Usually, property can be purchased by a straightforward arrangement, however in certain circumstances it can become tedious without professional help.Īfter choosing the property to buy as well as inspecting the premises and documents, the buyer usually signs what is known as a “Deed of Sale” which is a legally binding notarized document. There is a legal process when it comes to purchasing property, here is a basic outline of the steps involved. Legalities On Purchasing Filipino Property Working with a reputable organization can help ensure that the property you purchase is legally valid & official, dealing with a real estate company that is not licensed is prohibited under the Real Estate Service Act, so it is absolutely essential. When considering purchasing property in the Philippines it is important to work with a reputable company like loansolutions.ph to avoid the many potential pitfalls and issues that may arise when purchasing property in this part of the world. There are some key exceptions you should know about when purchasing Filipino property or landĪ foreigner may still own property that is inherited by a FilipinoĪ foreigner may also acquire property under the 1935 constitution Other Things To Think About: This is only possible if the corporation is at least 60% owned due to existing regulations currently active. Rules about Corporations Owning Property In The Philippines It is not possible for foreign residents to “own” land, however it is possible for foreign members of society to own high rise apartments or condominium units (on the provision that the proportion of the local population doesn’t exceed 40%), however different rules apply if the resident happens to be married to a Filipino resident & the property is owned through their name, this is an area where you could seriously benefit from expert advice from an experienced estate agent. Rules about Foreign Residents Owning Land The maximum area of land that can be allocated for residential purposes is 1000 square metres, or 1 hectare of land (if the land is rural).Įven though this does enable people to acquire a significant spatial area of land it is worth remembering this limitation. There are many things people should take into consideration when buying property in the Philippines.Įven though often the property available is spectacular, there are a range of rules, regulations and implications to take into account.
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