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.

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The bill, which sought to expand the coverage of the estate tax amnesty and prolong the period for eligibility by an additional two years, has now transitioned into law. Republic Act (RA) No. 11956 extends the window for availing the estate tax amnesty for an additional two years, spanning from June 15, 2023, to June 14, 2025.

This new legislation also broadens the scope of the amnesty, encompassing the estates of individuals who passed away on or before May 31, 2022. In contrast, the previous law only applied to estates of individuals who died on or before December 31, 2017, and had a two-year amnesty period that concluded on June 14, 2023.

Interestingly, the Estate Tax Amnesty Extension Act didn’t receive the signature of President Ferdinand R. Marcos, Jr., and thus, it automatically became law on August 5. According to standard legislative procedures, a bill becomes law if the President takes no action on it within 30 days of its submission to Malacañang.

The new law also allows estate tax payment in installments within two years from the statutory deadline, free from civil penalties or interest.

According to the law, the implementing rules and regulations should be issued within 30 days, as opposed to the previous requirement of 60 days.

It’s important to note that the estate tax amnesty initially ran from June 15, 2019, to June 14, 2021, under RA 11213. It was subsequently extended for an additional two years, from June 15, 2021, to June 14, 2023.

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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

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The real estate industry is no stranger to innovation, and over the years, technology has played a key role in driving its growth and evolution. With the rise of digital tools and platforms, real estate professionals are finding new ways to streamline their operations, enhance customer experience, and stay ahead of the competition. In this article, we will explore the various ways in which technology is transforming the real estate industry and its impact on stakeholders.

Marketing and Advertising

One of the most significant changes in the real estate industry is the shift towards digital marketing and advertising. With the advent of social media and online listing platforms, agents and brokers can now reach a wider audience and promote their properties with greater ease. Platforms like lamudi and dotProperty provide users with detailed property listings, and other features to help them find their dream home. Additionally, real estate professionals are leveraging social media to create engaging content, share listings, and connect with potential buyers and sellers.

Virtual Reality and Augmented Reality

Virtual reality (VR) and augmented reality (AR) are changing the way buyers and sellers interact with properties. VR allows buyers to take virtual tours of properties without having to physically visit them. They can explore different rooms, layouts, and features from the comfort of their own homes. AR, on the other hand, lets buyers visualize how a property would look with different furnishings, decor, or color schemes. These tools provide a more immersive and interactive experience for buyers, enabling them to make more informed decisions.

Smart Homes and the Internet of Things

Smart home technology is rapidly gaining popularity among homeowners, and for good reason. With the Internet of Things (IoT), homeowners can control and automate various aspects of their homes, from lighting to security and appliances. This technology not only makes homes more convenient and comfortable, but it can also increase their resale value. In addition, smart home technology can provide valuable data for real estate agents and brokers, such as usage patterns and energy consumption.

Online Payment Gateway

An online payment gateway is an electronic payment system that facilitates transactions between buyers and sellers by securely transferring funds through various payment methods such as credit and debit cards, net banking, and e-wallets. It is an efficient and secure way of accepting payments online, and it has revolutionized the way people buy and sell properties.

One of the biggest advantages of using online payment gateways in real estate transactions is that it eliminates the need for physical cash transactions. Real estate deals involve large sums of money, and it can be risky to carry such large amounts in cash. With online payment gateways, buyers can make payments electronically, and sellers can receive payments directly into their bank accounts, ensuring complete security and peace of mind.

The role of technology in the real estate industry is growing rapidly, and stakeholders who embrace these innovations are likely to gain a competitive advantage. From digital marketing and virtual reality to smart homes and online payment gateway, the opportunities for transformation are endless. As technology continues to advance, it will be exciting to see what new tools and platforms emerge, and how they will shape the future of the real estate industry.

The post Technology’s Increasing Role in the Real Estate Industry: A Look at its Dependence appeared first on PHILREP Realty Corporation.

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.

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The onset of the pandemic in 2020 had a significant impact on the Philippine economy. It saw the rise of remote workers and the acceptance by various industries (albeit begrudgingly) of the importance of giving knowledge workers the ability to work from home. It was a tidal wave of hardship for many, and a multitude of businesses had to scramble to adapt to the so-called “new normal” where contactless transactions became a top priority as face-to-face transactions became the last option for many.

The Electronics and BPO industries largely stayed in place in the Philippines, but one particular sector of the BPO industry was impacted to such a degree that it ensued in a mass exodus. POGOs (Philippine Offshore Gaming Operators) were not immune to this sudden change brought on by the global pandemic. A huge influx of POGO companies became prevalent in 2018 as PAGCOR (Philippine Amusement and Gaming Corporation) announced that there were over 55 POGO licenses issued to e-casinos and sports-betting. POGOs quickly began setting up shop in the Philippines and saw a huge uptake in real estate sales and leasing. The pandemic upset that influx of ex-pats and profit overnight. Revenue from POGOs reportedly fell by nearly 25 percent in 2021.

PAGCOR cited a Commission on Audit report last June 2022 that a majority of the 2.3 billion pesos in uncollected income from POGOs was due to the pandemic. PAGCOR also stated that the said amount was the result of the gaming regulator’s intensive fight against illegal online gambling and drive to maximize collections.

From a real-estate industry perspective, POGOs have either vacated or left office spaces in an idle state which translates to approximately more than 800,000 square meters of unoccupied office space. If we take the most recent price point of 1,200.00 Pesos per square meter, the property market would be dropping over 1 billion Pesos in revenues a month, or over 12 billion Pesos in the span of a year. This also means the Philippine government would be missing out on the 12 percent VAT from office spaces rented by POGOs.

PAGCOR disclosed that many POGOs asked for the cancellation of their gaming licenses as they struggled to keep their operations afloat. The resulting lockdown from the pandemic stopped them from resuming activities as many foreign workers could not enter the Philippines due to border restrictions. Many of the exit interviews with POGOs revealed that operations relocated to our neighbors in Cambodia, Laos, Vietnam, and even as far as Dubai.

With the easing of pandemic-related restrictions and no further indications of another lockdown in 2022, projections point to the recovery of the property sector and the recovery of POGO operations in the Philippines. Indicators include the quicker-than-expected pace of recovery in the hotel sector. Condominium uptake is also expected to surpass 2021 figures. Colliers Philippines associate director for research Joey Roi Bondoc said that hotel occupancies in Metro Manila in the first half of 2022 reach 47 percent, higher than the 44 percent occupancy rate recorded in the second half or 2021. This can be attributed to the gradual return of business travel where investors start to conduct due diligence, and local guests and visitors from other countries start to increase their spending on leisure. The “staycation” market also saw a rise in the months of April to June 2022. As far as the office space market is concerned, Colliers Philippines was also bullish as it projected that office space supplies would revert to pre-POGO levels. Although POGOs are expected to either resume their leases on the office spaces they left vacant or look for new locations to set up shop. On a broader scope, more and more office spaces will be occupied as more traditional businesses are implementing RTO (Return To Office) and outsourcing firms continue their plans for expansion. Rentals are also expected to rise in 2023. Lastly, demand for condominiums and other residential properties in Metro Manila is also expected to rise as projections for the second half of 2021 and the first half of 2022 were already surpassed. Many companies are also expected to support hybrid work setups where employees can work from home and also report to the office on certain days of the week. Many responsible companies are now putting into high consideration the safety and well-being of their employees and a hybrid work setup has significant advantages for both company and employees. This is also being supported by the government’s push to finish infrastructure projects specifically related to transportation and railways. Support for digital businesses is also going to play a big role in the expansion of data centers. All of this taken into account will encourage businesses to operate close to pre-pandemic levels. Ultimately, all of this is good for the real estate industry.

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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 post How to Transfer Land/Condo Title in the Philippines – Step by Step Process appeared first on PHILREP Realty Corporation.

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.

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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.

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Project Selling and General Brokerage Comparison

You’re determined to break into the real estate industry. Good for you!  But as you learn more about the industry, you hear terms like Project Selling and General Brokerage and wonder if there’s really a difference. We’ve created a simple table below to help you decide where you really think you are better suited. Here’s a breakdown of the difference between the two:

In this table, we focus first on the differences from the perspective of an agent:

Next, let’s look at project selling and general brokerage from a broker’s point of view:

Hopefully, this will give you a better idea where you would like to focus on. Some people like to have a narrow focus in what work they do. If you fall under this category, maybe project selling is better for you as a start, or if you simply want to get your feet wet in the real estate industry. But if you like to have variety in what you work with, and like taking on challenges, then general brokerage may just be up your alley.

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Real Estate 101: What is Inheritance Tax and Estate Tax? What’s the Difference?

There’s an old saying that’s been used countless times in movies and TV. The line goes something like, “There are two things you cannot escape in life: Death and Taxes”. In some countries, this is even referred to (colloquially) as “Death Taxes”. Definitely dark humor, but in reality, it has a ring of truth to it.

A large number of people work very hard to secure a good future for their loved ones and provide for all their needs. They may also hope to leave some kind of lasting legacy when the inevitable end comes. It can take many forms such as real estate, money, personal belongings of value (e.g. family heirlooms, jewelry, paintings, cars), or various assets that can be passed on to loved ones. This is all fine and good. Until the time comes for the lawful heirs to come claim their inheritance. This is when taxes rear their ugly head (as if the passing of a loved one wasn’t hard enough).

Anyone who has inherited something from someone who passed away by way of being included in a will may be required to pay inheritance tax. But before we can proceed, we need to define first what is meant by “estate”. Someone’s estate can include property, as well as everything else of value the deceased party owned at the time of death.

Inheritance Tax vs Estate Tax

Simply put, inheritance tax is a tax imposed by the government on the beneficiary of the inheritance (i.e. The person(s) receiving the asset or estate). This is in no way tax levied on the property itself, but rather, it is a tax on the transmission (or turn-over) of the estate of the deceased to one or more heirs. One of the most common questions that arise is “who pays the inheritance tax?”. Some countries put the sole responsibility of paying the inheritance tax on the lawful heirs, while the estate tax is paid out from the estate’s funds. However, in the Philippines, they are one and the same. From this point forward, we will be using Inheritance Tax and Estate Tax interchangeably since they really mean the same thing under Philippine law.

For example, if several beneficiaries are the recipient of a particular property (let’s say an office building), inheritance or estate tax will be computed for each beneficiary. This means that each beneficiary is responsible for paying for their own tax.

The estate tax return must be filed with the Bureau of Internal Revenue (BIR) if the gross value of the estate (consisting of registered property, vehicles, shares of stock, jewelry, money, etc.) has a gross value of more than Php200,000. That being said, it may actually make more sense to distribute inheritance before the time of death (which can sometimes be tricky, because death doesn’t abide by anyone’s schedule)

Non-resident inheritance tax

If any of the heirs are non-residents (i.e. migrate to another country), they also need to file an estate tax return. If the executor of the will lives in the Philippines, the estate tax return can be filed with an authorized agent bank of the specific Revenue District Office (RDO) where the executor lives.  However, in case there is no executor in the Philippines, for example if the deceased was not a Philippine resident, then the tax return should be filed under the jurisdiction of RDO No. 39 South Quezon City.

How is inheritance tax computed?

So now we delve into the computation of the inheritance tax. The inheritance tax is computed against the net value of the assets included in the estate. The net value is sometimes referred to as the “gross estate”, which refers to all property including real property, personal property, tangible property (such as bonds or shares of stock), or intangible property (such as patents, trademarks or copyrights). Also. This is computed using the Fair Market Value (FMV) at the time of death. FMV is the reasonable price at which one could sell the estate to an interested buyer.

Since we already discussed non-resident inheritance tax, let’s also consider the possibility that the deceased wasn’t living in the Philippines (a non-resident, or not a Philippine citizen) at the time of death. Only the part of the gross estate that is situated in the Philippines is considered taxable.

This tax must be settled within six (6) months from the date of death before distribution of the inheritance to the beneficiaries can proceed. Otherwise, the beneficiaries may face penalties, unless an extension is granted by the commissioner. If you could prove to the commissioner that payment by the due date would impose undue hardship on the estate or any of the heirs, the due date could be extended up to 5 years if the case is settled through courts, and up to 2 years, if handled extrajudicially. In the Philippines, a graduated tax rate determines inheritance taxes. Estates with a net value of less than Php 200,000 are exempted from paying inheritance tax while those valued at a higher amount may be required to pay a tax rate of anywhere from 5% up to 20%. In general, late payments incur a 25% initial penalty and accrue 20% annual interest on the amount. If any fraud is involved, the amount leaps to 50%.

Is there any way to reduce the amount of inheritance tax?

This is another common question asked by beneficiaries of an estate. The most common method is to apply as many deductions on the inheritance tax as possible.  This will lower the FMV of the estate, which can help put the value of the estate at a lower tax tier or threshold. It is always a good idea to examine which deductions can be applied to the estate. Below is a short list (i.e. not comprehensive) of deductions that might be applicable:

Estate Tax Amnesty

One of the most recent developments regarding tax amnesty at the time of this writing is the Tax Amnesty Act signed by President Rodrigo Duterte. This provides a 2-year period for taxpayers to settle estate tax obligations through a tax relief over properties with outstanding tax estate liabilities. The Tax Amnesty Act started on June 15, 2019, and will cover the unpaid estate taxes of any decedent who passed away on or before December 31, 2017.

Those with unsettled estate taxes starting from January 2018 to date can still benefit from the Estate Tax Amnesty through the amendments made under the TRAIN Law. It states that a tax rate of 6% will be imposed on the total net estate value of the decedent.

Useful Links:

Tax Amnesty Act – https://www.officialgazette.gov.ph/2019/02/14/republic-act-no-11213/

TRAIN Law – https://www.bir.gov.ph/index.php/train.html

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“The ultimate measure of a man is not where he stands in moments of comfort and convenience but where he stands in times of challenge and controversy.” – Martin Luther King Jr.

The POGO Exodus

COVID-19 has been dubbed “the great equalizer”.  It doesn’t distinguish between rich or poor, good or evil, young or old, the powerful and the weak, nor does it care about national borders or governments.  It is simply a virulent, invisible force of nature that has spread to nearly every corner of the modern world as we know it.  Unceremoniously shutting down big and small businesses and companies alike.  The pandemic has impacted nearly all industries where human contact and interaction is an essential part of daily operations.  And the gaming and amusement industry is no exception to this.

You may ask, what does this have to do with the real-estate industry?  It has been no secret that the Philippines, through the PAGCOR (Philippine Amusement and Gaming Corporation) has welcomed POGOs (Philippine Offshore Gaming Operators) with open arms despite being a controversial or touchy subject matter for a lot of Filipinos.  The government has touted the country as an ideal destination for online casinos due to. According to PAGCOR, there are 56 PAGCOR-licensed POGOs as of June 2019.  And it has been estimated that at least 30 POGO firms are operating illegally in the Philippines. In fact, 265 Chinese nationals were arrested as the result of a raid of an illegal gambling operation in Las Pinas City on May 15, 2020. The illegal POGO was operating out of a rented hotel, even despite the pandemic and quarantine lock-down.

POGOs have come to the Philippines in droves bringing with them thousands of Chinese nationals that operate the lucrative offshore gambling businesses.  This huge influx of Chinese nationals of course needed somewhere to stay, and the real estate industry was suddenly rife with opportunity as POGOs started snatching up properties in close proximity to their operations so they could quickly ferry their employees to work.  Not only that, a study by KMC Savills Inc. has revealed that POGOs have utilized an estimated 800,000 square meters (or 8,600,000 square feet) of office space to house their operations.

This proved to be a big opportunity for those in the real estate industry. Chinese POGOs were willing to pay higher than the normal rate to lease property in locations near their operations. Property owners were now more than happy to lease out their property with preference for Chinese nationals working at POGOs. However, the downsides would soon rear its ugly head.

Those living in exclusive subdivisions now suddenly had a growing community of noisy Chinese nationals as their neighbors. Complaints and horror stories of property damage began to increase as a significant number of the Chinese nationals apparently had little respect for the property they were living in, as well as a general lack of household cleanliness and regard for property upkeep. Another sad by-product of the POGO real estate gold rush was the artificial shortage of property for Filipino families looking for fairly priced property. Rumors about local tenants being evicted or their lease not being renewed in order to give way to Chinese nationals started to spread as well.

Fast forward to March 21, 2020.  In a bid to combat the Covid-19 outbreak, the PAGCOR orders all gambling operations to cease operations until further notice.  Needless to say, POGO operations suddenly ground to a screeching halt. Except for those operating illegally, all legitimate POGOs found themselves in a bad financial situation.  Gambling operations typically run 24×7 and thereby employs a large number of employees. Now these employees are unable to go to work due to the government-imposed quarantine measures. Surprisingly, PAGCOR even went so far to suspend work-at-home setups for those under their jurisdiction to ensure compliance.  POGO licenses and services providers found to be non-compliant now faced possible cancellation of their license and accreditation, and will be reported to the authorities. On top of this, POGOs are currently under scrutiny for unpaid taxes with the BIR (Bureau of Internal Revenue), as well as controversies surrounding a growing number of “sex-dens” servicing foreign workers.

The pandemic in the Philippines still appears to be nowhere near “flattening the curve” as experts put it.  To date, at least two POGOs have already left the country and more are now poised to leave the Philippines according to PAGCOR Chairperson and CEO Andrea Domingo.  An unspecified number of POGOs have also filed for the cancellation of their licenses, while others have yet to file their official exit.  PAGCOR claims that the primary reason for this is not just the impact of the pandemic, but due to “more appealing tax rates” and “friendlier environments” as decision-makers behind the POGOs re-evaluate their options.

With all of this in mind, the most likely scenario is that POGOs are on their way out.  And with them goes the potential for cashing in on significantly higher lease rates. Just barely a year ago, POGOs overtook BPOs (Business Process Outsourcing) in real estate utilization and contributed over 6.4 Billion Pesos in taxes. Now, it is only a matter of time before the POGO real estate deep well dries out.

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The cost of transferring a land title in the Philippines

We will be bringing you a series of articles that discuss commonly asked questions regarding real estate in general.  One of the most commonly asked questions we encounter whenever we conduct trainings and orientation seminars for those interested to get into the real estate industry is “How much does it cost to transfer the land title”?

Buying property is generally considered one of the biggest steps a person can take in life, typically due to the large amount involved. But unlike other purchases that one can make, real estate is not something you can normally have by paying for in one quick transaction. Along with the property’s price are other expenses that come as part of the purchase.  In this respect, the most important is perhaps the cost to transfer the land title.

For buyers or sellers, transferring the land title can prove to be a challenging experience. The paperwork involved and the fees that need to be paid can be daunting for first timers.  With that said, let’s start off by discussing the fees associated with purchasing property.  Let’s start off with the cost of transferring the land title.  This fee needs to be paid whenever property is purchased, sold, donated or inherited. Having the land title under your name is very important as it serves as your proof of ownership of the property, regardless if you are a buyer, a donee or an heir. The absence of this document can lead to the ownership of your property being disputed. Therefore, it is imperative that you ensure the correct processing of this document.  And one of the ways to ensure this is to pay all the required fees and taxes.

The following are the fees and taxes that you need to be aware of.  The amount of these fees and taxes are based on how much the property cost at the time of the transaction or transfer:

• Any Unpaid Real Estate Taxes due – always check if the property you are buying has any unpaid real estate taxes particularly if you are buying property directly from the owner
• Capital Gains Tax (CGT) – this is computed as 6% of the selling price specified on the Deed of Sale or the Zonal value, whichever amount is higher
• Withholding Tax – this only applies when the seller of the property is a corporation (e.g. a land Developer)
• Transfer Tax (Local Treasurer’s Office) – this is tax imposed on the sale, barter, or any other method of transferring of the ownership or title of real property, at the maximum rate of 50% of 1 percent of a property’s worth (in the case of cities and municipalities within Metro Manila, this is 75% of 1 percent)
• Transfer Tax (BIR) – Transfer taxes may also be owed to the Bureau of Internal Revenue. If the property was donated, the Transfer Tax is in the form of Donor’s Tax. If the property was transferred via inheritance, this is in the form of estate tax.
• Documentary Stamp Tax – this is commonly set at 1.5 percent of the selling price, or the zonal value or fair market value, whichever is higher.
• Registration Fee – commonly set at 0.25 percent of the selling price, or zonal value or fair market value, whichever is higher.
• Commission of the Agent and/or Broker
• Incidental and miscellaneous expenses – typically any expense incurred in the registration process, such as notary fees, etc.

The total amount of all these fees and taxes is the cost of transferring a land title. As you can see, all these fees and taxes can quickly add up.

Now, closely related to this topic is another question often asked immediately afterwards: “Who should shoulder the Land Title Transfer expenses?”

The common practice in the Philippines is that the seller is responsible for the following:

• Capital Gains Tax
• Withholding Taxes
• Any unpaid real estate taxes that are due
• Commission of the Agent and/or Broker assisting in the completion of the transaction

The buyer on the other hand, takes care of the following:

• Documentary Stamps
• Transfer Taxes
• Registration Fees
• Incidentals and miscellaneous expenses incurred in the registration process

This arrangement is considered standard practice. But in other cases, the buyer and seller can also mutually agree on who pays for what during the negotiation period, when the Deed of Sale (a.k.a. Deed of Absolute Sale) has not been signed yet.  This document shows the legal transfer of real estate property ownership and is submitted to the Registry of Deeds for filing after the buyer pays the Documentary stamps, transfer tax and registration fees for the aforementioned Land Title Transfer.

As you can see, the entire process and everything involved can prove to be very burdensome to both buyer and seller.  Since most buyers are willing to pay millions to buy property, it is sometimes worth it to engage a company that specializes in land title transfers in order to take the burden away from the buyer and seller.  This also ensures that the transfer is done correctly and completely.

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With the rise in cybersecurity threats and data breaches, companies have been advising people to turn on multi-factor authentication (MFA).  This basically involves using more than one method of authenticating a user.

For example, a website may require you to enter your username and password, then send an SMS message to the mobile phone number you specified during registration.  The code in the SMS message is randomly generated hence the term One-Time-Password (OTP). You need to enter the OTP in order for you to gain access to the website.

Likewise, mobile banking apps on your phone also implement MFA by requiring you to enter your username and password, then also send you the OTP (usually on first time access).  They also normally require the use of OTP for transaction that involve payments, fund transfers, or any changes to your user account info.

Sounds like a very secure way of doing transactions right?  Someone would need to steal your phone (or your SIM) in order to obtain your OTP in order to impersonate you and perform transactions in your name.  This is basically a form of IDENTITY THEFT.

Scammers and crooks have always been busy trying to find ways of defeating the latest security measures.  The latest wave of identity theft goes by several names. Some call it the SIM swap scam, others call it SIM splitting fraud.  But whatever name you prefer to call it, here is some of the common ways the scam is committed:

• Someone claiming to be a Telco representative offers you a SIM upgrade. All you need to do is turn in your old SIM card so they can replace it with a new SIM card with upgraded features.  Unless you’re actually at the Telco branch talking to the customer sales representative sitting behind the desk, do not surrender your SIM!  The moment you surrender your SIM card, these crooks now have access to your OTP and can start attempting to change your user account information so they can eventually make fraudulent transactions.

• Another way this scam is performed is with the help of someone within the Telco company itself. There have been stories of Telco staff participating (either willingly or unwillingly) to illegally provide duplicate SIM cards to criminals organizations and scammers.

• Some may even go to the Telco branch and claim to be you and report your SIM card as missing and request for a replacement SIM card.

Regardless of the method, the end result can be devastating for you and your family.  Your entire life savings or retirement fund can be wiped out should you fall for this scam!

To combat this kind of criminal activity and fraud, the following tips may prove to be a life-saver:

• Needless to say, ALWAYS turn on MFA on all your mobile devices
• If available on your device, use biometric (i.e. fingerprint or facial recognition) authentication
• Regularly change your password (every 90 days is a good interval)
• Always use long complex passwords that only you can remember. If you love eating ice cream, an example of complex password can be “Ic3Cre@mSunda3!”
• If you don’t like remember many passwords, you can use a password manager so that it will take care of generating complex and randomized passwords for each website you visit, and you will only need to remember the master password. Don’t take our word for it, check out this list of recommended password managers:  https://tinyurl.com/y7vuowqa

At the end of the day, knowledge about these scams and vigilance on our part will be our weapons against these criminal elements that want to steal your hard-earned money!

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If you are trying to get back on your feet amidst the GCQ, then here are a few ways to get clients in the new normal!

Build A Website

The new normal requires social distancing, and with non-essential businesses temporarily closed due to the government mandate for self-quarantine measures to be in effect, having a website is one of the best ways to get your listings out.  We know this can be a bit daunting for most people, so we’ll post more articles to help you get started building your website, so stay tuned!  For now, let’s concentrate on the advantages of having your own real-estate website:

1.) Accessibility

Once you have your website up and running, your properties can be viewed by endless potential clients from all over the world. It is readily accessible, and it can be easily shared online. The properties you sell can be seen conveniently and gain interest from various people.  But what if getting your website up and running is currently not feasible right now? What other options do you have to get the word out online that you’re in the real-estate business?  The next best thing is to leverage something that is already there and already accessed by millions of people worldwide, and that is Social Media! Don’t worry, we’ll get to that in a minute.

2.) Credibility

With a website, you can build your online credibility and even establish your brand, if you’re inclined to do so. Building credibility is very important for Brokers and Agents alike. Having good credibility builds trust with your client and can help you land good deals and in turn, potential get more buyers through positive word-of-mouth.

To establish a good business and personal relationship with your clients, it is advisable that you start focusing on specific projects or areas.  Having a focus project or area allows you to concentrate on learning all about that specific project or area.  The whole point of this is to become very familiar with the project to the point where you can call yourself a subject matter expert (SME).  Being an SME means you can talk about a project in detail with your potential clients and answer their questions with confidence.  This builds up your image with your buyers because this shows them that you know exactly what you are talking about.

3.) Management

With your own website, you have complete control over what you post, and when you post it. This means you now have the ability to keep all your listings up to date.  An updated inventory gives you the advantage of finding the right home for your client. This can be very advantageous if you are focusing on high-end properties.  Depending on the number of properties you advertise, this can be also pose a challenge as well.

Use Social Media

Having your own website out of the question for now?  You can use social media as your platform!  It’s quick and easy to set up!

1.) Advertisements

Take advantage of the various free social media sites such as Twitter, Facebook, LinkedIn, and Instagram to advertise your listings and garner attention. These platforms are often used by the general public, and when properly utilized, can spread your name or your company’s name in a very short period of time. You also have the option of boosting your posts in social media.  On most social media platforms, boosting your post is quite affordable, but your mileage may vary of course.  It is always better to build your online reputation first by creating useful and informative posts on these platforms so that people start to take notice of you and hopefully share your posts with their circle of friends and acquaintances.  Think of this as a positive word-of-mouth endorsement.

2.) Relevancy

Social media apps are available to almost everyone with Internet access, so it helps you stay relevant in the public’s eye. Using these sites can help you expand your reach in advertising your properties and also get your name out to interested clients. It is important to let your presence be known because the more people that know you, the more they think about your business.  Try to keep your posts always relevant to real-estate so that your social media profile because better associated with the real-estate industry.

3.) Branding

If you want to be able to differentiate yourself from the rest of your competitors, you should establish your brand. This is a great way to establish name-recall and show your specialization to your clients. You can brand yourself as a property consultant, but that also makes you responsible for keeping yourself up to date on everything affecting real estate. This means always reading the latest news and trends from reputable sources. Doing this gives your clients the confidence that they are getting the best advice on their real estate concerns.

Learn Video/Photo Editing and Production

You need to be competitive online.  It is inevitable that you need to learn and understand what makes a video or picture effective in attracting potential buyers.  It’s a given that potential clients will want to see what you’re selling. After all, everyone wants to see what they’re paying for!

1.) Visual Appeal

It is important for listings to be appealing to clients. It either creates a good or bad impression on them. Often buyers tend to not stick around a property which looks dark, cluttered, and unorganized. It also shows how the quality of the estate, whether the condition is fit for them to live in or not. It pays to learn more about the basics of taking an appealing photo of real-estate properties.  We will tackle this in future articles.

2.) Perspective

Basic knowledge on selecting a good visual perspective of a property will help make your property more appealing to potential clients.  It will also help make your listing more visually informative, providing your buyer with a better understanding of the estate.

3.) Image and Video size

This is a bit on the technical side, but you want to keep the file size of your images and videos small enough so they load quickly but still retain a decent visual quality so they don’t come out as blurry or pixelated. We will be posting more on this topic soon, so stay tuned for our future articles!

Knowledge on Your Property

 1.) Be Knowledgeable

This is very important in the field of Real Estate.  The last person a buyer wants to talk to is someone who doesn’t have the basic information readily available.  Having extensive knowledge on the property you are selling can help clients make decisions faster (i.e. close the sale). Also, being able to answer their questions quickly and effectively shows your seriousness in helping them make an informed decision. You might now end up closing the deal now, but this will leave a positive impression on your client and can potentially result in a future sale or referral.

2.) Customer Care

It is important to assume that you are not the only one a buyer is talking with. Most clients shop around first in order to compare offers from properties that they are interested in. Potential clients often go for the agent or broker who provides the best knowledge and customer care. Show the customer you are not just in it for the commission, but you are providing them a valuable service by acting as an investment adviser of sorts so they can make the best decision with their money.

3.) Landing the Deal

If you have great familiarity and knowledge on your properties, you can cater to your buyer’s needs effectively. You can also provide alternatives or better options to fit their tastes when looking through listings, thus helping them find their dream home or investment opportunity.

“Dahil sa new normal, kailangan natin gumawa ng paraan para maka-adapt sa ating bagong sitwasyon. Wala sa edad ‘yan, lahat tayo puede matuto, basta palagi natin isipin na kakayanin natin.”

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Mortgage Redemption Insurance or  MRI is a type of Life Insurance required by Banks and other Lending Institutions when you apply for a Home Loan. An MRI pays off the outstanding mortgage balance of the borrower in case of his or her death or total disability.

While there are those who do not see the need for an MRI, as it supposedly just adds to the money that needs to be shelled out. The purpose of an MRI is two-fold: First, it protects the bank – the MRI guarantees that the bank will be paid back the amount that was lent out. Therefore, the bank or lender does not have to sequester the house from the borrower’s surviving family. Secondly, it protects the borrower’s surviving family – the MRI helps settle the outstanding house loan amount so that the borrower’s surviving family does not have to worry about how to pay off the outstanding loan amount.

Whenever you make a significant investment, you need to protect it via insurance. To be clear, MRI is not like fire insurance which is typically an add-on to your property insurance, or insurance that includes protection from Acts-of-God. Hopefully, You now have a better understanding of MRI and how it is different from fire insurance.

Should you have any other real-estate related questions, please feel free to comment or email your questions to broker.doah@philrep.com.ph

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The COVID-19 pandemic has left no industry untouched. Pandemic has a sudden and significant impact on all aspects of people’s lives across the world now living under some sort of lockdown quarantine. Lots of us lost their job or even facing a lay-off while all businesses that are affected are trying to bounce back from all the loss and momentum they had.

Real-estate is one of the industries that will feel the outcome of this unexpected disaster we are facing. The unemployment rate will rise as most of us will start to plan again for the opportunities and dreams we’ve lost.

At some point in moving forward. We at PhilRep Realty sees the opportunity for a property investor or individual people who still have the capacity to pursue their plan to buy house and lot, condominium, or commercial property.

Advantage of buying real estate properties these Pandemic time:

• Some developers are giving big discounts on downpayment and lower pricing.
• More foreclose properties will be posted in PAG-IBIG or banks.
• Less competition in choosing the right unit you want.

Point of View:

In every crisis, there is always a solution to keep us alive and kickin’. Let us not lose hope because for every dark night there’s a brighter day.

The post Advantage of buying properties these Pandemic time in the Philippines appeared first on PHILREP Realty Corporation.

For most entrepreneurs, starting up your own business is just like raising a child. You love and nurture it, you sacrifice your time, energy and resources for it, you keep on thinking about it even when you’re home or on vacation, you spend sleepless nights worrying about it, you make preparations for it’s future, and sometimes, you cry for it when things don’t go as planned. Worst case, everything you did for it might not bear fruit at all…

But the good thing is, you can start all over. And if you’re smart, you’ll be able to use all that you’ve learned from everything you’ve gone through. And hopefully this time, with enough planning, good decision-making and perseverance, you can eventually see your child grow up to be a parent.

No one ever said being your own boss would be easy…

The post The Parent appeared first on PHILREP Realty Corporation.

Are you planning of buying a property in Laguna or thinking of migrating into the South area for the purpose of work or other personal matters?

Let me share Southwoods City as one of my apple of the eye for its accessible location and establishment availability. We are always in the area for walking and jogging activity since 2010 and the area is developing very well. There is condominium constructed at the center of all the vicinity.

I made a list of tested insights on what Southwoods City can offer you…

• Ease of access to SLEX both South and North The area is very convenient for entry and exit if you are going to Manila or Calamba
• Accessible road going to Governors Drive going to Carmona, Cavite, or Tagaytay A passing road inside subdivisions that will shortcut you going to GMA and Governors Dr.
• Accessible road going to the service road of Binan Laguna A road going to National Rd. if your way is going to Binan, Pacita, San Pedro, or other Laguna areas and wanting to avoid toll gate fees
• A walking distance Mall, School, Church, Hospital, Resort, and businesses Sto. Niño De Cebu Church, Southwoods Mall, Colegio San Agustin, Unihealth Hospital, and Splash Island Resort can be found in the proximity of Southwoods City

Explore the vicinity by watching this video…

Future Development from Megaworld

Southwoods City is the largest and only fully-integrated township with a golf course to rise in the South of Manila. This 561-hectare prime property will imbibe the LIVE-WORK-PLAY-LEARN lifestyle concept pioneered by Megaworld to position it as the next residential, business, commercial, and leisure hub in the South of Manila located in the boundaries of Cavite and Laguna. As a mixed-use development, Megaworld’s Global Estate Resorts, Inc. will add the “golf” component as the 125-hectare Jack Nicklaus-designed Manila Southwoods Golf and Country Club is located right at the heart of the township. Southwoods City will also feature a central business district, commercial and retail stores, lifestyle malls, schools, church, a cyberpark, a medical facility, open parks, leisure facilities, and its own transport hub.

Within Southwoods City, the company is introducing Pahara, a 26-hectare sprawling residential village, which consists of 602 available lots ranging from 239 square meters to 523 square meters on hilly terrains with spectacular views of the golf course and the Laguna de Bay. This residential village will feature a Mediterranean-inspired architectural theme with its own exclusive amenities such as a clubhouse, swimming pool, function halls, children’s playground, an outdoor circuit gym, jogging paths, landscaped parks, as well as green open spaces.

The post What Southwoods City can offer you for a good choice living appeared first on PHILREP Realty Corporation.

If you have a knack for marketing, buying-and-selling, and you have that client-comes-first, positive attitude and never-say-die personality, the real-estate industry is one of the most rewarding jobs you can venture into right now.

Most people who are really good at selling normally start out on a small scale. You’ll see a lot of enterprising individuals (a lot of them OFWs) who sell their hand-me-downs for affordable prices on FB live and make a good profit. They’re usually good at building rapport with their target audience and this is a critical skill for anyone in the buy-and-sell business.

A lot of aspiring real-estate sellers have experience and good people skills, but why are most of the folks I talk to hesitant to get into real-estate selling? One of the biggest challenges I have observed with the people I’ve interacted with boils down to the fact that they get overwhelmed by the price tag of what they’re selling. Most of them have been used to selling items that range in the hundreds to couple of thousands of pesos. But in real-estate, they suddenly have to sell properties that can be anywhere in the hundred of thousands up to several millions of pesos. And the price tag somehow intimidates most of them.

I’ve been in the same boat before, so I can understand how they feel, I used to be part of a startup IT company earlier in my career. One of my roles included coming along with the marketing team to present our proposal to clients. As a technical person, that was the time I had to quickly learn how to explain and justify to clients why the solution they were buying was so expensive. Trial by fire experiences come one after another, some worse than others, but I took it all in stride, because I learned what I did correctly, and more importantly, I learned what NOT TO DO in the future. So here’s my unsolicited advice to all you aspiring real-estate sellers…

You are selling something of great value to someone. It is not just a structure built out of concrete and steel, it is a FUTURE HOME of a family. It is where fond memories will be built upon and preserved. These intangible things are PRICELESS and cannot easily be assigned a monetary value.

If you are still not convinced, think of if this way: Do not look at the total contract price, think in terms of Monthly Downpayments and Amortizations instead. It becomes easier as you look at the bigger picture. Also, your client is making an INVESTMENT that can pay for itself in the future if they decide to rent/lease out their property. Real estate very rarely depreciates in value after all.

And if you do your job well and show your client that you actually care about their dream of finding a HOME, then just might be pleasantly surprised at repeat business and referrals from your happy clients!

HAPPY SELLING EVERYONE!!!

About the author:

Jay Dominic Sto. Tomas is a board member of PHILREP Realty Corporation and a certified IT Architect at IBM

The post I WANT TO GET INTO REAL-ESTATE SELLING BUT… appeared first on PHILREP Realty Corporation.

Planning to acquire a property but not in a hurry to move in? That’s good thinking and your best option is the Pre-Selling properties! In real estate, a pre-selling means a property is sold before it’s completion, during its construction, or while still in the planning stages. Know these two advantages of buying a pre-selling property that will benefit you at the end.

• Pre-Selling House and lot or condominium are cheaper

Since it is the planning or construction stage, the developer offers a 30-50 percent off for all the buyers. One of the reasons for these is the additional fund that they need to be added for the construction, and to be able to do this is to attract buyers to buy now while the building is still under construction. It is like you became an investor and a buyer at the same time. It is a win-win situation for the developers and the buyers as there is a lot of offers for this.

• You have the wide option for your preferred unit location

You can choose the best part location for your house and lot, whether you want it facing the sun, near the gate for the subdivision or corner lot which is most buyers is looking for. Same as in the condominium, you preferred what floors and views facing your unit.

We at Philrep Realty Corp. has a wide connection for the different developers. Let us help you by finding the right home you are looking for.

The post 2 advantages of buying a Pre-selling property appeared first on PHILREP Realty Corporation.

Every Filipino has a dream of owning a house of there dream and as part of the benefits of becoming a Pag-IBIG member is the privilege of home financing. We here at Philrep Realty Corp. is committed to guiding you from start to finish in buying your dream home. We want to help you understand the process of dealing with the application smooth and less hassle. See this summary guide on where and how you can start applying for your Pag-IBIG home loan.

1. Before we start, let’s check out first the requirements.
   • Have made at least 24 monthly savings. The lump-sum payment of the required 24 monthly savings is allowed.
   • Not more than 65 yrs. old, and not more than 70 yrs. old at maturity of the date of the loan application.
   • Have the legal capacity to acquire and encumber real property.
   • Have passed satisfactory background/credit and employment/business checks of Pag-IBIG Fund.
   • Have no outstanding Pag-IBIG Fund Short-Term Laon (STL) in arrears at the time of loan application.
   • Have no Pag-IBIG Fund housing loan that was foreclosed, canceled, bought back due to default, or subjected to dacion en pago. (Dacion en pago is a Spanish term that means the giving back of the property mortgaged to the lender in exchange for the discharge of a mortgage debt.)
   • Click Here for Requirement Checklist or Pag-IBIG Checklist Note: Better to complete first all the requirements before submitting.
2. Schedule an appointment through Online Housing Loan Application (OHLA) Click Here Note: A special lane in Pag-IBIG Fund branch offices is available for those who made an online schedule. They will be given priority over walk-in applications. But you can still apply over the counter if you like, you can file your housing loan application personally at Servicing Department, 2/F JELP Business Solutions, 409 Shaw Blvd. Mandaluyong City, or at any Pag-IBIG Fund brand office.
3. After submitting all the documents required. Wait for your approval – Pag-IBIG will notify you within 17 days
   • If approved, you will receive the Notice of Approval (NOA) and Letter of Guaranty (LOG)
   • Sign your loan documents and complete other documents needed for check release
4. Claim your check.
5. Start paying your monthly amortization.

The post 5 Summary Guide for Pag-IBIG Home Loan in the Philippines appeared first on PHILREP Realty Corporation.

Required Fees and Documents (Upon Loan Application).

a. Processing fee (non-refundable) of Php 1,000 and appraisal fee of Php 2,000.

A fee of Php 1,000 will also be charged for every re-evaluation or re-filing of housing loan application.

b. Duly accomplished Housing Loan Application Form with recent ID photo of the principal borrower or co-borrower (if applicable).

c. Proof of income.

For Employed, bring ANY of the following:

• Notarized Certificate of Employment and Compensation (CEC) showing your gross monthly income, allowances, or monetary benefits.
• Income Tax Return for the year prior to the date of loan application with attached BIR Form No. 2316, received and stamped by the BIR.
• Any certified 1-month payslip from the last three months prior to the date of the loan application. If you’re a government employee, the payslip must be submitted with CEC or ITR.

For Self-Employed, bring ANY of the following:

• Income Tax Return (ITR), Audited Financial Statements, and Official Receipt of tax payment from the bank supported with Mayor’s Permit/Business Permit and DTI Registration.
• Commission vouchers issued within the last 12 months and showing the issuer’s name and contact details.
• If your income comes from pensions, foreign remittances, etc., a copy of bank statements or passbook for the last 12 months.
• If your income comes from rental payments, a copy of the Lease Contract and Tax Declaration.
• Certified True Copy of Transport Franchise issued by the authorized government agency like the LGU for tricycles and LTFRB for other PUVs.
• Certificate of Engagement issued by the business owner.
• Other documents that can validate or prove your source of income.

For Overseas Filipino Workers (OFW), bring any of the following:

• Employment Contract (Employment Contract between employer and the employee or POEA Standard Contract).
• Certificate of Employment and Compensation (CEC). This CEC can be in the form of a document signed by the employer (for household staff and other similar employees) and supported by the employer’s passport or ID. A CEC written on the company/employer’s official letterhead is also accepted.
• Income Tax Return filed with the OFW’s host country or government. If written in a foreign language, an English translation is required.

d. Photocopy (front and back) of one valid ID of the principal borrower and spouse, co-borrower and spouse, seller and spouse, owner of the title (for accommodation mortgage), and developer’s authorized representative/Attorney-in-Fact, if applicable.

The following is a list of valid government-issued IDs accepted by Pag IBIG Fund:

• Company ID
• Passport (Philippine or foreign)
• Professional Regulation Commission (PRC) ID
• Driver’s License
• Government Service Insurance System (GSIS) eCard
• Social Security System (SSS) Card
• Integrated Bar of the Philippines (IBP) ID
• Government Office and GOCC ID (e.g. AFP ID, Pag-IBIG Loyalty Card)
• Overseas Workers Welfare Administration (OWWA) ID
• Senior Citizen Card
• Overseas Filipino Worker (OFW) ID
• Postal ID
• Seafarer’s Identification and Record Book (SIRB)
• Voter’s ID

e. Latest Certified True Copy of the Transfer Certificate of Title (TCT). If you’re applying for a loan to purchase a condominium unit, present TCT of the land and a Certified True Copy of the Condominium Certificate of Title (CCT).

f. Photocopies of the updated Tax Declaration (house and lot) and Real Estate Tax Receipt.

g. Vicinity map or sketch of the property.

i. Additional Requirements (if applicable only).

For Purchase of Lot/Residential Unit.

• Contract-to-Sell or similar agreement between the buyer and seller.

For Purchase of Lot with Construction of House (PLCH).

• Contract-to-Sell or similar agreement between the buyer and seller.
• Building Plans, Specification with Bill of Materials duly signed by the Licensed Civil Engineer or Architect.

For Purchase of Properties from a Developer/Association/Corporation.

• License to Sell (applicable to the Developer only).
• Secretary’s Certificate on the Authorized Signatory of the Developer/Corporation/Association.
• One (1) valid ID of the Corporate Secretary and Authorized Signatory of the Developer/Corporation/ Association (Photocopy, back-to-back).

For Construction of House/Home Improvement.

• Building Plans, Specification with Bill of Materials duly signed by the Licensed Architect or Civil Engineer. This requirement is to ensure that the loan will be used by the borrower for the intended purpose and not for something else like investing in a business, buying a car, etc.

For Accommodation Mortgage.

• Building Plans, Specification with Bill of Materials duly signed by the Licensed Architect or Civil Engineer.
• Notarized SPA for Accommodation Mortgagor.

For Refinancing.

• Latest Statement of Account on Outstanding Loan Balance duly signed by the manager or the account officer.
• Either of these two documents: Subsidiary Ledger or Official Receipt for the past 12 months (or any valid proof of payment).

For Refinancing with Construction of House/Home Improvement.

• Latest Statement of Account on Outstanding Loan Balance duly signed by the manager or the account officer.
• Either of these two documents: Subsidiary Ledger or Official Receipt for the past 12 months (or any valid proof of payment).
• Building Plans, Specification with Bill of Materials duly signed by the Licensed Civil Engineer or Architect.

For OFW Pag IBIG Fund members.

• Special Power of Attorney notarized either by a Philippine Consular Officer or a notary in the country where you’re working. The SPA should be authenticated by the Philippine Consulate.
• Any or a combination of the following documents (written in or translated into the English language): Valid OWWA Membership Certificate; Payslip indicating income received and the period covered; Professional License issued by Host Country/Government; Residence card/permit (permit to stay indicating work as the purpose); Overseas Employment Certificate; Passport with appropriate visa (Working Visa); Bank remittance record.

Insurance Coverage.

• Health Statement Form (Medical Questionnaire) for borrowers over 60 years old or those 60 years old or younger whose loans are over Php 2 million to Php 6 million.
• For OFWs over 60 years old, a Health Statement Form (Medical Questionnaire) along with a copy of the medical examination result as required by the employment agency and conducted before you flew overseas.

Required Fees and Documents (Prior to Loan Release).

a. Php 2,000 upon loan take-out (to be deducted from loan proceeds).

Additional fees (if applicable):

• Php 1,000 (to be deducted from the final loan release) for every inspection in excess of four inspections for accounts with staggered releases (e.g., home construction or improvement).
• A handling fee of Php 2,000 for every additional check issued for split payment of loan proceeds.

b. TCT/CCT in the name of the borrower/co-borrower/s (if applicable) with proper mortgage annotation in favor of Pag-IBIG Fund (Owner’s Duplicate Copy).

c. TCT/CCT in the name of the borrower/co-borrower/s (if applicable) (Certified True Copy) with proper mortgage annotation in favor of Pag-IBIG Fund (RD’s copy).

d. Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (photocopy) in the name of the borrower/co-borrower/s, if applicable.

Note: For refinancing, you will only need a photocopy of the updated Real Estate Tax Receipt.

e. Loan Mortgage Documents (to be provided by Pag IBIG upon loan approval):

• Loan and Mortgage Agreement duly registered with Registry of Deeds with original RD stamp (HQP-HLF-162/163).
• Duly accomplished/notarized Promissory Note (HQP-HLF-086/087).
• Disclosure Statement on Loan Transaction (HQP-HLF-085).

f. Additional Requirements (if applicable only).

Surety bond (for properties that are subject to the lien imposed by Section 4 Rule 74 of the Rules of Court).

Collection Servicing Agreement with Authority to Deduct Loan Amortization or Post Dated Checks, if applicable.

For Purchase of Lot/Residential Unit.

• Deed of Absolute Sale duly registered with Registry of Deeds with original RD stamp.

For Purchase of New Residential Unit only.

• Deed of Absolute Sale duly registered with Registry of Deeds with original RD stamp.
• Occupancy Permit.

For Purchase of Lot with Construction of House (PLCH) only.

• Deed of Absolute Sale duly registered with Registry of Deeds with original RD stamp.
• Occupancy Permit.
• Building Plans/Electrical/Sanitary Permits duly approved by the building officials.

For Construction of House/Home Improvement.

• Occupancy Permit.
• Building Plans/Electrical/Sanitary Permits duly approved by the building officials.

For Refinancing.

• Updated Statement of Account on Outstanding Loan Balance duly signed by the Manager or the account officer.

For Refinancing with Construction of House/Home Improvement.

• Updated Statement of Account on Outstanding Loan Balance duly signed by the Manager or the account officer.
• Occupancy Permit.
• Building Plans/Electrical/Sanitary Permits duly approved by the building officials.
• Updated Tax Declaration (House) in the name of the borrower/ co-borrowers.

The post Pag-IBIG loan requirements and fees appeared first on PHILREP Realty Corporation.

House and Lot or Condo? A confusing decision if you don’t know what are the pros and cons before buying the property.

I experienced this myself when the time I was looking to buy a property for the purpose of investment. This is a long-term payable (If you’re into financing) that you really need to think about before signing those contract to sell and paying your equity or down payment. We at Philrep Realty Corp. wants to make sure that you decided for the right investment!

I made a comparison in general and case to case basis that will fit for any situations that you had.

In General,

• house and lot have more freedom to modification while condo is limited because of building policy.
• house and lot are all yours to keep with a full land title that you can pass to your children while condo you only own part of space in the building.
• house and lot you had your own backyard, you can have some pet and hobby if you want while most of the condo does not allow a pet.
• condo is easy to maintain while house and lot need more time to clean.

Case to case reason for buying,

• if you are working in the city, a condo is more accessible than house and lot located in subdivision far from the access.
• if your lot is big, you can have your own garage inside your house and lot property while in a condo you need to rent or purchase your own parking space.
• if your condo is expensive, it is luxurious and the amenities are great and the cost of living is class.
• if you plan to bring it to business, a condo has a good opportunity for rent at a higher rate(base on my personal experienced) while house and lot has a lot of things to consider.

Point of View:

You know yourself and your situations, nobody can tell what is best for you, only yourself. Any consultant can only give advice for you to realize the pros and cons of both properties. Think of where you are now and the future plans.

The post Are you buying House and Lot or Condominium? appeared first on PHILREP Realty Corporation.

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