I have been chatting with a realtor for the past week about buying a pre-construction condo unit. I ask about payments. He tells me the developer has a dollar account here at a bank of America and that's how he works with US clients.
I didn't think that payment would be direct to the developer. Now I have never bought property overseas before but I thought there would be an escrow or title company that would hold the funds and then release it upon completion of the the contract and build.
The realtor tells me. "Actually Sir, they do not do this in the Philippines. Even the biggest developers here in the Philippines do not put the payments of the clients under an escrow fund."
Is this how buying and selling property is really is in the Philippines? I feel like it is so risky.