Once you have decided that you’re going to buy a new home, and have selected which home you’re going to purchase, the next step is starting the process of buying the property. FilipinoHomes.com lists a step by step guide on buying a project based property from a developer, listed below.
BUYING A PROJECT BASED PROPERTY [FROM A DEVELOPER]
1. Assign a trusted representative to act on your behalf; we call it SPA or Special Power of Attorney. In documentation, you will see it as Attorney-in-fact. This representative will sign all documents under your name and will probably do the leg work for all the requirements in the Philippines. Preferably, your parents or siblings if you’re single or your wife/husband if you are married. Your children can also act on your behalf if and only if they are already of legal age and already working. It is not advisable that you set your real estate agent or broker unless otherwise there is an absence of the entire immediate family or you have a secure connection (preferably by blood) with them. For security and ethics purposes, it is best that you set your Attorney-in-fact to someone you trust to act on your behalf.
2. Complete the registration or reservation process with your SPA and your chosen real estate agent. We advise that you work only with one real estate agent from the start, to avoid confusions and problems between realty too. Your SPA should bring the following during reservation.
o Reservation Fee
o Buyers Information Sheet (should be under your name)
o Authorization Letter from you for your assigned SPA
o Your two valid Government Issued IDs’s with three specimen signatures
o SPA’s two valid Government Issued ID’s with three specimen signature
o Proof of Income (Scanned copy of your Job Contract or payslip)
3. Check the reservation receipt issued to your SPA, make sure it is really under your name.
4. You and your SPA will be given 30 to 60 days to complete all the documents required to secure your purchase. One of the requirements that you need to prepare overseas are the following;
o Consularized Special Power of Attorney (to be processed at the Philippine Embassy in the country you are in).
o Certificate of Employment with Compensation (if available)
o Your current/active Job Contract (in English)
o Scanned copies of your Passport entries (up to the last entry)
