Condo buying

[conwat]

Hi all just stumbled across the forum.  Said I'd join up and post. I'm currently in Cebu and looking at buying a condo most likely in Bohol. Just wondering if anyone has experience of the process? Maybe recommend a good property solicitor or any info at all? Also anyone know much about cohabiting with a Filipina as a condo owner? If the relationship were to go south would she be able to claim partial ownership?

Thanks in advance

Conor. 

[Mike J]

Welcome to the forum Conwat.   Best to tread carefully with a live in partner.  Below from article 147 of the Family Code.  Perhaps a prenuptial agreement would provide protection if things did not work out?

Art. 147. When a man and a woman who are capacitated to marry each other, live exclusively with each other as husband and wife without the benefit of marriage or under a void marriage, their wages and salaries shall be owned by them in equal shares and the property acquired by both of them through their work or industry shall be governed by the rules on co-ownership.

[Snowy79]

Best to buy prior to getting into any serious relationship. Once you have the noose around your wedding tackle it's a 50/50 split. 

Condos are straight forward to buy but do your usual homework. I for one would only buy from one of the big players like DCMI, Ayala, MegaWorld etc. I've seen a couple of condo developments disappear in the night before completion and others completed a few years after promised that look run down already. One I was close to buying on Palawan turned out to be a major scam and the builders ran off with hundreds of millions in deposits and full payments. 

Before buying get a copy of the following:

Corporation security papers.

Secretary certificate.

Building permit.

Occupancy permit.

Also check out your monthly fees for management, insurance etc. I saw some condos charging from 2.5k up to 15k monthly and that was 5yrs ago.

Finally buy where you can rent it out if you get bored of the area. Again some condos sit empty as there's limited rentals due to no one wanting to live there or too many condos for rent in the area.

[conwat]

Cheers for the advice  guys. Very much taken on board. I plan on living in Bohol for the winter months and returning to Ireland  to work for the "summer " months. Might be as well off just to get a 6 month rental instead. Thanks again. 

[Old55]

Renting is a good choice in your situation. Keep us updated on your adventures please.

 

[Kingpin]

2 hours ago, conwat said:

Might be as well off just to get a 6 month rental instead.

Good idea, and since you're renting and not buying you'd do much better with a house.