Question 1

Can foreigners buy property in the Philippines?

Accepted Answer

Foreigners cannot own land in the Philippines, but they can own condominium units (up to 40% of a building's total floor area can be foreign-owned). Foreigners can also lease land for up to 50 years, renewable for another 25 years. Additionally, if married to a Filipino citizen, the Filipino spouse can own land.

Question 2

What documents do I need to buy a property?

Accepted Answer

Required documents include: Valid government IDs (2 or more), TIN (Tax Identification Number), proof of income or bank statements, marriage certificate (if applicable), and for OFWs - OEC and employment contract. The seller should provide: Original Title (TCT/CCT), Tax Declaration, Tax Clearance, and valid IDs.

Question 3

What are the steps to buy a property in the Philippines?

Accepted Answer

1) Find a property and make a reservation (usually 5-10% of price), 2) Sign the Contract to Sell, 3) Pay the down payment (typically 10-30%), 4) Process home loan if needed, 5) Pay remaining balance, 6) Sign Deed of Absolute Sale, 7) Pay taxes and fees (CGT, DST, Transfer Tax), 8) Transfer title at Registry of Deeds, 9) Get new Tax Declaration from Assessor's Office.

Question 4

What is the difference between TCT and CCT?

Accepted Answer

TCT (Transfer Certificate of Title) is for land ownership, including houses and lots. CCT (Condominium Certificate of Title) is specifically for condominium units. Both are proof of ownership registered with the Registry of Deeds. Always verify authenticity at the Registry before purchasing.

Question 5

How long does it take to transfer property title?

Accepted Answer

Title transfer typically takes 3-6 months, sometimes longer depending on the location and workload of government offices. Steps include: BIR processing (1-2 months), Registry of Deeds (1-2 months), and Assessor's Office (1-2 months). Working with a reputable broker or lawyer can help expedite the process.

Question 6

What is spot cash vs. deferred payment?

Accepted Answer

Spot cash means paying the full amount within 30 days, usually with 5-15% discount. Deferred payment allows you to pay the down payment (10-30%) over 12-36 months, then the balance through bank financing or in-house financing. Spot cash buyers get the best deals.

Question 7

What is preselling vs. RFO (Ready for Occupancy)?

Accepted Answer

Preselling properties are still under construction, usually 2-5 years from completion. They offer lower prices but carry construction risk. RFO (Ready for Occupancy) properties are complete and can be moved into immediately. RFO costs more but you see exactly what you're buying.

Question 8

What should I check before buying a property?

Accepted Answer

Essential checks: 1) Verify title authenticity at Registry of Deeds, 2) Check for liens or encumbrances, 3) Verify seller's identity and ownership, 4) Check HLURB/DHSUD license for developers, 5) Review Contract to Sell carefully, 6) Visit the actual property, 7) Check flood/hazard maps, 8) Research the developer's track record, 9) Understand all fees and taxes.

Buying Property FAQ

Quick Links

Other Categories

Still have questions?

Buying Property FAQ

1Can foreigners buy property in the Philippines?

2What documents do I need to buy a property?

3What are the steps to buy a property in the Philippines?

4What is the difference between TCT and CCT?

5How long does it take to transfer property title?

6What is spot cash vs. deferred payment?

7What is preselling vs. RFO (Ready for Occupancy)?

8What should I check before buying a property?

Quick Links

Other Categories

Still have questions?