Checking paper work for Property in Cebu

Hi again Ganz303.

Are you on the ground in Cebu? If so ask the locals or the local Municipal for references for a decent attorney.

As asked before make sure it has a registered title.

Are you buying this lot in your wife's name or another Filipino national as foreigners can't own land here.

Good luck.

Cheers, Steve.

Thanks Steve I’m in Cebu, yes I’m with someone I will take my time and see how it goes has to be 100% right, paper work ect

Thanks  for the advice

Cheers

Sean

Thanks Sean. Is it a titled lot? If it is then you shouldn't have any problems, tread warily and good luck.

Cheers, Steve.

@Ganz303

Thanks Steve I’m in Cebu, yes I’m with someone

"With someone"...does that someone happen to be a spouse under a legally recognized marriage in the Philippines where you would have a claim of conjugal property?

Good call Dan, the alternative is if not married like me would be a long term lease with ownership of improvements and any building works accomplished, there has been plenty posted on the long term lease pros and cons. Works for us.

Cheers, Steve.

Good call Dan, the alternative is if not married like me would be a long term lease with ownership of improvements and any building works accomplished, there has been plenty posted on the long term lease pros and cons. Works for us.Cheers, Steve. - @bigpearl

With same sex marriage not yet being recognized here, in the event of separation you could not claim conjugal rights on the house. Nor could the OP if he is not married to a citizen or former citizen. Under a recognized marriage you could claim conjugal rights which means, in the event of separation, your spouse could not prevent you from living in or owning part of the house (despite the horror stories you hear from expats on the topic). With conjugal rights you would still have rights to the house including profits from a sale. It could be by benign agreement or by order of a judge. The land would never be in your name but a court could order you be provided access to the house on the land. Yes, you need alternative means to preserve you rights and you seem to have that figured out

@bigpearl

Thats interesting, long term lease hold with ownership of improvements.

What's the URL on the forum for that ?

No idea WHITE ASIAN where you would find that info on the net.

Simply. The better half owns the land, I Lease it and written into the lease are a plethora of conditions with one of them that I own all the buildings, improvements, I am responsible for the upkeep of the land as well as Municipal rates.

I also had the registered title encumbered with the lease so it can't be sold without me or my executors signatures, I'm not getting into the nitty gritty as there are plenty of posts here if you simply search "long term lease".

All perfectly legal including the P 5M purchase price as full payment to my better half for the lease for the 50 year period or P 100K per year.

Don't worry I had 2 attorneys ratify all we put in place.

Great if your not married or never intend to marry.

Cheers, Steve.

@Ganz303

Hi,

If the property is a Condo, you can buy it on your name. If it is something else you need a different construction. If you buy it from a developer and it is new, make sure that there is some warrenty on the object. The quality of the work and material can be sub-standard. Regarding a lawyer, you should contact your embassy. They have names of lawyers you can trust.

If you buy something here make sure that it is defined which taxes you have to pay, which taxes the seller has to pay and who transfers the title. Developers ask for a lot of money to transfer the title. So for a condo you can expect 200-300K PHP in taxes to transfer the title.

All the best

Andy from Boracay (8 years in the Philippines)

hmmm....everything is in all 3 names, myself, my child and my wife.

My wife will die before me and im 20 years older than her. Genetics....

My child of course is now dual citizen, so of course one day its all hers.

It was advised to all of us to place all titles into all 3 names. In another 20 years I will be 80 and my child will be 24 surfing all over Australasia so hopefully she will appreciate all the efforts afforded to her.

Bloody kid, I wish I had it as good as her.

Interesting the take on leasehold and yet the Chattels are of a freehold thesis.

I can only assume it would have some good tax benefits going forward. In that regard its a great idea on double indexation appropriation.

@WHITE ASIAN

The lease works perfectly for us and taxes nor indexation don't come into the equation as a retired old fart.

Leasehold depends on how the lease is written and the implications therein. Chattels are part of the buildings and improvements and written into the deed of sale,,,,,, it's not difficult. Simply be switched on and dot the I's and cross the T's.

Cheers, Steve.

@Andy_1963

If you buy something here make sure that it is defined which taxes you have to pay, which taxes the seller has to pay and who transfers the title.

Thar is a good point. When you make an offer, make sure you start with "seller pays capital gains" because if you don't, they will often try to trick you later on saying "buyer" should always  pay. It makes no sense of course because only the seller could be realizing a gain but that is what they do. But in Pinas, things like this don't always make sense. Also, it is not really a "capital gain yax" in the American sense. The other closing costs like document stamps etc. are small so I wouldn't bother with those but whomever pays the cap gain will go to BIR and pay 6% of the selling price as noted on the absolute deed of sale created for tax computation (there will often be 2 deeds of sale, a real one and a tax one but that is a different story). So if you really pay 5M, cap gains may be about 150,000 php on about half of that, or maybe 300k on full price, no small amount. I always make sure the seller understands that *he* must pay and note that on the absolute deed of sale. As for the title, just make sure the seller's agent or attorney does that work since they will have the property documents for transfer but you will also have to furnish a lot if documents about yourself (the Philippine land buyer must do that). You will need to follow up on the progress of the title on a regilar basis because only you have an interest in completing the new title in your name, seller doesn't care.

@Ganz303

Sean, Hi

It's been a while since I've been here.  I've purchased my home here in Cebu City, currently waiting for the release of my building permit. I was looking for safeguards and through my wife's family I stumbled across my attorney.  He is very knowledgeable and seasoned in Law.  Located in the Capitol area.

Atty Paulino ***

@Ganz303

Sean

I spent a little over a year in the negotiations for the sale of the house, I've definitely learned a few lessons in the process.  Knowing people (Filipino) is very helpful.  I'm available if you need any assistance.

@Andy_1963

Thanks Andy ,that’s great advice to connect your embassy I’m at this stage.Will do ,thanks for sending me in the right direction.

Cheers

Sean

@Andy_1963

Regarding a lawyer, you should contact your embassy. They have names of lawyers you can trust.

Hmmm...are you sure about that? Yes, they have a list of names. And, I can understand their referring Pinoy lawyers to US citizens for criminal matters, for example, you end up in prison, but I'm not too sure about their standing to make good reference in civil matters such as real estate law.

I have found that attorneys handling real estate should be carefully selected if hired by foreigners. Your best resource is word of mouth from other foreigners or from trusted family members. Lawyers in this field tend to be territorially biased in that many will look out for the best interests of their Filipino neighbors over those of the foreigner that hired them.

You need someone who is actuslly committed to serving your best interests and they do exist but I think a large percentage do not. So be careful and check references with other foreigners.

As far as the US Embassy references? How can they possibly be so integrated into the communities as to know who foreigners can trust in real estate matters?

I don't know who the US embassy has on their list, however, I made a good experience with the lawyer the Austrian embassy recommended. I wanted to make sure that there are no issues in the contracts with the developer of my condo.

I don't know who the US embassy has on their list, however, I made a good experience with the lawyer the Austrian embassy recommended. I wanted to make sure that there are no issues in the contracts with the developer of my condo. - @Andy_1963

Different embassy, different country. That makes sense as long as you know the attorney has no friendship or business relationship with the condo developer.