Buying & Investing -Frequently Ask Question [FAQ]

Property  investment is a major  decissions thats  gives rise  to many questions.  The customer is the cornerstone of our business . How may we help you.  Let us respond to the point matters most to you.

Buying or investing properties in the Philippines

1. Why should I consider buying or investing in a property in the Philippines?

•        Investing in property or real estate in the long term is a good way of balancing one’s portfolio of investments.  A typical investment in property or real estate usually assures the investor of long term capital appreciation.  An additional benefit for an investor is the rental income which can be derived from investments in a house and lot or condominium unit.At this point, it would do well to remember that a property’s rate of appreciation also has a lot to do with the reputation of the developer and the quality of his projects.  The better known and respected the developer, the faster and higher is the appreciation of investments in his projects.2. I’m interested in buying property in the Philippines. What is the first thing I need to do?

2.I’m interested in buying property in the Philippines. What is the first thing I need to do?

• You may click on the Property Finderto look for properties developed by Ayala Land.Go through the individual projects and get a sense of the unique lifestyle and experience offered by each.  Once you have selected a property, click on the Home Buying Guide to help you work out the next steps and complete your purchase.

3 .What are my options if I would like to retire or buy a vacation home?

• Depending on your needs and lifestyle preference, Ayala Land offers a variety of property options. You may choose a condominium unit in a commercial business district that will give you quick access to urban conveniences, or you may prefer a residential lot or house-and-lot in the suburbs of Metro Manila, where you can enjoy cool air and beautiful scenery in a well-planned community with complete amenities. Whether you enjoy a cosmopolitan lifestyle, the cool breeze of the sea, daily rounds of golf, or the charming suburban lifestyle, Ayala Land has a property option which will suit your needs.

4.   What factors should I consider when selecting a home?

• Among the factors that you should consider are your preferences in terms of location and the type of property which you would like to purchase. An added dimension is the over-all quality of the project or community where the property is located.External factors include proximity to schools, places of worship, central business districts, shopping & dining destinations, and other forms of entertainment and recreation.  For retirees and active seniors, proximity to world class medical facilities will be a primary consideration. Ayala Land offers a wide range of properties in prime locations.  The combination of good location, high-quality construction, and long-term commitment to service and maintenance will provide you with the ideal living experience.

5. What tips can you offer for choosing a good lot, house-and-lot, or condo unit?

• Among the factors which you should look for in choosing a lot are the following:  terrain or topography of the particular lot, the views available from the said lot, the proximity of the lot to amenities and parks, the orientation of the lot (e.g. east, corner lot), the availability of trees within the lot itself, and the shape of the lot – which will have an impact on the design of the house.In choosing the location of a condominium unit, the factors you should consider are the following:  the views available from the said unit, the orientation of the unit (e.g. east, corner), the location of the unit in terms of level (e.g. lower level, penthouse), and the proximity to amenities.Factors specific to the house or condo unit are the size and number of bedrooms, number of toilets,  the availability of extra spaces such as den, maid’s room, storage room, and parking space, and how all of these are laid out in the floor plan.  A well planned unit will provide good circulation, ample space, and good synergy of movement between related areas.Consider also the quality of the finishes (floor, sanitary wares, ceilings, door and windows) and the provision of add-ons such as cabinets, fixtures, and telecom provision (cable TV, telephone, and DSL).

5. Do I really need a broker/seller to purchase a property?

• Yes you need a broker who is an accredited seller of Ayala Land  to assist you in buying property.

6. What is a corporation?

• A corporation is a juridical person capable of having rights and obligations, with a personality separate and distinct from that of its shareholders.  Corporations may be classified into two general classes:  stock and non-stock.  Stock corporations are governed by a board of directors and its shares are held by persons referred to as shareholders.  Stock corporations have capital stock divided into shares and are authorized to distribute to its shareholders dividends out of its surplus profits.  Non-stock corporations are governed by a board of trustees and the persons constituting it are referred to as members.  Non-stock corporations exist for purposes other than profit, like religious, civic, and charitable organizations, and no part of its income is distributable as dividends to its members, trustees or officers.
  

7. Can I use a corporation to buy a property in the Philippines?

• Foreigners may indirectly own land by investing in Philippine corporations registered with the Securities and Exchange Commission (SEC) subject to the foreign equity restrictions for ownership of private land discussed above. Such Philippine corporations may then acquire the land.

8. What are the documents required for setting up a corporation?

• The Securities and Exchange Commission (SEC) website http://www.sec.gov.ph/  provides a listing of all the documentary requirements and the procedural steps for incorporation a domestic corporation.

Buying your Home

Buying your Home
I take the buying process as seriously as my buyers do and offer quality services to my clients. When you are ready to purchase your home, make sure you hire someone whom you  trust, and with the experience and the attention to detail that you deserve. Here are some of the steps I will take to find your perfect home:

Distinguish between your Wants and your Needs
This is the single most important step. By asking you a series of questions, I will establish what you are looking for. My goal is not to waste your time by looking at properties that are not in your price range or homes that don’t meet your needs. Throughout the buying process, I will maintain your confidentiality and represent your best interests.

Help You Get Pre-Qualified
This step will show you how much you can afford. This is accomplished by speaking with your Financial Institution and establishing what monthly payments you are comfortable with.

Home Shopping
I will use every available method to locate a property that matches your search criteria. This will include properties listed with our office, offered through other real estate companies, as well as unlisted properties which are for sale by owner. You will be informed of all known facts about the property that are likely to affect your decision. When I find the home that meets your criteria, I will assist you in writing an offer and will act as your Realtor link between you and the Seller and the Seller’s Agent.

It’s my Job to find you a Home….but it is my Privilege to help you achieve your home-ownership goals.

Legal and documentary requirements related in buying a property

1. 1.     What is a consular notarization (consularization)? What does execution of documents mean?

Under Philippine law, the purchase of real property must be in a public instrument in order for the purchase to be registered with the Register of Deeds. Thus, the Contract to Sell and Deed of Sale shall only be considered public instruments in the Philippines if attested by a notary public and, if executed outside the Philippines, authenticated by the Philippine consul as to the due execution of the relevant document or instrument in the country where such document or instrument was executed.

Notarization is the process by which the person executing the document personally appears in person before a Philippine notary public and represents to such notary public that the signature on the instrument or document was voluntarily affixed by him for the purposes stated in  the instrument or document, declares that he has executed the instrument or document as his free and voluntary act and deed and, if he acts in a particular representative capacity, that he has the authority to sign in that capacity. Consularization is the process by which the consular agent or officer in the foreign service of the Philippines stationed in the country where the record is kept authenticates a document by the seal of its office. A document is deemed consularized when executed before and notarized by a foreign notary, and such notarization is authenticated by the Philippine consular agent or officer, or when directly authenticated by such Philippine consular agent or officer, in either case, sealed by the seal of the office of the Philippine consul. A listing of consular offices may be found iin the website of the Philippine Department of Foreign Affairs. (DFA): http://www.dfa.gov.ph

Execution of documents means the signing and accomplishment of documents under the proper, legally prescribed conditions, such as before witnesses if required.

1. 2.     Who may execute documents?

Age

Under Philippine law, only persons of legal age (18 years and above) are allowed to enter into contracts.  A minor may, however, be allowed to purchase real property from his/her own funds if represented by a legal guardian.  The legal guardian is required to furnish a bond in such amount as the court may determine, but not less than 10% of the value of the property or annual income of the minor, to guarantee the performance of the obligations prescribed for the guardian.

The guardian purchasing the property on behalf of the minor must submit a Certificate of Finality of the Order of the court appointing him/her as guardian of the minor child and approving the bond posted by him in compliance with the requirements of the Family Code of the Philippines.

Status

Under Philippine law, all property acquired during the marriage is presumed to be community property of the married couple, unless it is proved that the couple agreed in a marriage settlement to be governed by another type of property regime prior to their marriage.  Thus, in the absence of a pre-nuptial agreement, the contract shall be executed, and the property registered, either (1) in the names of “Spouses Mr. X and Mrs. X” if bought from the common funds of the spouses, or (2) in the sole name of “Mr. X, married to Mrs. X,” where Mr. X buys the property using his own funds.  This rule applies even if the married spouses are separated in-fact (i.e., not legally separated).

However, if the spouses are legally separated, or their marriage has been annulled or declared null and void, the property may be registered solely in the name of the spouse buying the property upon submission of the Certificate of Finality or Entry of Judgment of the decision of the court granting the legal separation or annulment of marriage and the separation of properties.

For married persons, the property may be registered solely in the name of the spouse buying the property upon submission of a duly executed pre-nuptial agreement.

If the property was acquired in the name of a Philippine citizen or former natural-born Philippine citizen who is married to a foreigner, the Philippine citizen is required, as a precondition to the registration of the property in his or her name, to execute a Certificate of Paraphernal Property which states that the property was purchased by the Filipino spouse with his or her own money.  In such case, the document shall be executed, and the property registered, in the name of the Philippine citizen or former natural-born Philippine citizen, with the spouse’s name indicated as being “married to” such Philippine citizen or former natural-born Philippine citizen.

Citizenship

The discussion on “Who may Own Real Property” applies in the determination of whether a Philippine citizen, foreigner, or former natural-born Philippine citizen may execute agreements for the sale and purchase of private lands.

The child of a natural-born Philippine citizen who subsequently loses his Philippine citizenship may acquire private land in the Philippines provided; he or she is of legal age and is a Philippine citizen.  The citizenship of the child is determined, however, by the circumstances prevailing at the time of his or her birth, such as the date of his or her birth and the citizenship of the child’s parents and such other factors as may be applicable under Philippine law.

Representation through an Attorney-in-Fact

If the buyer wishes to transact through his or her representative, Philippine law requires that a Special Power of Attorney (SPA) be executed by the buyer in favor of such representative to act as his or her attorney-in-fact.  The SPA shall bear the signature of the buyer and the specimen signature of the qualified representative, and expressly specify the authority of the qualified representative to, among others, sign the sale documents and obtain and receive, for and on behalf of the buyer, the owner’s duplicate of the certificate of title to the property.

Documents executed by the buyer submitted in support of his or her personal circumstances must be certified and/or attested by a notary public and, if executed outside the Philippines, must be authenticated by the Philippine consul as to the due execution of the relevant document or instrument in the country where such document or instrument was executed.

1. 3.     What documents will prove my ownership when I purchase a property?

Ownership of a subdivision lot is evidenced by a transfer certificate of title (TCT) issued by the Register of Deeds of the relevant city or municipality where the subdivision project is located. Ownership of a condominium unit is evidenced by a condominium certificate of title (CCT) issued by the Register of Deeds of the relevant city or municipality where the condominium project is located.

Ownership of a single-detached house or townhouse constructed on a subdivision lot is evidenced by a Tax Declaration (TD) issued by the City Assessor of the city or municipality where the project is located.  Subdivision lots and condominium units are also covered by a TD.  The TD shows the assessed value of the property which is used as basis for charging the  real property tax (RPT) imposable on the property.

Upon the payment of the relevant taxes and fees to the government units and agencies, and obtaining the necessary clearances to register the property from the BIR and the local government unit concerned, the TCT or CCT shall be transferred from the name of the developer to the buyer by the appropriate Register of Deeds.

The TD covering the lot and/or dwelling unit or condominium unit shall be transferred by the appropriate City Assessor from the developer to the buyer upon submission of the sale documents and the BIR tax clearance authorizing the registration of the property in the name of the buyer.

The TD for a subdivision lot in the name of the buyer is issued after the issuance of the covering TCT. The TD for a dwelling unit, whether a single-detached house, townhouse, or a condominium unit, is issued only after the local government unit has issued an occupancy permit which allows the occupancy of the same by the owner of the unit.

1. 4.     What is Contract to Sell, Deed of Sale, Transfer Certificate of Title (TCT), Condominium Certificate of Title (CTC) and Tax Declaration (Tax Dec)?

A Contract to sell or CTS is a document where developer promises to transfer to the buyer the ownership and physical possession of the property upon the buyer’s fulfillment of the terms of the sale, and the buyer obliges himself to pay the purchase price and comply with the other terms and conditions of the sale.  Once the property is paid in full, a Deed of Sale (DOS) is executed by the developer and buyer.

A Deed of Sale or DOS is a document executed when buyer pay the developer in cash (whether  using his or her own funds or through funds borrowed from bank or financing institutions). In the DOS, the developer transfer ownership of the property to the buyer, subject to the compliance by the buyer with the Deed of Restrictions or Master Deed with Declaration of Restrictions governing the project and the other terms and conditions of the sale.

A Transfer of Certificate of Title (TCT) is a proof of ownership of a subdivision  lot issued by the Register of Deeds of the relevant city or municipality where the subdivision project is located.

A Condominium Certificate of Title is proof of ownership of a condominium unit issued by the Register of Deeds of the relevant city or municipality where the condominium project is located.

1. 5.     What are the documents required for setting up a corporation?

The Securities and Exchange Commission (SEC) website http://www.sec.gov.ph/  provides a listing of all the documentary requirements and the procedural steps for incorporation a domestic corporation.

1. 6.     What are the documents I have to submit to close the purchase transaction?

The Securities and Exchange Commission (SEC) website http://www.sec.gov.ph/  provides a listing of all the documentary requirements and the procedural steps for incorporation a domestic corporation.

1. 7.     What are the documents I have to sign to close the purchase transaction?

You will have to sign the Contract to Sell (CTS) which will be sent to you after you have paid for the purchase.  You will then return the signed CTS to Ayala Land

If you will register the sale under the name of another person or corporation, then you must sign, have notarized, and submit to Ayala Land 3 original copies of the Special Power of Attorney (SPA). The SPA and CTS will have to be authenticated at the Philippine Consulate nearest you, as that is a requirement for the Philippine courts to recognize the validity of signed documents originating from overseas.

1. 8.     What are Articles of Incorporation and By-Laws of Membership Club ?

The Articles of Incorporation constitutes the charter of the corporation and is the contract between the stockholders and the corporation as well as fellow stockholders

ETON TOWER MAKATI (via Eton Tower Makati)

Eton Tower is a New Makati Condominium launched by Eton Properties of Lucio Tan. It is a 40-storey prime property is located just a few meters from Ayala Avenue and is ideally located at the corner of De La Rosa and V.A. Rufino Sts. (formerly Herrera St.) in Legazpi Village, Makati City, right at the heart of the Makati CBD. (See Location Map Below…) Eton Tower is envisioned to be a Vertical Community with a mix of Executive Residences and SOHO … Read More

via Eton Tower Makati

Legal and documentary requirements related in buying a property

1. 1.     What is a consular notarization (consularization)? What does execution of documents mean?

Under Philippine law, the purchase of real property must be in a public instrument in order for the purchase to be registered with the Register of Deeds. Thus, the Contract to Sell and Deed of Sale shall only be considered public instruments in the Philippines if attested by a notary public and, if executed outside the Philippines, authenticated by the Philippine consul as to the due execution of the relevant document or instrument in the country where such document or instrument was executed.

Notarization is the process by which the person executing the document personally appears in person before a Philippine notary public and represents to such notary public that the signature on the instrument or document was voluntarily affixed by him for the purposes stated in  the instrument or document, declares that he has executed the instrument or document as his free and voluntary act and deed and, if he acts in a particular representative capacity, that he has the authority to sign in that capacity. Consularization is the process by which the consular agent or officer in the foreign service of the Philippines stationed in the country where the record is kept authenticates a document by the seal of its office. A document is deemed consularized when executed before and notarized by a foreign notary, and such notarization is authenticated by the Philippine consular agent or officer, or when directly authenticated by such Philippine consular agent or officer, in either case, sealed by the seal of the office of the Philippine consul. A listing of consular offices may be found iin the website of the Philippine Department of Foreign Affairs. (DFA): http://www.dfa.gov.ph

Execution of documents means the signing and accomplishment of documents under the proper, legally prescribed conditions, such as before witnesses if required.

1. 2.     Who may execute documents?

Age

Under Philippine law, only persons of legal age (18 years and above) are allowed to enter into contracts.  A minor may, however, be allowed to purchase real property from his/her own funds if represented by a legal guardian.  The legal guardian is required to furnish a bond in such amount as the court may determine, but not less than 10% of the value of the property or annual income of the minor, to guarantee the performance of the obligations prescribed for the guardian.

The guardian purchasing the property on behalf of the minor must submit a Certificate of Finality of the Order of the court appointing him/her as guardian of the minor child and approving the bond posted by him in compliance with the requirements of the Family Code of the Philippines.

Status

Under Philippine law, all property acquired during the marriage is presumed to be community property of the married couple, unless it is proved that the couple agreed in a marriage settlement to be governed by another type of property regime prior to their marriage.  Thus, in the absence of a pre-nuptial agreement, the contract shall be executed, and the property registered, either (1) in the names of “Spouses Mr. X and Mrs. X” if bought from the common funds of the spouses, or (2) in the sole name of “Mr. X, married to Mrs. X,” where Mr. X buys the property using his own funds.  This rule applies even if the married spouses are separated in-fact (i.e., not legally separated).

However, if the spouses are legally separated, or their marriage has been annulled or declared null and void, the property may be registered solely in the name of the spouse buying the property upon submission of the Certificate of Finality or Entry of Judgment of the decision of the court granting the legal separation or annulment of marriage and the separation of properties.

For married persons, the property may be registered solely in the name of the spouse buying the property upon submission of a duly executed pre-nuptial agreement.

If the property was acquired in the name of a Philippine citizen or former natural-born Philippine citizen who is married to a foreigner, the Philippine citizen is required, as a precondition to the registration of the property in his or her name, to execute a Certificate of Paraphernal Property which states that the property was purchased by the Filipino spouse with his or her own money.  In such case, the document shall be executed, and the property registered, in the name of the Philippine citizen or former natural-born Philippine citizen, with the spouse’s name indicated as being “married to” such Philippine citizen or former natural-born Philippine citizen.

Citizenship

The discussion on “Who may Own Real Property” applies in the determination of whether a Philippine citizen, foreigner, or former natural-born Philippine citizen may execute agreements for the sale and purchase of private lands.

The child of a natural-born Philippine citizen who subsequently loses his Philippine citizenship may acquire private land in the Philippines provided; he or she is of legal age and is a Philippine citizen.  The citizenship of the child is determined, however, by the circumstances prevailing at the time of his or her birth, such as the date of his or her birth and the citizenship of the child’s parents and such other factors as may be applicable under Philippine law.

Representation through an Attorney-in-Fact

If the buyer wishes to transact through his or her representative, Philippine law requires that a Special Power of Attorney (SPA) be executed by the buyer in favor of such representative to act as his or her attorney-in-fact.  The SPA shall bear the signature of the buyer and the specimen signature of the qualified representative, and expressly specify the authority of the qualified representative to, among others, sign the sale documents and obtain and receive, for and on behalf of the buyer, the owner’s duplicate of the certificate of title to the property.

Documents executed by the buyer submitted in support of his or her personal circumstances must be certified and/or attested by a notary public and, if executed outside the Philippines, must be authenticated by the Philippine consul as to the due execution of the relevant document or instrument in the country where such document or instrument was executed.

1. 3.     What documents will prove my ownership when I purchase a property?

Ownership of a subdivision lot is evidenced by a transfer certificate of title (TCT) issued by the Register of Deeds of the relevant city or municipality where the subdivision project is located. Ownership of a condominium unit is evidenced by a condominium certificate of title (CCT) issued by the Register of Deeds of the relevant city or municipality where the condominium project is located.

Ownership of a single-detached house or townhouse constructed on a subdivision lot is evidenced by a Tax Declaration (TD) issued by the City Assessor of the city or municipality where the project is located.  Subdivision lots and condominium units are also covered by a TD.  The TD shows the assessed value of the property which is used as basis for charging the  real property tax (RPT) imposable on the property.

Upon the payment of the relevant taxes and fees to the government units and agencies, and obtaining the necessary clearances to register the property from the BIR and the local government unit concerned, the TCT or CCT shall be transferred from the name of the developer to the buyer by the appropriate Register of Deeds.

The TD covering the lot and/or dwelling unit or condominium unit shall be transferred by the appropriate City Assessor from the developer to the buyer upon submission of the sale documents and the BIR tax clearance authorizing the registration of the property in the name of the buyer.

The TD for a subdivision lot in the name of the buyer is issued after the issuance of the covering TCT. The TD for a dwelling unit, whether a single-detached house, townhouse, or a condominium unit, is issued only after the local government unit has issued an occupancy permit which allows the occupancy of the same by the owner of the unit.

1. 4.     What is Contract to Sell, Deed of Sale, Transfer Certificate of Title (TCT), Condominium Certificate of Title (CTC) and Tax Declaration (Tax Dec)?

A Contract to sell or CTS is a document where developer promises to transfer to the buyer the ownership and physical possession of the property upon the buyer’s fulfillment of the terms of the sale, and the buyer obliges himself to pay the purchase price and comply with the other terms and conditions of the sale.  Once the property is paid in full, a Deed of Sale (DOS) is executed by the developer and buyer.

A Deed of Sale or DOS is a document executed when buyer pay the developer in cash (whether  using his or her own funds or through funds borrowed from bank or financing institutions). In the DOS, the developer transfer ownership of the property to the buyer, subject to the compliance by the buyer with the Deed of Restrictions or Master Deed with Declaration of Restrictions governing the project and the other terms and conditions of the sale.

A Transfer of Certificate of Title (TCT) is a proof of ownership of a subdivision  lot issued by the Register of Deeds of the relevant city or municipality where the subdivision project is located.

A Condominium Certificate of Title is proof of ownership of a condominium unit issued by the Register of Deeds of the relevant city or municipality where the condominium project is located.

1. 5.     What are the documents required for setting up a corporation?

The Securities and Exchange Commission (SEC) website http://www.sec.gov.ph/  provides a listing of all the documentary requirements and the procedural steps for incorporation a domestic corporation.

1. 6.     What are the documents I have to submit to close the purchase transaction?

The Securities and Exchange Commission (SEC) website http://www.sec.gov.ph/  provides a listing of all the documentary requirements and the procedural steps for incorporation a domestic corporation.

1. 7.     What are the documents I have to sign to close the purchase transaction?

You will have to sign the Contract to Sell (CTS) which will be sent to you after you have paid for the purchase.  You will then return the signed CTS to Ayala Land

If you will register the sale under the name of another person or corporation, then you must sign, have notarized, and submit to Ayala Land 3 original copies of the Special Power of Attorney (SPA). The SPA and CTS will have to be authenticated at the Philippine Consulate nearest you, as that is a requirement for the Philippine courts to recognize the validity of signed documents originating from overseas.

1. 8.     What are Articles of Incorporation and By-Laws of Membership Club ?

The Articles of Incorporation constitutes the charter of the corporation and is the contract between the stockholders and the corporation as well as fellow stockholders

ETON TOWER MAKATI

Eton Tower is a New Makati Condominium launched by Eton Properties of Lucio Tan. It is a 40-storey prime property is located just a few meters from Ayala Avenue and is ideally located at the corner of De La Rosa and V.A. Rufino Sts. (formerly Herrera St.) in Legazpi Village, Makati City, right at the heart of the Makati CBD. (See Location Map Below…) Eton Tower is envisioned to be a Vertical Community with a mix of Executive Residences and SOHO … Read More

via Myblog's Blog

Eton Tower Makati

Eton Tower is a New Makati Condominium launched by Eton Properties of Lucio Tan. It is a 40-storey prime property is located just a few meters from Ayala Avenue and is ideally located at the corner of De La Rosa and V.A. Rufino Sts. (formerly Herrera St.) in Legazpi Village, Makati City, right at the heart of the Makati CBD. (See Location Map Below…) Eton Tower is envisioned to be a Vertical Community with a mix of Executive Residences and SOHO … Read More

via My Blog