Buying land is a big goal for many Filipinos. Whether the purpose of the land is for building a home, construction of a commercial space, or converting the land and turning it into an agricultural space, the land property is a great and appealing investment for those who are seeking a long-term commitment with great financial or social benefits. Truly, purchasing land is an important step in life that many take with a lot of their life savings at stake, which is why understanding the process and all the essential details that go into purchasing land is important for those who are looking to become land property owners someday.
The local real estate market allows many individuals who are interested in purchasing land to follow a thorough process that does not include unnecessary hurdles that make the buying experience complicated and seemingly impossible. Land purchasing in the Philippines includes securing the necessary documents and the appropriate financial settlement needed to acquire the land property. However, it is still important to understand the process and all the other details necessary when purchasing land. In this article, we will discuss some of the most important things that an individual should understand before purchasing land property in the Philippines.
Things To Understand Before Buying Land In The Philippines
Image from Fitz Villafuerte
Environmental and site considerations will affect the construction project
When searching for a land property to buy, many pay plenty of attention to the location of the property. This is because not only does it affect the environment of the building or facility that will be constructed on the property, but it will also immensely affect the actual process of constructing the property. This means that choosing land on a sloped area might allow the property owner to enjoy better sceneries, environment, and even weather, but they should also acknowledge that the construction project will encounter special challenges that a sloped terrain will cause.
People with foreign spouses have to purchase the land under their own name
Many foreigners are seeing the financial benefits of owning land in the Philippines. In some cases, foreign spouses of Filipino residents may want to purchase land. For international couples with one person bearing Filipino citizenship, it is important to know that only this person is allowed to purchase and own land in the country. According to Brittany.com by the VistaLand company, foreign spouses usually coordinate with their Filipino spouses in purchasing land in the country. Technically, their names will be included in the contract to purchase the property, but their name will not be in the Certificate of Title.
The downside of this compromise is that upon the demise of a partner with Filipino citizenship, the foreign spouse will have to sell the land unless they agree to have the heir of the Filipino spouse inherit the property.
You will not get a Certificate of Title without a Certificate of Absolute Sale
The Certificate of Absolute Sale is necessary to obtain the Certificate of Title. This certification is necessary to prove that there was a transfer of ownership between the seller and the buyer, who has become the legal owner of the property after providing a complete settlement. This complete settlement is then attested by the Certificate of Absolute Sale, which is a validated document required before the new owner will be given the official Transfer of Certificate Title by the Registry of Deeds.
Understanding Buying Land In The Philippines
Image from Brittany.com
Buying land in the Philippines is a big venture for many. Land property is a great investment that people can utilize in finally building their dream home, or converting the land into something that they can eventually earn from after reaping back initial investment. The process of buying land involves a couple of major decisions to be made as it leads to a significant and long-lasting investment. Understanding the process and the details of land purchasing will make the buying process easier and the transfer of ownership more seamless for both the seller and the buyer.
References
- Brittany Corporation. (n.d.). Land Ownership and Property Acquisition in the Philippines. Brittany Corporation. Retrieved September 25, 2023, from https://www.brittany.com.ph/blogs/land-ownership-and-property-acquisition/
- How to Buy a Lot in the Philippines? (n.d.). Bria Homes. Retrieved September 25, 2023, from https://www.bria.com.ph/articles/how-to-buy-a-lot-in-the-philippines/
- Moneymax. (2022, March 18). A Property Owner’s Guide on How to Transfer Land Title in the Philippines. Moneymax. Retrieved September 25, 2023, from https://www.moneymax.ph/government-services/articles/transfer-land-title
- Yap, H. L., & Gonzales, I. (2021, December 17). Ten things you need to know before buying land – Property Report. Property Report PH. Retrieved September 25, 2023, from https://propertyreport.ph/news-and-events/2021/12/17/23879/ten-things-you-need-to-know-before-buying-land/
