Real Estate Blogs Tips and News – Page 40

Priscilla Estate Davao House for Sale 3BR 2T&B November 2010

“This Housing Project is SOLD-OUT”

You might want to also check out our recommended housing projects Below

House for Sale at Priscilla Estate

Ready for occupancy house for sale at Priscilla Estate Subdivision. This ready for Occupancy house has 3 bedrooms and 2 toilets and baths. Built on a 150-square meter lot, this beautiful Davao house has a floor area of 69.70 square meters. This Davao house can be financed though in-house and bank financing.

Priscilla Estate is a well known middle class subdivision conveniently located in Cabantian, Buhangin, Davao City. The houses at Priscilla Estate have granite flooring and counter tops, bathroom fixtures, built in cabinets, landscaping, and a gate. All the buyer has to do is bring his/her things. Learn more about Priscilla Estate Subdivision by clicking here…

Property Photos

Beautiful ready for occupancy Davao house for sale at Priscilla Estate

How can you purchase a house and lot at Priscilla Estate?
First, contact us for updates to know the availability of ready for occupancy houses and houses for construction. Then, we can schedule a site viewing/tripping for you or your representative/trustee here in Davao City. If you decide to purchase the property, you can reserve it for Php50,000 (which is deductible from the down payment).

Priscilla Estate Subdivision | Priscilla Estate House for Sale | Ready for Occupancy house in Davao

Can Foreigners Own a Condominium Unit in the Philippines?

Can foreigners own condominium in the Philippines A lot of the queries we get are from foreigners asking how they can purchase a house and lot in the Philippines. Unfortunately, the Philippine real estate laws, as of this writing, on property ownership does not allow foreign ownership of lands. They can legally own a building or a house but they can’t own the land on which the property is built. They may be able to purchase lands but it has to be registered and named under a Filipino citizen. In most cases, a Filipino spouse.

But what if a foreigner wants to own real estate in the Philippines and he/she wants to register it under his/her name? Is this possible? The best answer to this would be purchasing a condominium unit instead as foreigners are allowed to have absolute ownership of up to 40% of a condominium project. Yes, absolute. According to R.A. 4726, foreigners can buy and register, under their own name, a condominium unit. The Condominium Certificate of Title (CTC) will be registered under the foreigner’s name.

Some people claim that foreigners can own a house and lot in the Philippines. How is this possible?
Those who claim that foreigners can own a house and lot in the Philippines have a condominium title to their property. This is not a common case since there are very few single-detached houses or townhouses in the Philippines with condominium titles. Most of the condominiums in the Philippines are mid to high rise buildings and are usually located within the cities.

View some Davao condominiums.

Can Former Natural-born Filipino Citizens now Naturalized American Citizens Own Lands in the Philippines?

I’m a Balikbayan who has become a naturalized American citizen. Can I acquire Real Property in the Philippines?

Yes, a natural born Filipino who has acquired American or any foreign citizenship may still own lands in the Philippines but with limitations in land area. For residential purposes, you may own up to 1,000 square meters of urban land and/or 1 hectare of rural land. For commercial/business purposes, you may own up to 5,000 square meters of urban land and/or 3 hectares of rural land. In case of married couples, each of them can avail of this privilege given that the total area acquired does not exceed the maximum land area allowed. However, if you avail of the Dual Citizenship Law, you can buy as much as any other Filipino citizen.

According to R.A.9225 (Dual Citizenship Law of 2003), former Filipino citizens who have acquired foreign citizenship or citizens of other countries have not lost their Philippine citizenship. Therefore, they can still enjoy all the rights and privileges of any other Filipino when it comes to land ownership in the Philippines.

How can I gain Dual Citizenship?
Here are the steps:

File a “Petition for Dual Citizenship and Issuance of Identification Certificate (IC) pursuant to RA 9225” at the Bureau of Immigration (BI) and for the cancellation of your alien certificate of registration.
If you are not in the Philippines or not Bureau of Immigration registered, you should file the petition at the nearest embassy or consulate in your place.

What are the requirements?

Birth certificate authenticated my the National Statistics Office (NSO) of the philippines. (This can be accomplished online and mailed to you)
Accomplish and submit a “Petition for Dual Citizenship and Issuance of Identification Certificate (IC) pursuant to RA 9225” to a Philippine embassy, consulate or the Bureau of Immigration.
Pay a processing fee $50. Then schedule and take an “Oath of Allegiance” before a consular officer.
The Bureau of Immigration in Manila receives the petition from the embassy or consular office. The Bureau of Immigration issues and sends an Identification Certificate of citizenship to the embassy or consular office.

Davao Houses Compilation

Here’s a compilation of some Davao houses for sale and for construction. These houses are located in different subdivisions in Davao City. You might get ideas on what kind of house you’d like to have and which location is the best for you and your family by viewing some of the sample Davao houses in the video below.

Note: Depending on the subdivision developer, Davao houses can be availed through Pag-IBIG, In-house, and/or bank financing. Enjoy discounts for Spot cash payments.

Buying a house will probably be one of the biggest purchases you’ll make in your entire life. It’s a very important decision to make so take your time and decide wisely.

Here are some basic tips DavaoPropertyFinder has for you:

Know what kind of house you are looking for. Bungalow? 2-storey? Low Cost? High-end?
Location. Remember that the location of a subdivision or a property greatly depends on the location. General rule is: The nearer it is to the city, the higher it’s price will be.
Analyze your budget. Answer this question: How much can I afford? Yes, this is a very basic question but keep in mind that this will be your guide in working out your finances later.
Choose the most suitable financing option for you. Pag-ibig? In-House? Bank Financing?

As always, if you have any questions about any of the subdivisions / Davao houses in the video above, feel free to drop us a message here.

Good luck!

How OFWs Can Reserve a Property in Davao City

How OFWs can reserve properties in Davao, Philippines I’m an OFW – How can I reserve the house and lot?

You’re an OFW who wants to purchase a house and lot in Davao City, Philippines. You’ve chosen the property that you like and now you want to reserve it to make sure that no one else gets hold of that specific property, may it be a house and lot, lot only, a condo unit, and etc.

There two ways on how you can reserve the property even when you are still abroad.

1. Reserve the property by using a Special Power of Attorney (SPA)
Choose a representative here in Davao City. Make sure that this person is someone you can trust. It’s best if you designate one of your relatives or a family member as your trustee. Send them the reservation money through bank to bank transfer, LBC, or any other types of money transfer convenient to you. Send a Special Power of Attorney to your trustee so he/she can legally represent you. Make sure that the SPA is duly authenticated by the nearest consul in the place where you are currently residing. The authentication of the SPA may take around a month. However, you may fax or send the notarized copy so that your reservation can already be processed. Make sure to send the authenticated copy at a later time.

Here’s a sample SPA:
IMPORTANT: It’s always advisable to consult a lawyer before entering into any legal agreements or executing any legal documents.

[gview file=”http://www.davaopropertyfinder.com/wp-content/uploads/2010/11/SPA-sample.doc”]

2. Reserve the property through a Bank to Bank Transfer of Payment
The second option you have in reserving a property here in Davao City is to pay directly to the Real Estate Developer.
You will need the following:

The Real Estate Developer’s bank account
The Real Estate Developer’s contact numbers to confirm the authenticity of the bank account and the people involved.

After paying the reservation fee, kindly inform us so we can trace the incoming deposit and the developer can issue an Official Receipt (O.R.). A scanned copy of the official Receipt will be sent to you via e-mail while the original copy will be sent later via postal mail.

It’s as easy as that! Even if you are living and working abroad, you can still reserve any properties for sale in Davao City.

Note:
*The Reservation Fee varies from developer to developer. Reservation fees usually range from Php5,000 to Php30,000. This may go higher depending on the developer and the type of property. For example, the reservation fee of a house and lot located in a high-end subdivision may go as high as Ph50,000.
*This reservation fee shall be deducted from the total package cost of the property.

Pag-IBIG Housing Loan Steps

You have found the perfect house and lot for you and your family. You’ve researched about the different financing options you have as a buyer and finally decided that a Pag-ibig housing loan is the best option for you. You have been a Pag-ibig member for quite a while and now you want to avail one of the many benefits you have as a Pag-ibig member. How do you go about it?

As you may already know, Pag-ibig membership is mandatory (R.A. 9679) for the following:

All employers and employees who are covered by the SSS and GSIS; uniformed members of the Armed Forces of the Philippines, the Bureau of Fire Protection, the Bureau of Jail management and Penology, and the PNP; OFWs, and Filipinos employed by foreign-based employers.

If you’ve been a member for at least 2 years, you are likely qualified to avail a Pag-ibig housing loan. Now, what are the steps in availing a Pag-ibig housing loan?

There are 4 major steps in the Pag-ibig housing loan procedure:

1. Attend the Pag-ibig housing loan counseling at the Pag-ibig office near you.
Inform the staff that you will be attending the housing loan counseling session. Applicants are asked to present 1 valid ID, sign the attendance sheet and accomplish a Preliminary Loan Counseling questionnaire (PLCQ) and a Membership Status Verification Slip (MSVS). The Pag-ibig officers will determine if the applicant is eligible for a housing loan. If found eligible, the applicant will be given a checklist of requirements that he/she must comply before moving on to step 2.

2. Apply for a Pag-ibig Housing Loan by submitting your housing loan application and the necessary documents as stated in the checklist of requirements given to you. Pay the Php1,000 processing fee.
*The processing fee is non-refundable even if the application gets disapproved.

3. Wait for the notice of Approval of the Pag-ibig housing loan application. This may be through telephone or cellphone call. Once approved, go back to the Pag-ibig Fund office and sign loan documents there. Complete the other requirements in the Notice of Approval (NOA)
* The requirements must be submitted within 90 days from receipt of LOG/NOA

4. Release of Loan Proceeds
Submit complete NOA requirements which will be evaluated and processed. Wait for a telephone/cellphone call regarding Check availability. After Pag-ibig has informed you about the check availability, go back to the office and present 2 valid IDs and get Check. Then issue 12 PDCs to pay for the 1 year monthly amortization. Follow the remaining steps asked by the Pag-ibig officers.