Filipinos who have decided to buy property to invest in the Philippines have so much to gain as they invest in their very own property in the country – especially for those who will be getting their properties for the first time.
After OFWs pinpoint their preferred property and investment options that they’re comfortable with, Ayala Land International Sales Inc. Regional Head Manuel Arbues II advises property owners to keep the following tips in mind especially as they go through the months and years of paying with their hard-earned money abroad.
Know your relevant laws. OFWs can miss one payment without interest, so long as the unpaid amount is settled within one month for every year of installment payments. As per Republic Act 6552 otherwise known as “AN ACT TO PROVIDE PROTECTION TO BUYERS OF REAL ESTATE ON INSTALLMENT PAYMENTS” or the “Maceda Law”, this can be availed of by the buyer once every 5 years. The property owner can qualify for the rights under the Maceda Law, if and when they have paid installment for at least two (2) years.
If buyers intend to cancel their purchase altogether forwhatever reason, they are also protected and can get refunds of up to 50% of the total payments made. After they breach 5 years of installment payments, an additional 5% every year applies but will not exceed 90% of the total payments made.
For condo owners, the Condominium Corporation Act (R.A. 4726) is also available for them to peruse.
Ease of International Transaction. In the age of digitalization, OFWs can now avail of all payment information through digital means. OFWs can request for Official Computation Sheets, and pay fees including reservation, Downpayment, Credit Life Insurance, as well as other charges online.
They can do this via an auto-debit arrangement through bank or payment channel, through remittance, or even through post-dated checks. In turn, OFWs should expect to get their official proof of payment such as their acknowledgement receipt, official receipt which should then reflect in their official statement of account.
The sales of this property investment should likewise be properly documented through paperwork which include (but not limited to): Reservation Agreement, Contract to Sell, Deed of Absolute Sale, and loan documents.
Effective Property Management. To ensure that your home and/or condo unit is safe and sound at all times even if you’re abroad, the community should also have a dedicated Unit Owners’ /Homeowners’ Association – to air your concerns and to keep in touch with the management through your representatives as homeowners through an election of Officers/Board of Directors.
The main responsibility of homeowners, therefore, is to pay their monthly dues to ensure that all of the amenities they enjoy would be maintained properly. They should be aware about the rate, method and form of billing, method of payment, proof of payment.
What were once part of the ‘wish list’ are now part of the ‘must haves’ of these relevant Property Management Services such as internet connectivity, emergency back-up power installed, health protocols set up, and regulated renovation works.
Meet Ayala Land International Inc. at the 8th Philippine Property and Investment Exhibition (PPIE) on 5-6 November 2022 at Crowne Plaza Hotel in Sheikh Zayed Dubai. Ayala Land International Inc. is a silver sponsor exhibitor of PPIE, the biggest, longest-running and most trusted Philippine business and investment forum in the Middle East, now on its eighth edition.
The past seven PPIE editions made history in the UAE and the Gulf region by bringing in over 24,500 quality visitors.
