A Few Things to Know Before Buying a House and Lot for Sale in Cebu City, Philippines
Before you buy a house and lot for sale in Cebu City, Philippines or in any other part of the country, it’s important to take a step back and look at the overall picture. Be sure to take note of the following to ensure a stress-free and smooth transaction in acquiring a Cebu property:
- Check the authenticity of the Transfer Certificate of Title(TCT)
Because of the booming real estate industry in Cebu, scammers are also rampant. Be vigilant in checking if the Transfer Certificate of Title is genuine. There are a lot of ways to determine whether a TCT is true or fake. The texture should be similar to a bank check, and it should have a watermark of the LRA. If you have a UV light, you should see fluoresce fibers on it. Going to the Land Registration Authority, the Registry of Deeds and other local government institutions concerned with land ownership is still the best way to determine whether the TCT is real or not.
- Check if the title is clean
In some cases, a house and lot for sale in Cebu City, Philippines may be muddled by a lot of back-end fees and penalties from financial institutions. You need to know of these problems before proceeding or you will end up paying. Check the annotations on the title to see if there are any encumbrances involved.
- Check the details of the title
If you are buying a house and lot for sale in Cebu City, Philippines then it’s important to read the entire title and understand the size and measurement of the plot of land that you will own. This information can be validated by the Registry of Deeds. You should also ask for a professional surveyor to check the actual size of the property and compare it to the technical description stated in the title.
- Check the payment of real estate taxes
Real estate taxes are paid to the government every year. Nonpayment will give the government the authority to impose penalties and eventually a lien on the property, which can remove the rights of the owner from the property until all payments are settled.
About the Author:
This article is written by Aakanksha Sangtani, working as an International Business Analyst at Housal Inc., an online platform for real estate, addresses the unfulfilled needs by harnessing technology and bringing all-related solutions under one roof. For buyers, tenants, sellers, brokers, agencies or developers, it encompasses all their answers from property matching, listings, management, analytics and much more. Housal Inc. is the evolution of the real estate process – empowering the real estate industry for the future.
