to see your title’s progress.

 

 

 

STEP 7: TRANSFER OF OWNERSHIP OF TAX DECLARATION C/O CITY ASSESSOR’S OFFICE

 

After receiving your Transfer Certificate of Title from the RD, you can proceed with the transfer of tax declaration. You must have the following documents:

 

New TCT/OCT [From Step 6]

1 Original Deed of Sale [Step 1]

1 Original CAR Owner’s Duplicate [Blue Copy, Step 4]

1 Original Bank Receipt for eBIR Form 1706 [Returned to you by the RD with the new TCT, Step 6]

1 Original Bank Receipt for eBIR Form 2000-OT [Returned to you by the RD with the new TCT, Step 6]

1 Original Transfer Tax Receipt [Returned to you by the RD with the new TCT, Step 6]

1 Original Real Property Tax Payment Receipt [Step 1]

1 Original Tax Clearance Certificate [Must have full payment for the entire year, Step 5]

Pictures of the House or 1 Photocopy of Certificate of No Improvement [Step 2]

1 Original and Notarized Certificate of Management, if Condominium

 

Go to any window and tell them your business. They will give you a payment order for Php 100.00, which you have to pay to the Treasury. After that, you have to photocopy all your documents [1 set], including the receipt given to you by the Treasury. The assessor will retain the photocopies and return the originals to you. They will ask you to return after 1 week with your original receipt to collect the new tax declaration.

 

And that’s it! Your property will now be registered under your name, and you will now be liable for real property taxes upon it.

 

THE DEBATE BETWEEN PRE-SELLING AND RFO

THE DEBATE BETWEEN PRE-SELLING AND RFO

 

 

How do you prefer to have your condominium or town house?  Do you want to be the first occupant, or do you not mind living in a place that was previously owned by other occupants?  Do you want to see the actual finished product before purchasing, or would you not mind investing in a building that’s yet to be finished?

Those are just some of the concerns often heard and talked about as clients scout for options regarding condominiums, house and lots, as well as town houses.   Good for real estate developers and clients, there are two types of properties available in the market. Let us give you some useful information on what these options are.

 

What is Pre-Selling?

The term “pre-selling” refers to the condominium units or townhouses/house and lots that are sold prior to its completion. Real estate developers wanted to cater to clients who might not exactly have the budget to purchase the finished unit but has money in the bank enough to pay for a spot in a physical property.

One setback in pre-selling units is that you don’t get to appreciate the finished infrastructure because you don’t really get to see it until it’s really done.  In fact, your expectations may be a tad different from what you will see when the final product is ready.

However, the good news is that there are dressed up and turn over condominium units, model townhouse units/ house and lots that your agent or broker can show you.  It means that you don’t really need to do guesswork or blind buy into something costly.

Given these considerations, you might also want to get in touch with a developer with a good track record in terms of infrastructure and design so that you can at least enjoy the aesthetics as you envisioned it to be.

 

Is RFO for you?

After the building or property has been completed, it will be sold and RFO or “Ready For Occupancy.”  If you need a roof on top of your head as soon as possible, then RFO is the way to go.

If you’re the type of client who wants to be guaranteed of quality in terms of construction and design before making a purchase, then RFO will allow you to examine the physical aspects – amenities and facilities — of your property.  It will be easier for you to judge whether you will push through with your investment if you have seen it.

The potential issue with RFO is that most of the good units or home properties with good views and prime spots have been sold during the pre-selling stage.  That would mean that the units that have been left will be your only choices.

 

Making your smart choice

Now that you’re well-versed in these terms, you can better weigh your options in case you’d like to invest in a real estate property.  Pre-selling is financially more accessible to most potential clients, but it has its risks.  RFO has lesser risks but indeed it’s heavier on the pocket.

Again, we advise you to get in touch with a real estate broker or a developer that has a good record that you can trust so that you will have more chances of making the right choice.

 

 

 

 

REAL ESTATE: RESILIENCY REDEFINED

REAL ESTATE: RESILIENCY REDEFINED

 

After the harsh onslaught of the pandemic, many people thought that the real estate industry would eventually go down the drain.  And why not?  Real estate selling starts with handing out of glossy flyers to people in crowded places like malls and thrives on actual visits around and out of town.  Unfortunately, all these were prohibited during the lockdown and caused somewhat of an economic turmoil and frustration not only in real estate, but in the realm of most businesses around the world.

 

A NEW MARKETPLACE

 

Fortunately, there was social media and digital ads.  Digitalization made it possible for real estate to operate on the web.  It did take some time before the industry could adjust to the new normal.  The digital transition was not easy, but doable, anyway.  After all, houses and living spaces are a necessity even during the time of the pandemic.  A little more than a year after the pandemic began, most real estate companies shifted from the usual interpersonal communication to the digital marketplace. And what made this work was keeping the clients constantly informed and updated with what’s going on.

 

A ONE-STOP LOCATION

 

In terms of updated services, real estate developments became more comprehensive and holistic in terms of what they offer.  Buildings have now combined residential, office, and commercial spaces, with the idea of safety and not just convenience.  The idea is that the less people leave the vicinity of the safety zone, the less chances of transmitting the virus and putting neighbors in danger.  Apparently, this idea is something that has not been thought of before the pandemic.  But now, it has become a selling point for developers.

 

CONTACTLESS SOFTWARES

 

No one wants to touch anything nowadays because pathogens stay on surfaces for days and these have elicited fear among people.  So as a solution, most condominium projects now have smart home features like using QR Codes which allows dwellers to move around without having to constantly touch objects and transmit the disease to others.  It does not really come off as costly, considering the safety and security that it offers.  We cannot stress it enough, that an ounce of prevention is always better than a pound of cure.

 

SOCIAL DISTANCE

 

The real estate industry identified a novel factor that now drives buyers to purchase properties: vast space.  With the new normal health protocol, people wanted to move out of congested areas because they feared COVID-19.  In effect, more and more potential buyers inquired about properties situated outside the metro.  Preferences were Laguna, Cavite, and Pampanga.   These are provinces not too far from the capital region.  Even Iloilo and Cebu were choice areas in the South for those who wanted to relocate or simply buy.  And because of the remote working conditions, most professionals were not deterred by the distance.  Still, safety was the primary consideration.

 

THE RAY OF LIGHT

 

The industry recovery in the first quarter of 2021 promises a brighter future in world of real estate.  For one, the demographics of buyers are now younger, coming from the 20–30-year-old brackets.  The health sector’s continuous push for physical distancing has encouraged a lot of people to go solo as much as they can, if that is the best way to save themselves from the perils of the pandemic.

 

The vaccines are here, and hopefully, as soon as we reach the point of herd immunity, there will be another shift in the industry.  The economy will adjust to a now normal and people will have access to bank loans, making it possible for them to buy properties again.  Thus, the real estate industry will surely see better days ahead.