New In The Forum - And Condo Purchase Questions

[Peter G]

Hi All,

 

Newby in your forum !

 

I moved out to Makati recently with work, I have viewed a few new condos, and am trying to decide which one to buy (as I am tired of paying high rents !)

 

Has any foreigner in this forum recently bought a new 'Ready to Occupy' condo out in Makati or Taguig, or more specifically from DMCI ?

 

As DMCI seem to be huge, and I understand carry out all legalities with deed of ownership etc - is there any need in Philippines for me to appoint a solicitor or legal conveyancer myself, or can I safely sit back and let DCMI legal department process everything ?

 

Last time I bought a house I was in Australia, and had to appoint a 'conveyancer' - so how does it normally work here ?

 

If I do need a solicitor / conveyancer - can anyone recommend a reliable one who doesn't charge the earth and is used to dealing with foreigners buying condos ?

 

Any words of advise from someone who has recently purchased appreciated.

 

Cheers 

 

 

[chris49]

Have not done that. I pre bought a condo in Quezon City and paid around a year or less. Had a change of plans so as per the contract I was able to get a full refund. I "tipped" an employee, one of the sales staff to assist me with the process.

 

Initially I don't think you would need a lawyer, dealing with a reputable company. Ideally get in touch with a law firm and have an intro to an attorney there. Then you have the contact if needed later.

 

There's a lot of considerations, eg parking, which might not be included in the initial contract. Also how old are you and if there's any long term benefit, will you be around to realize that?

 

But in Makati, sub letting is a good possibility.

[lets_take_a_look]

You shouldn't need a lawyer to do your paperwork for you, particularly when dealing with such an established and stable real estate company. Just read the terms carefully, make sure you ask questions for anything you're unclear on, and make sure you understand what the mutual obligations are.

[bows00]

If you are purchasing a condo that is (1) over $50,000 US, (2) you are over 50 years old, and (3) planning on staying in the Philippines, then I would strongly recommend you look into applying for the Special Residential Retirement Visa (SRRV).

[chris49]

If you are purchasing a condo that is (1) over $50,000 US, (2) you are over 50 years old, and (3) planning on staying in the Philippines, then I would strongly recommend you look into applying for the Special Residential Retirement Visa (SRRV).

 

 

I would say Peter the OP is on a Work Visa, so I think the SRRV would be way down the line.

[Jollygoodfellow]

Question is, how long have you lived in the Philippines for? The problem with buying is getting rid of it for some reason you decide to leave the country.

[AlwaysRt]

I would suggest Always have a Real Estate Attorney look over the paperwork before you sign anything, Especially in a foreign country. Why? Even a reputable company will have the contract in their favor, not yours (they had an attorney working for them, not you, create the paperwork). There may be items you could or should have included in the contract and/or changes that you have no way of knowing that you need.

[Dave Hounddriver]

There may be items you could or should have included in the contract and/or changes that you have no way of knowing that you need.

 

It would be a rare day to see them change the contract.  Of course if you don't like it you just don't accept but the choices seem to be take it or leave it.

[AlwaysRt]

 

There may be items you could or should have included in the contract and/or changes that you have no way of knowing that you need.

 

It would be a rare day to see them change the contract.  Of course if you don't like it you just don't accept but the choices seem to be take it or leave it.

 

 

At least you would know what you are getting into instead of hoping or assuming it is all good 'because they are a good company'. All companies are good until they get caught. I would be surprised if they would walk away from your money because you have a reasonable change to the contract, but stranger things have happened.

[Dave Hounddriver]

All companies are good until they get caught

 

Its all good, you just have more faith in Philippine lawyers than I have.  I shall hold my tongue from further discussion until you have been here long enough to deal with a few of them.